Convert ZEC to USD
List of cryptocurrencies and tokens supported by PassimPay crypto wallet. Secure storage for a variety of digital assets.
What is Zcash?
Zcash refers to an open-source blockchain platform, which makes it clear and transparent. Users mostly choose the coin due to anonymity and fast transactions. Its user-friendly interface and abundance of available functionality in the API make it popular among users who develop their projects where other cryptocurrencies are not available.
Launched on 28 October 2016, customizable transaction privacy helped the cryptocurrency to grow popular. It immediately became a competitor to all anonymous cryptocurrencies. Although transaction records are publicly available on the blockchain, the amount transferred and the parties involved remain hidden.
History of Zcash
This cryptocurrency was created by an entrepreneur and crypto expert Zuko Wilcox-O'Hearn. He has worked for over 25 years in cryptography and information security and has left his mark on many projects. It is a deficit coin with a limited offer of 21 million coins. The network operates by a proof-of-work "SHA-256" hash function (just like Bitcoin).
Interesting fact: among first investors, you can find people involved in Bitcoin investments, such as Barry Silbert, Cameron and Tyler Winklevoss, and Roger Wehr. This shows the trust of quite significant people in the cryptocurrency world.
Where to buy Zcash?
You can find it on popular exchanges: Binance, DeepCoin, HitBTC, Huobi Global, ByBit, BKEX, Bitrue, and OKEx.
Features and Benefits
This coin is an innovator in its field, for it is the first to start operating on a zero-disclosure cryptographic proof protocol.
It is the first truly anonymous cryptocurrency, as all its features are due to the protocol with a known working principle.
Advantages include:
- Fungibility. All coins are the same regardless of how and from where did the user get them;
- Complete anonymity. All information is hidden.
- Confidential. The working protocol hides all information except the time of the transaction.
The secret of success
The protocol zk-SNARK allows storing remaining funds in a registry without disclosing parties. In addition, it allows for public transactions as well, similar to the well-known Bitcoin. Its main feature is that if you send data from secured addresses to unprotected addresses, it will disclose information. And, vice versa, it closes data if you send money from an unprotected address to the protected one.
For this to be possible, to have zero disclosure, the function responsible for the truthfulness of the transaction must receive the result without revealing any information. It turns the answer into a system of some algebraic equations, which provides additional security.
Forecasts and recommendations about Zcash
Experts predict the high growth of Zcash on exchanges, so it has a place in the investment portfolio.
The developers have a long-term strategy and are supporting the project by improving the technology and increasing its ranking. They have stated their big development plans and a rough forecast of 10,000,000,000 users by 2050. Their main goals, for now, are: scaling up the currency and making discreet but significant improvements to the algorithms and functionality. The coin complies with FATF (Financial Action Task Force on Money Laundering) recommendations. PassimPay is a perfect tool for storing and sending funds. It is easy to use and completely anonymous.