Zcash is a decentralized cryptocurrency centered on ensuring privacy and confidentiality. It employs zk-SNARK zero-knowledge proof technology, enabling network nodes to authenticate transactions without disclosing any sensitive details.
Contrary to common belief, most cryptocurrencies available today, such as Bitcoin (BTC), are pseudonymous rather than anonymous. Although they don't directly reveal user identities, each user has a public address that can be linked back to them through data science techniques and blockchain analysis.
In contrast, Zcash transactions are processed on a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions do not automatically disclose the sender and receiver addresses or the transaction amount. There is, however, an option to reveal this information for audit or regulatory purposes.
Zcash made its debut on October 28, 2016, and originated from Bitcoin's codebase.
Who are the Minds Behind Zcash?
Zcash was established in 2016 by Zooko Wilcox-O'Hearn, a cypherpunk, computer security expert, and entrepreneur. He is also the creator of the for-profit Electronic Coin Company (ECC), which oversees Zcash's development.
With over 25 years in the field of cryptography and information security, Wilcox-O'Hearn has been part of numerous projects, including the now-defunct DigiCash electronic money company, Mojo Nation for peer-to-peer data storage, and the Tahoe Least-Authority File Store filesystem.
Additionally, he founded Least Authority Enterprises, a tech firm dedicated to enhancing digital security and protecting privacy rights, and co-created the BLAKE3 cryptographic hash function.
What Sets Zcash Apart?
The key feature of Zcash is its optional privacy, offering a level of discretion that regular, pseudonymous cryptocurrencies like Bitcoin or Ethereum cannot match.
ZEC transactions can be conducted in two modes: transparent or shielded. Transparent transactions function similarly to Bitcoin, on which Zcash is based. They occur between public addresses and are recorded on an unchangeable public ledger (the blockchain). Essential details, including transaction amounts and sending and receiving addresses, are publicly accessible.
These public transactions don't directly expose user identities; rather, they provide public addresses. Yet, with recent advancements in blockchain analysis by data scientists and law enforcement, associating a blockchain public address with a real-world identity has become more feasible, essentially nullifying privacy.
Shielded ZEC transactions, in contrast, utilize zero-knowledge succinct non-interactive arguments of knowledge, or zk-SNARKs, allowing fully anonymous transactions on a public, immutable blockchain. The transaction's occurrence is recorded, but the associated addresses and amount remain hidden from public view.
This enables Zcash to provide users with privacy while maintaining the benefits of a decentralized, permission-free digital currency.
How Many Zcash (ZEC) Tokens Are in Circulation?
The tokenomics of Zcash are quite similar to Bitcoin's: it is a scarce, mineable token capped at 21 million coins.
New ZEC tokens are generated as "block subsidies." When a new block is mined and appended to the blockchain, a certain number of coins is created and split into "miner subsidy" and "founders' reward" at an 80 to 20 percent ratio. The block subsidy is halved periodically to slow down token issuance as it nears the cap of 21 million.
The miner subsidy is awarded to the miner of the new block, while the founders' reward is divided among the Electronic Coin Company (ECC) founders, the Zcash Foundation, ECC itself, and its staff. On November 18, 2020, the block subsidy was reduced from 6.25 ZEC to 3.125 ZEC at block 1,046,400 as part of the Zcash Canopy upgrade, which also abolished the Founders Reward. Now, the remaining 20% is allocated to the Major Grants Fund, ECC, and Zcash Foundation, receiving 8%, 7%, and 5% respectively. The fifth network upgrade, Zcash NU5, was slated for testnet deployment on September 30, 2021.
Since its inception, there has been significant interest in ZEC price pairs with currencies like AUD and EUR.
How is the Zcash Network Protected?
The security of the Zcash network relies on the proof-of-work SHA-256 hash function, part of the SHA-2 family of algorithms, akin to Bitcoin.
Where Can You Acquire Zcash (ZEC)?
Zcash is a highly regarded cryptocurrency available on numerous major exchanges, including:
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