Introduced back in October 2016, Zcash is among the latest additions to the cryptocurrency platform. It has been rated as one of the top 6 types of cryptocurrencies in the world.
Background of Zcash
The date that Zcash was introduced as 28 October 2016. Z stands mostly for Zero. What Zcash aims to do is to provide a better platform with improved privacy for its users. This is where cryptocurrencies like Bitcoin is being used as the benchmark. In fact, Zcash aims to use cryptography as the platform in offering this.
Zooko Wilcox-O’Hearn was the main behind Zcash. He is the founder and CEO of Zcash Company together with Matthew D Green, a John Hopkins University cryptographer. Before Zcash, Zerocoin was used before it was improved into what was then known as the Zerocash system. Later on, it was further developed into the Zcash cryptocurrency.
Highlights of Zcash
Like any other forms of cryptocurrency, Zcash has a fixed total supply circulated. This is at 21 million units. Initially, 20% of the coins created in the first 4 years of its release were given out as rewards to those involved in launching Zcash like the developers and investors, among others. Other highlights include:
- published on a public blockchain
- allow users to use a privacy feature which is optional
- the sender, receiver and the amount can be concealed if necessary
How does Zcash works
Through Zcash, the transactions being carried out can be ‘transparent’. This is in essence quite the same as how Bitcoin works via a zero-knowledge proof known as zk-SNARKS. The z-addr controls the shielding of transactions carried out. As such, Zcash coins become either transparent or shielded through their respective pools. An option of ‘selective disclosure’ is provided for private transactors which is important for auditing when the user needs to prove a payment.
How different is it with Bitcoin?
While Bitcoin is digital money, Zcash prides itself as private digital money. This means that the transaction details in Bitcoin can be viewed in the public domain while this is not possible through Zcash. Zcash still pales in comparison of market capitalization with Bitcoin. Mining is the way to release Bitcoin while user get some form of reward for mining Zcash.
Zcash in Malaysia
Cloud mining is the only way to get Zcash. Zcash mining pools are among the most popular methods which include names like Zcash Flypool, Coinmine and Suprnova, among many others. To buy Zchas, you can use a currency-changer like Cryptonator.