What is Zcash all about?

By Daniel Zo Zcash, ZEC, Cryptocurrency

During the last couple of days, a new digital currency, known by the name of Zcash, has caused quite a lot of frenzy on the cryptocurrency market. Zcash represents a decentralized and open-source digital currency mostly popular for the fact that it offers users privacy, alongside with a selective transparency of all transactions being carried out.

The main difference between Zcash and bitcoin is the fact that all Zcash transactions are published on the blockchain, yet the recipient, sender and amount of money being sent remain secret. To put things better into perspective, the digital currency is based on peer-reviewed cryptographic research, and has been built by a team of engineers specialized on security. With this in mind, Zcash uses a wide variety of cryptographic security techniques, also known as 0-knowledge proofs, which can help determine the validity of the transactions being carried out, without knowing all the afferent data on the payments being sent and received. With this 0-knowledge proving scheme, Zcash’s payment system and blockchain network can function with ease and hide the personal details of the people using it.

Zcash logo

The company’s values are quite interesting, and are definitely suited for the time that we live in. With this in mind, they believe that in our world’s programmable and open financial system, privacy represents the only way of ensuring fungibility, while also guaranteeing the interchangeability of the currency. According to Zcash, “Companies need the protection of privacy along their supply chain in order to conduct their business, especially in the context of public blockchains. In addition, we believe that personal privacy is necessary for core human values like dignity, intimacy, and morality.”

Judging by the pieces of information outlined above, Zcash truly does seem like it has a lot of potential. Investors think the same! Based on this, while cryptocurrency markets are still trying their best to find a way of figuring out the value of Zcash, also known as ZEC, at this moment in time, 1 ZEC is worth around $1,380, or 1.9 BTC, which is massive for a newly-announced digital currency, which hasn’t even had a feasibility study done, and hasn’t withstood the test of time.

Surprisingly, ZEC is showing some clues of relative stability, which is great news for the digital currency. While it cannot yet be stated that the price of ZEC has calmed because of the massive highs observed during the last couple of days, big price fluctuations haven’t happened in the last couple of hours.

It’s still uncertain whether investors should go ahead and begin mining, or simply invest in Zcash, yet it may be worth a big shot, considering its instant popularity.