Privacy Cryptocurrencies… Checking Out Zcash (ZEC)
Privacy cryptocurrencies are one of my favorite spaces in the cryptosphere.
The other day I talked about Monero, today it’s Zcash.
Right now Zcash is the second largest privacy cryptocurrency, trading around $205 with a market cap of $464 million.
The team behind Zcash is the Zerocoin Electric Coin Company (ZECC). Its goal is to fix what it believes is a major problem with bitcoin, its lack of privacy guarantees.
ZECC positions itself as a science-driven and boasts an impressive team of scientists, engineers, strategic advisors (including Vitalik Buterin and Gavin Andresen), and outside counsel. ZECC is led by CEO and founder Zooko Wilcox.
It also has an all-star lineup of investors including Fenbushi Capital, Naval Ravikant, Roger Ver, Erik Voorhees, and Fred Ehrsam.
There’s also the Zcash Foundation which launched in March 2017. It’s a non-profit with the goal promoting the protocol and it gets funded by receiving 1.44% of the monetary base over a four year period.
Zcash was launched in October 2016.
It’s an implementation of Zerocoin, which itself was an improvement from Zerocoin. The same team behind Zerocoin now works on Zcash.
The technology behind it is called zero knowledge proofs. It allows you to prove knowledge of some fact about hidden information, yet not reveal that information.
The zero-knowledge proof used is called zk-SNARKs, which stands for zero-knowledge succinct non-interactive arguments of knowledge.
Basically, Zcash makes it so the transactions are both verifiable and private. For more details check out the FAQ.
There are some criticisms of Zcash. One is that the supply has been set artificially low in the beginning which creates artificial scarcity. When it first launched, one ZEC traded for more than $6,000, now it’s around $200. Right now, the ZEC supply is just 2.2 million, and it will have an ultimate supply of 21 million.
On the plus side the zk-SNARK technology will be adopted on Ethereum as part of the next update, Metropolis. How that will impact ZEC, I’m not sure.
What do you think of Zcash?
For more on cryptos follow me @g-dubs and on SteemFollower
Hey. I didnt read your previous post on monero. But i like both monero and zcash and have both in my very small portfolio. Also ive been looking at what people use for more visibility and i found these that i didnt see in your comments but then again i dont know how good they really are. @morwhale @buildawhale @originalworks and @minnowpond upvotes just by you following. Let me know if you know any other. Thanks. And awsome post to. Upvoted and resteemed. Your post also made me more confident in these cryptos.
Check out booster and bellyrub. I avoid buildawhale, never worth the $$$. Check out randowhale too.
Hey. This lil convo with you inspired me to do this post. Has a bunch of different ines. And ill make another with the ones that i found while doing it. Theres over 10. I agree @randowhale is amazing price for what you get.
https://steemit.com/steemit/@alimtl2011/gain-visibility-on-steemit-get-more-upvotes-welcome-new-authors
Upvoted and resteemed
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great content! and thanks again for following!
It have had a nice pullback. But I will not hold it for long term, unless it goes above 8050000 satoshi. But it is very good for swing trading from 4700000 to 6900000 satoshi
Disclaimer
This is NOT financial Advice, This is only my personal speculation.
I'm more of a hodler than trader but I like to sell some on spikes and buy some on dips. ZEC I own a small amount.
Very nice @g-dubs ...upvoted...bless
Great insights man. Would you still mine zcash nowadays?
Even though they have an awesome team, the market is flooded with privacy-related altcoins right now. Verge, Monero and Dash have a great share in the space.
Resteemed and upvoted! Cheers.
Thanks! I don't know enough about mining Zcash to advise.
Thanks! I'm still so new to these new ones. Much more to learn.
Lol it's overwhelming at times.
just ah perfect click!!
good coin
@g-dubs, thank you friends, posting is very useful for me a beginner in this world.
Thanks for reading!
zcash is a great coin and pc miners had stopped minning btc with there devices and changed to zcash due to its low mining difficulty and fees then change zcash to btc and was more profitable than mining btc directly i believe thats what made it more popular
That's interesting, thanks for sharing. It's hard to keep track of what's the most profitable to mine... it seems to change frequently.