[REPOST] Crypto Academy Week 16 - Homework Post for @levycore
The lecture is really beautiful because I learnt something new today about the privacy coins,
Although there is a contradiction that the development of the privacy coin was going to increase the rate of criminal activities on the crypto currency network but on the other hand privacy doesn't mean you are a criminal, it only means you don't like your affairs going public, it's just a matter of choice
I am @kelechisamuel and this is my homework post for @levycore
ZCASH
Zcash was invented in 2016 not long ago by Zooko Wilcox-O'Hearn and his team of great crypto gurus
Zcash is a privacy coin that has a decentralized block chain with the motive of providing users with secrecy for their transactions, it a coin just like Bitcoin and other crypto currencies but it enhances user privacy by putting up a null and empty knowledge of proofs of transactions
How Zcash works
The Zcash has two(2) platforms which are
- Z-addresses
- T-addresses
The z-address is a private address while the t-address is a transparent address like normal block chain,
when a z to z transaction takes place it appears on a public chain so that it known that this kind of transaction actually took place but the transaction amount and the memo are hidden which is a null or zero proof of knowledge pattern
Similarly a T to T transaction is just like the normal Bitcoin block chain where the memo and amount are known
Zk-SNARK
The zk-SNARK is an acronym that stands for ZERO KNOWLEDGE SUCCINCT NON INTERACTIVE ARGUMENT OF KNOWLEDGE
the zk-Snark gives a platform in which both the prover and the verifier uses a secret key for transacting without ever interacting with each other in that case zcash confirms a transaction without revealing any detail of the transaction
FEATURES OF ZCASH
LOW FEE TRANSACTION
Unlike other block chain systems, zcash possess a very low transaction fee of about 0.001zcash which is about 0.16 usdt and is widely supported in many exchanges
MEMOS
As we all know a lot of transactions, and coins require a memo compared to the zcash, the memo is encrypted and used for guided transactions to ensure that the secrecy of the transaction is kept according to their rule
ADDRESSES
Just like I said earlier that the zcash has two addresses which is the shielded or private and transparent address, where the private addresses do not reveal or show their addresses
MULTISIGNATURE TRANSACTION
A multisignature transaction is a transaction that requires two or more participants to sign in agreement to a contract, the zcash platform requires this multisignature for their transactions although for now it is only for the transparent and not for the shielded although it is written that progress is on going to extend this to the shielded
TABULAR ANALYSIS OF ZCASH
| COMPONENT | ZCASH DETAILS |
|---|---|
| PURPOSE | PRIVATE COIN |
| FOUNDED | 2016 |
| MARKET CAP | $1,831,233,264 |
| VOLUME | $475,652,571 |
| PRICE | $153.94 |
| DISTRIBUTION | ICO |
| MARKET DOMINANCE | 0.11% |
| MARKET RANK | 55 |
| FULLY DILUTED MARKET CAP | $3,224,094,222.09 |
| TOTAL SUPPLY | 11,896,144ZEC |
| MAX SUPPLY | 21,000,000ZEC |
Analysis gotten from source
ZCASH MARKET
Hopefully by the grace of God, zcash has been trusted on some exchange platform like binamce, huobi etc
HOW TO INSTALL THE ZCASH WALLET
Before we dive into the installation of let's explore and understand the different types of zcash wallets
1. MOBILE AND SHILDED ADDRESS WALLET
This is a shielded wallet that is compatible with both mobile and desktop features example the zecwallet, nightwalk, unstoppable wallets
TRANSPARENT ADDRESS WALLET
This Zcash transparent address wallet is a wallet just like Bitcoin where the informations are made public
FULL NODE WALLET
In addition to other wallets, the full node wallet is a wallet for experienced users who wish to mine their zec
WALLET SDKs
This are wallets set aside for third parties who wish to get involved in the development of the zec , while they partake in the development it is also open for teams to use, experience and explore
ZCASH WALLET INSTALLATION
Login to the download website,Click on the download for Windows link
After downloading, click on show in folder, in order to start installation
Click on the installer and click on run
Wait for Windows to configure the installer
As soon as installation is over, open the software
Click on create new as seen in the image below to start up your own wallet
Copy and save your seed phrase in a secured place
After the seed phrase, your wallet is set up and ready for use
Just like I have been saying, one unique feature of the zcash is the ability to be both shielded and transparent
WHY I CHOOSE ZCASH
After I scaled through the different privacy coins, the zcash privacy coin really caught my interest with the fact that it can co-exist both as a private or shielded and as a transparent wallet
The zcash private coin is traded in many cyptocurrency exchange
It also has a high market capitalization and volume which is a very attractive factor
So far the track record of the zcash is very encouraging, also added to the fact that so far there has been no security breach so far
ADVANTAGES
HIGH REPUTATION The zcash has a high reputation that is very much respected and appreciated by it's users
Privacy the advantage of the privacy it offers is beyond explanation giving people a platform to be anonymous and hide their assets with ease
Easy Mining the mining of the zec coin is easier as the zcash uses a Equihash proof of work system which is affordable and easy process
PARTNERSHIP The zcash currencies have big partners like apples, ethereum, starkware which gives them an edge over other coins
DISADVANTAGES
CENTRALIZED SYSTEM The zcash is a centralized system and is controlled by a single body
CAN BE SUBJECTED TO A BUG The zcash can be sinjected to a big since it is controlled by a system
CONCLUSION
I have been able to understand what privacy coins are, the importance and some disadvantages of the private coin
Also I decided to specialize in the zcash and to be honest probably from my view , I feel zcash is one of the best if not the best privacy coin
Zcash has solved the issue of making transactions private with the rate at which social medias are selling and buying user data and has also created the platform for other users to engage in a transparent transaction
Thank you all for reading I am @kelechisamuel
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