One of the most popular topics which is discussed everywhere nowadays is the cryptocurrency. Zcash cryptocurrency became popular from the Zero coin project. Out of the top 20 cryptocurrencies, Zcash is one of the most widely preferred and discussed currencies. The intension to develop Zcash was to improve the security and privacy of bitcoin users. The company Zerocoin Electric Coin Company ZECC released Zcash in early 2016. The highlight of this cryptocurrency is that it provides more privacy options to make safe transactions.
What is Zcash?
Definitely one of the best cryptocurrencies launched in 2016. Unlike other cryptocurrencies, the Zcash currency allows its users to use a private feature to secrete the information like the name of sender, name of receiver and the amount to transfer.
Team behind Zcash:
Zcash has all of its investors and team transparent. The main intention behind this transparency is to keep the users and customers aware about the incentives, progress and economy of Zcash. The team of Zcash is quite experienced and have thus, made it possible for it to achieve success. The founder is Zooko Wilcox-O’What is Zcash?
Hearn, a computer security specialist while the advisors are Vitalik Buterin and Gavin Andresen.
There are some famous names in the list of investors for this cryptocurrency which are Roger vel, Erik Voorhees, Barry Silbert, Pantera Capital, Digital Currency group and Naval Ravikant.
How does Zcash work?
This cryptocurrency differs from other cryptocurrencies due to the fact that it allows more security and privacy during transactions. Though there are various other currencies which come with privacy feature, but the way Zcash works is quite different. The private keys use strings, the numeric values and letters to recognize the users which allow both, the marketers and users to spot and analyse the trends. This data is then used for different purposes.
Zcash however, solves this problem with excellent and latest encryption techniques. The details and address of the transaction is completely sealed with these encryption techniques. Zero-knowledge proof cryptography is used to encrypt the details of payment and transaction without revealing any private information or details.
Price chart for Zcash
Funding for Zcash:
The company chooses to look for private investors instead of crowd funding sources for gathering the amount. This makes sure that the value of Zcash will remain unchanged when other rivals like bitcoin and Ethereum faced these issues in 2017 where both the firms faced changes in the value of their currencies.
Is it worth investing in Zcash?
The uniqueness and innovative encryption of Zcash has made it stand out from the other digital currencies. However, there are several other aspects which question investment in this cryptocurrency. People can invest in it and share, send and buy bitcoins from around 60 different exchanges which is quite a flexible option!
Here are some other deciding factors based on which, the investment opportunity and benefits for Zcash can be identified:
First, it appears as a convenient investment option for those who are looking for a currency which can allow unidentified and secret transactions as this is the first advantage of this cryptocurrency. Second, the data and information of the sender receiver and amount of transaction is completely secured.
Comparison to the rival currencies:
Currently, Bitcoin is the biggest rival of Zcash. Though bitcoin is one of the highest used cryptocurrencies, it is nowadays facing a lot of regulation and issues by the government. Bitcoin and Zcash compete through 21 million coins getting supplied in the market. Also, the value of Zcash will remain unchanged unlike the Bitcoins and Ethereum.
The team of Zcash:
The most important thing to consider while choosing an investment option is the team of people working on the project. The more experienced and dependable the team is, the better the company will work.
Considering this factor, the founder of Zcash is a computer security specialist. Due to his intelligence and years of experience, Zcash has developed special privacy features for the customers. Also, the advisors are professional software developers and have great experience while working with cryptocurrencies.
Mining is one of the most important factors to consider while investing in any cryptocurrency. Zcash is a non-profit firm which has a quite unique mining process. In Zcash mining, 10% of the 21 million units mined and circulated in the market will go to its founders, advisors, employees and investors. This method known as ‘Founder’s reward’ is followed. The stakeholders will not receive 100% of this reward until the next few years. Initially, 20% reward goes to the stakeholders while rest to the miners.
- Best for anonymous and secret transactions
- No change in value due to rive investors
- Reliable team of developers and advisors
- Increasing fame and usage facility with around 60 exchange platforms
- Full proof governance system
- Slow start-up mechanism which can make miners wait for 4-5 years for 100% rewards
- Government can ban secret transactions to fight wallet thefts and black bit coining
- Risk of cloning
- Many rivals
This cryptocurrencyis a great investment option if you want to invest in any cryptocurrency if you are well aware and satisfied with the mining process of it. Though, it is a speculative decision to invest in Zcash and thus, one must research well before investing.