Week 16 - Homework Post for @levycore - Privacy Coins (Zcash)
Hello Everyone, so today I invite you all to read my today homework which I am going to make on Privacy Coins subject which is given by Professor @Levycore.
So let us continue with our homework.
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So as the crypto world was growing, and some of the people were worried as everyone knows that there is transparency in the Crypto market and their account were easily traceable in the blockchain. So people demanded some privacy in the market and for that these privacy coins got introduced. And I am also gonna talk about one of them in my today homework.
Zcash
So the coin I choose is Zcash and I am gonna tell about its fundamental analysis, as ZCash was founded by Zooko Wilcox-O’Hearn in October 2016.
Zcash is made on the Bitcoin Framework, and all of the processes are the same as Bitcoin. Zcash has the same features as bitcoin but there is some fungibility and privacy is added in the Zcash. In this fungibility is that you can substitute one asset for the other asset.
Zcash uses privacy with zero-knowledge proofs (ZK-SNARKs) to ensure the privacy of their customers, as nobody can know their transaction which was not in bitcoin.
ZK- SNARKS
ZK-SNARKs is actually the short form of Zero-Knowledge Succinct Non-Interactive Argument of knowledge, which is showing that how they care about the privacy of their customers and nobody can know their transactions, it also shields other information such as of the transaction which is made between buyer and seller and with this they don't get to know about others data.
So ZK-SNARKs is there to shield the transactions which are made in Zcash.
Zcash was made by seeing the bitcoin open-ledger but they also have added the encrypted information about the ledger's users. So by that, we can know that nobody can know the information of the transactions which are made by anyone, only except by the person who made that transaction.
So if we see at the market of Zcash so as of May 2020, ZEC is ranked 26 on CoinMarketCap's list of ranked cryptocurrencies. And ZCash's total market capitalization was $403 million on 30 April.
Market Analysis:
| Coin | Zcash |
|---|---|
| Zcash Symbol | ZEC |
| Zcash Current Price | $154.48 |
| Market Cap | $1,841,082,009.97 |
| Trading Volume 24hr | $428,272,705.4 |
| Market Rank | #55 |
| All Time Low | $18.94 |
| All Time High | $5,941.80 |
| Circulating Supply | 11,902,706 ZEC |
| Max Supply | 21,000,000 ZEC |
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The steps in creating a wallet for the Privacy Coin Zcash is shown below:
- Firstly we will go to Google and write Zcash so the Zcash site link will start showing in the front, so will click on that, and will the front page will start showing the Zcash.
- We will then click on the Get a Wallet and then we will click on ZECwallet if we are using it on desktop or Mobile.
- Here we will click on Download for Desktop.
- It will then start downloading so we will have to wait for some time.
- Then will click on the application to install the wallet.
- It will start downloading then.
- So as I didn't have an account before so I will be going to create a new account here.
- It will then show the Seed phrase and we have to save that phrase as it will help in recovering our funds and in the transactions as well. And after saving the phrase we will click on start wallet.
- Then will have to wait for some time as it will do some settings.
- And now finally the Wallet is created.
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Reason to Choose Zcash:
As we know that Zcash was one of the first private coins. And it is also have been ranked in the top 60 of the best cryptocurrencies in the world and even though it also has been placed in the top 33 some time ago.
Zcash is also one of the best private coins which are made on the open ledger of bitcoin and pretty much like like but the difference is privacy, it has a great system of privacy and nobody can know about another person wallet in this and also the transactions.
Zcash also use the ZL-SNACKs as which is used during transactions in buyers and seller as the body get to know about others address and it all work encrypted, and nobody can see the other personal data.
Advantages and Disadvantages of Zcash
Advantages:
- Zcash works as an anonymous, as nobody knows about others' transactions and data.
- It has fixed price capital, which allows high prices.
- Zcash is fungible and can be exchanged with any other currency.
- Strong system and the team
Disadvantages:
- It has less transparency.
- Can be an issue of corruption and legal as nobody can see the transactions.
- Zcash can only mine through CPU/GPU mining.
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Zcash is one of the best, secure and private coins with no transparency. As some people want privacy as they don't like sharing their things and some want privacy because they are doing something bad. So as it is very good for those who only want privacy but there are also people who can take advantage of this privacy and can do big corruptions. Otherwise, Zcash is the future as its price will again boost and will be on the top.
So yeah that was it, I hope I covered everything the professor asked for. And if @levycore you found is missing or I didn't tell it correctly, so you're the professor you have the right to correct me hehe. Will keep an eye on the next wonderful lecture.
Regards,
@maazmoid123
Hi @maazmoid123, Thank you for taking my class in the 8th week.
This is the detailed assessment that you get from the results of writing the homework that you have created:
Review dan Feedback:
Your fundamental analysis is good, but it could be improved by digging up more information. Don't just stick to 1 or 2 things, more information will make your analysis better.
You do not put a watermark on the screenshots that you make.
Your reason for choosing the coin is still very shallow because you don't really dig up enough information on the fundamental analysis you make.
Pay attention to the rules and guidelines before posting your homework.
Thank you!