In this article, we will search for answers to questions about Zcash (ZEC) and what Zcash is eventually. The crypto is a newly added side coin which is unique in the money world. Zcash, like Bitcoin, is a system that is written with the American sub-structure but is updated and updated according to the time difference. Zcash, defined as digital currency instead of cryptocurrency, is created for use on internet platforms. Zerocoin Electric Coin Company produces it for digital trade and digital money transfers. As founders of Krypton, John Hopkins University professors are talking about What is Zcash?
Basically, Zcash (ZEC) is a digital currency that describes “zero knowledge” (zero information) produced by cryptosystems. There are current system differences from other crypto parcels. The mining system is offered in the form of ” founder awarded mining ”.
Zcash (ZEC) uses a new technology that includes zero-information evidence, which anyone can prove without forcing any sensitive information to emerge. The name is taken from the fact that the zero-knowledge is being verified. Anonymous operations that are generated from this technology are called Zcash-protected operations.
Bitcoin is a sharp distinction at this point. If everyone at Bitcoin is explicitly shared, everyone can see your car and all the transactions and addresses you have done up to now. Even if you do not explicitly share your address, companies such as Chainalysis and Elliptic have developed a software that anonymizes your address if you have acted on other non-anonymous addresses. Think that everyone you know and even the strangers know how much money you have in your bank account and how you spend your money. Though there are legitimate actions, you probably do not want the whole world to know about this information.
Zcash uses a special form of zero-information verification called zk-SNARKs (zero-information non-interactive informational arguments). This technology was pioneered by a number of researchers, including professors Eli Ben-Sasson and Alessandro Chiesa.
Zcash (ZEC) allows users to keep transaction details private or open to the public. Demand transparency can be useful in situations where an operator needs to provide information for auditing or tax declarations.
A user can share a “display key” with others to make process details visible to specific people. This “display key” is separate from the “spending key” used to spend money. The fact that two different keys are split allows one to allow a third party to view transaction details without allowing the viewer to pay all of the money. Similar to the current financial system: the bank sign-in information needed to access your cash is similar to a spending key, but if you access a copy of your bank account extension it is similar to a display key.
Zcash (ZEC) also provides encrypted note fields that allow a sender to send a hidden message to the recipient. This is comparable to writing a note in a cue, but you can only see the owner of the view key, rather than being able to see the note by everyone. This can be used for a variety of purposes, including sending a message to the recipient, including the payment code.
The technology used by Zcash (ZEC) also has limitations. Future work is aimed at targeting the two fundamental limitations of SNARKS setup and calculation.
In Bitcoin and Ethereum-based systems, all operations were clearly visible when the users were anonymous. In the Zcash (ZEC) system, the processes themselves remain anonymous. This means that transfers between two people are completely confidential if they do not want them to be viewed.
If you know the address of a person on Bitcoin, it is possible to follow all the actions of that person. So you will see where an address transfers from where and how much money. But Zcash has a technology that prevents it and hides the information. With secure networking technology called Zk-snark, network operations and addresses can be stored. Panthera Capital, Roger Ver, and Barry Seibert, Zcash (ZEC) Bitcoin. Zcash blocks are thought of as 2.5-minute blocks instead of 10-minute blocks.
Zcash caused a lot of debate because of the cryptocurrency distribution method. The fact that it was established as a company rather than an open source community has not been welcomed. The most important difference between the other cryptocurrencies, such as Bitcoin and Ethereum, is the closed box. The second big difference is how they plan to reward investors and workers with a tax on the mine awards called “the awards of the founders”.
Zooko Wilcox of Colorado, USA, born on May 13, 1974, is presented as the manufacturer of the software. As the CEO of Zerocoin Electric Coin Company, Wilcox is the founder of Zcash as the company’s executive. Zcash is showing John Hopkins University senior employees about who made it. It is one of the next generation digital currencies, like other crypto money, developed, developed and developed by software developers. It is among the information presented that the university is scientists and 10 different software engineers.
Unlike other cryptosystems, it is not open source coded. In Zcash (ZEC) cryptosystem developed with Blockchain system, block protocols can be hidden. The coin which will be produced by the founder is a total of 20 million, and money transfer can be done as short as in 2 – 2.5 minutes. Zcash mining is similar to Ripple, unlike Bitcoin and Ethereum. Thanks to the ready coins, fast and easy transfer operations can be carried out without having to make blocks.
Yes, it is risky eventually. Because its present graphics are not as successful as it is expected. That is why we can not talk in a clear way but at least, we would like to say that what is behind of Zcash is very strong. Maybe buying some Zcash (ZEC) coins and keeping it for a while can be useful.
The last decision is yours.