What is Zcash? A Beginner’s Guide

What is Zcash?

Zcash is a cryptocurrency, an electronic alternative to bitcoin, and an open, decentralized, peer-to-peer payment system. It is produced through a software program, which cryptographically verifies the ownership of digital coins. Zcash is designed to be both anonymous and untraceable, making it an ideal currency for conducting payments and trading online. How Is Zcash Different From Bitcoin? Bitcoin has become the dominant cryptocurrency by an enormous margin over the last two years. Its name means digital cash, as it is a payment system with no central bank. Zcash is a form of digital money that is secure, private, and accessible to everyone, regardless of age, location, or gender.

ZCash symbol: ZEC

History of Zcash

It is a feature of the Zerocash protocol, which uses cryptographic tools to create and maintain a completely private monetary network. Unlike most digital money in existence today, which is centralized and secured by a single administrator, ZEC works independently and with no central servers or trusted third parties. Image: screenshot History of Zcash development Zcash was first released in October 2014. Development was funded through a crowdsourcing campaign to launch the Zerocash protocol. Thousands of people joined the community and contributed over $1,000,000 USD to help make the protocol better and make it widely adopted. The Zcash code was then developed internally at the Zerocash Foundation and hosted at Princeton University’s Cryptography Laboratory.

How is Zcash Different to Bitcoin?

Bitcoin and Zcash are similar, but not the same. First, consider the time it takes to complete a transaction. With ZEC, a transaction can be verified in under a second. In contrast, it can take hours to complete a Bitcoin transaction. Second, Zcash is truly anonymous. Every transaction is authenticated only with a shared secret key, not the public key of any user. Because this is a secret, and an attacker must possess the shared secret in order to compromise the transactions, no user’s identity is revealed to other users or the public. Finally, ZEC offers the same processing speed, reliability, and security as bitcoin. That’s all very exciting, but you are probably wondering, how can I use this amazing, new technology?

The Zcash Blockchain

The Zcash Blockchain is a completely decentralized, peer-to-peer ledger, built for Internet and mobile devices. When you spend ZEC with a purchase or a loyalty offer, the spend transaction is tied to the user ID, blockchain address, and hash. The network also creates a new publicly auditable public ledger of all transactions that ever occurred. The ledger is self-correcting and all transaction data is recorded to the blockchain. The ZEC Blockchain is a fully decentralized peer-to-peer network that is hosted on dedicated servers. The dedicated servers also manage the reward points, reward conversion and user accounts for the coin. Zcash is not an altcoin, it’s a whole new type of digital currency. Zcash Investment Fact The total digital currency market capitalization.

Zcash’s Privacy Features

Zcash encrypts its transactions in secret. Only the owners of the private keys can read and spend the Zcash. Private keys are unique keys to your money. You hold a set of private keys. You control your private keys. But you don’t need to control your private keys to protect your money. You don’t need to have them in your possession to spend them. It’s like having your cash on you, in your wallet or in your mobile phone. It provides strong privacy protection by keeping your public addresses hidden. And it provides fungibility. The same money is valid everywhere and cannot be linked to any one person or institution. That’s why it’s much easier to use than regular currencies. ZEC is different than other digital currencies.

ZCash Faucet

Claimfreecoins

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Diamondfaucet

  • Diamondfaucet is a faucet.
  • Click every 5 min.
  • Upto 20 claims
  • Minimum possible rewards upto 100 Sat
  • Faucetpay wallet required for withdrawals.
  • Referral commission 20%.

ZEC

  • zcash.xyz is a faucet.
  • Click every 5 min.
  • No limit claims
  • Minimum possible rewards upto 60 coins
  • Faucetpay wallet required for withdrawals.
  • Referral commission 20%

Conclusion

Bitcoin has revolutionized money since the invention of the first bitcoin payment system over ten years ago. What started as a project to create an independent currency, has since been followed by massive interest from individual, institutional, and government users. However, there are other newer digital currencies on the market. These digital currencies are mostly untested and their details are murky.

Must See: What Is Ethereum? What Makes It Different From Bitcoin?

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