After Bitcoin hit the market in 2009, many alternate cryptocurrencies have been launched as a fork of Bitcoin’s core blockchain technology. Many of these were eventually termed as private coins, simply owing to the fact that these came up with upgraded features that centred around user safety and privacy- something that Bitcoin inherently lacked. ZCash is unique in this regard as it offers added security and privacy to its users. While all the transactions are recorded and published on the decentralized, open-source blockchain, personal details such as the identity of the sender, receiver and the amount of transaction as kept private through end-to-end encryption.
The concept of ZCash was formulated long back in the year 2013 and the project was then named Zerocoin. It was the collaborated efforts of Ian Miers, Matthew Green, Aviel D. Rubin and Christina Garman at the The Johns Hopkins University, Baltimore, USA. This project aimed to address the issue of privacy that the Bitcoin users were facing. It is not exactly known when the Zerocoin team joined forces with Zooko and his team of developers. Zooko publicly mentioned about the new Zerocash in May 2015 and finally launched it as ZCash in 2016.
ZCash uses a cutting-edge cryptographic technique known as zk-SNARK. This zero-knowledge protocol not only authenticates transactions but also ensures the security of the ledger by hiding private information. ZCash has a total supply of 21 million coins just like Bitcoin. ZCash has allotted 20% of the total coins created during the first 4 years as ‘Founder’s Reward’, which will be distributed among developers, investors and a non-profit organization. It offers two kinds of transactions- Transparent or ‘T’ transactions that are similar to Bitcoin, and Shielded or ‘Z’ transactions wherein the identity of the sender/recipient as well the transaction amount is protected. ZCash comes with the advanced fungibility feature where the coins remain equally interchangeable.
Mining is a profitable deal for those who do not wish to purchase this cryptocurrency. You can either join a mining pool or create your own mining rig to start mining Zcash
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