What is ZCash?
ZCash is basically a decentralized open-source cryptocurrency that aims to provide enhanced privacy of transactions. Though it is based on the protocol of Bitcoin it supports its own blockchain with ZEC native coin. Following the example of Bitcoin, ZCash total supply is fixed on 21 million units. It became one of the latest cryptocurrencies to join the market but still managed to break into the top-list.
History
The original idea of ZCash emerged back then, in 2013 when Zerocoin was created as a solution of the Bitcoin blockchain privacy issues. One year later its developers from John Hopkins University joined forces with the cryptographic teams of Massachusetts Institute of Technology and Tel Aviv University to develop the Zerocash protocol. By the end of 2016, under the leadership of Zooko Wilcox, the project evolved to ZCash as we know it now.
Explained
The main technical feature of ZEC lies in zero-knowledge proof which allows to perform transactions without revealing personal data and thereby makes the use of cryptocurrency absolutely anonymous. Technically, zero-knowledge proof is a cryptographic principle making it possible to check transactions with encrypted data of the sender’s address, receiver’s address and transferred amount. Since ZCash so-called “shielded” transactions use a more complicated method in comparison to other cryptocurrencies, it takes a little longer to perform them. ZCash mining also requires more memory than average because of the Equihash Proof-of-Work algorithm. Well, that is the price of privacy.
Nevertheless, a certain amount of information can be seen with the help of viewing keys if the user allows it. The fact is that it has two types of addresses. While Z-addresses (starting with Z respectively) are used for completely private transactions, T-address are used for transparent transactions.
Guarda team has spoken to Paige Peterson about the project, its current activities and plans for the future. Watch the interview to find out more about ZCash foundation and the people behind it.
ZCash Shielded
ZEC has two types of addresses: z-address and t-address. While the z-address uses Zero-knowledge proof and other ways to protect transfer data, the t-address is a public address (similar to the BTC address).
How to Store and Buy ZCash
You don’t need to use multiple services to manage your ZEC assets in a secure and convenient way. Guarda Wallet (guarda.com) has been supporting ZCash from the very beginning. In 2017, it was granted for the development of a wallet and SPV library by the foundation itself. At the moment, Guarda fully supports ZEC in its web, desktop, mobile and Chrome extension versions. ZCash is available for storing, sending, receiving, exchanging or any other crypto right within the wallet. Moreover, being a custody-free service, Guarda shares with ZCash its main value — privacy, that is why the company never keeps the user’s personal data or private keys.
