Zcash (ZEC): Complete Guide to the Privacy Coin that Surged 138%

Bittime - Zcash (ZEC) has gained the spotlight after recording a price surge of up to 138% in a short time. Now, you can learn the complete guide about Zcash and its ZEC token in this article!

This achievement has made many people curious about the concept behind this coin. What makes Zcash different from other cryptocurrencies, and why is it often called one of the most popular privacy coins in the world?

As one of the standout digital assets, Zcash offers something rarely found in most other cryptocurrencies: the ability to protect transaction data privacy.

With its special technology, Zcash enables users to send, store, and use digital money without worrying that their financial data can be tracked publicly.

In this article, we will dive deeper into what Zcash is, who founded it, how its tokenomics work, and how you can use Zcash in everyday life.

What is Zcash (ZEC)?

Zcash is a digital asset focused on privacy and transaction security. Designed to provide economic freedom, Zcash allows every user full control over their financial information.

Unlike Bitcoin, on which Zcash is based, all transaction details on the Bitcoin network are publicly visible. Zcash offers a different option. With its shielded transactions feature, users can hide the sender’s address, recipient’s address, and transaction amount.

This makes Zcash often referred to as a privacy coin because it offers privacy equivalent to physical cash in the real world.

Zcash itself can be bought and traded on major exchanges like Coinbase and Gemini, making it relatively easy for anyone to access, try, or invest in.

Who Founded Zcash?

Zcash was founded in 2016 by Zooko Wilcox, a computer scientist and cryptographer who previously worked on the development of decentralized and privacy-focused technologies. The project is managed by the Electric Coin Company (ECC), which continues to develop the Zcash protocol and promote its adoption.

Zcash (ZEC) Tokenomics

Zcash (ZEC) has a tokenomics model similar to Bitcoin, with a maximum supply limited to 21 million coins. Mining uses the Proof-of-Work (PoW) mechanism, where miners verify transactions and secure the network while being rewarded with ZEC.

Like Bitcoin, Zcash also experiences a halving every four years, which reduces the block reward and impacts the token supply rate. This mechanism makes ZEC a scarce asset with the potential to increase in value over time.

How to Use Zcash?

Zcash can be used in various ways, including:

• Digital payments: Send and receive ZEC securely and privately worldwide.

• Investment: Like other cryptocurrencies, ZEC can be an investment asset in your portfolio.

• Remittances: Transfer money across borders quickly and with lower fees compared to the traditional banking system.

Conclusion

Zcash (ZEC) has proven itself to be more than just an ordinary cryptocurrency. With a strong focus on privacy and security, ZEC provides freedom for users who prioritize the confidentiality of their financial transactions.

With its growing popularity and significant price surge, ZEC continues to be one of the privacy coins worth watching in the cryptocurrency world.

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FAQ

Does Zcash have a future?

Based on a projected price increase of 5% per year, Zcash is expected to reach $179.62 by 2030 and potentially $292.59 by 2040.

How much is $1 in Zcash?

$1 USD today is worth about 0.0248 ZEC.

What is Zcash used for?

Zcash is a privacy-focused cryptocurrency. It allows users to send encrypted (private) or transparent (public) transactions. Private transactions hide details such as sender, recipient, and amount.

Is Zcash better than Bitcoin?

Zcash offers all the conveniences of Bitcoin but with full encryption to protect users’ financial information. Other key differences include Zcash’s self-funding mechanism, faster confirmation times, and the memo field feature.

Is Zcash illegal?

Zcash remains legal in most parts of the world, but some countries like Japan, South Korea, and Australia have imposed restrictions, causing privacy coins like Zcash to be delisted from certain exchanges.

Who is behind Zcash?

Zcash was founded by Zooko (a cypherpunk), along with his brother Nate Wilcox, and Sean Bowe.