Zcash uses the Equihash algorithm, which is a memory-based Proof-of-Work algorithm. Zcash mining can currently be done on GPUs (Graphic Processing Unit) and CPUs (Central Processing Unit). The Zcash protocol is resistant to ASIC (Application-Specific Integrated Circuit) devices, which means that unlike Bitcoin, it is not necessary to use ASIC hardware to mine Zcash. This is simply because of its Equihash algorithm which is an inherent feature of the Zcash network.
Getting a Zcash account is not a big deal, as Zcash accounts as well as Zcash wallets are available online and many of them are free to use. However, it is better to do some research work before downloading any. There are several types of wallets for you to keep your funds safe.
Internet Wallets- These wallets work with Zcash transparent addresses, and accepts the transactions fast (it is recommended to use strong a password and enable the 2-factor authentication)
Hardware Wallets- They only support Zcash transparent addresses which can cost anywhere from $79 to $199 (up until now). This type of wallet is the safest, and has various emergency options for the customers.
Local Wallets- These wallets runs on a full network node on your computer and are a bit tricky to set up and use.
Exchange Wallets- It is the easiest of all, because you just have to create your account and start transferring the funds. However, no exchange is currently supporting Zcash private addresses, which is the one and only drawback of this wallet.
Now let us take an example of Nano S:
- Install the Ledger Manager from the application that is on your device.
- Visit the dashboard, enter your pin and then download the Zcash application.
- Open the Zcash application and disable the browser support.
- Now launch the Bitcoin Chrome on your browser
- Once you open your browser, it will automatically synchronize with the Zcash account
- You now have a Zcash Account.
Using this account, you can now send and receive transactions and also keep a check on the balance. Once you are ready to perform a transaction you will be asked to verify it. The whole summary of your transaction will appear onscreen, which will include the amount, recipient address and gas rate. You have to sign in manually. This account keeps on updating as and when any new upgraded version is available.
It is really important to keep in mind that once you own a Zcash wallet, you are handling your own bank. This means you are responsible for any loss or misplacement. If you lose your password or any hacker is successful in hacking your Zcash wallet, then you are in for big trouble. It is really important to maintain timely backups so as to avoid such kind of situation because once your data is lost, it can never be retrieved again.
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