Zcash was launched in 2016 by several university groups. Among others, a team from the Massachusetts Institute of Technology. It is the culmination of their project launched in 2014 and called Zerocoin.
Zcash’s goal is to be a decentralized and totally anonymous payment system. As such, transactions are untraceable.
In addition, it is planned to issue a total of 21 million ZEC coins. It should be noted that its transmission speed is identical to that of Bitcoin.
How does Zcash work?
Zcash works as follows: its Blockchain has two types of address, one transparent, whose transactions are visible to all. And one allowing anonymous transfers.
A more specific aspect is that its security is based on Zero-Knowledge Cryptography, which is a totally innovative technology.
Moreover, some researchers argue that its anonymization algorithm would be more reliable than that of Monero.
We can also add that it is an open source software.
In practice, the Blockchain does not display the sender, the recipient or the transaction amount.
In addition Zcash allows to dissociate the piece from the history displayed on the Blockchain.
Finally, it should be noted that even Zcash can neither control distribution nor access information in private transactions.
That is, the system is able to prove that it has information such as the secret key, without having to display them. Moreover, there is no interaction between the verifier and the prover.
All this makes Zcash one of the most confidential cryptocurrency on the market.
The team of Zcash
The Zcash team is a very experienced team.
Its founder is Zooko Wilcox who has twenty years of experience in decentralized systems, cryptography and information security.
He worked on DigiCash, ZRTP, Mojo Nation and others … He also founded the Least Authority.
The development team is large and includes scientists as well as nine engineers.
Specifically, among the scientists is a professor from the computer science department of the Technion-Israel Institute of Technology.
There is also a professor of computer science at the University of Berkeley.
As well as a professor at the John Hopkins Information Security Institute.
To fund this large team, the currency protocol plans to donate 2.5% of the mining reward to the development team for four years.
Finally, Zcash also includes a foundation launched in March 2017, whose purpose is to serve the interests of users.
Where can I buy Zcash?
Zcash can be purchased on platforms such as, Binance, Bitfinex, Bithumb, Bittrex, HitBTC and others.
If you prefer to get them by mining you can do this with a Cloud Operating Agreement on Genesis Mining or Hashflare platforms.
Finally, if you need to store a large amount of ZEC, you can opt for a hardware portfolio such as Trezor or Ledger.
In conclusion, Zcash is suitable for people who want a totally confidential cryptocurrency.
It can be used in the same way as Bitcoin.
Finally, its innovative technology is promising and should ensure a bright future.