What Is Zcash Cryptocurrency And How To Exchange It

How Do I Exchange ZEC?

This article does not necessarily reflect my opinion on crypto or ZEC, but I hope it gives you more understanding about this new type of crypto.

When cryptocurrency came on the scene with its blockchain technology, it was totally amazing and it looked like a system that was hack proof had finally been created and indeed it was and pretty much is as far as we know.

This is because of the open ledger system upon which it operates which practically makes it impossible for a currency to be duplicated or transaction altered.

However, this same thing that powered its uniqueness became the source of concern for many as there was absolutely no privacy. The open ledger system makes transactions open to all. So while keeping things transparent and above board, it also made it impossible for individuals to enjoy some privacy in their transactions.

To correct this, other cryptocurrencies were created and one of these is the Zcash, also known as ZEC (ZEC-X). 

What is ZEC?

Zcash started in 2016 as Zerocoin protocol and then became Zerocash system before changing one more time to Zcash. It was founded by Zooko Wilcox, the CEO.

It is among the top cryptocurrencies that promotes privacy. Yes, it operates on the usual decentralized system that other cryptos operate on which allows information to be held by many rather than at a point. However, using special cryptography, it at the same time offers complete user privacy which is something that other cryptos like bitcoin do not offer at all.

With ZCash, users can decide just how much information they want to make open. A user can decide to leave their transactions open or they can choose to totally shield it. They can also reveal some information while shielding others. Simply put, it gives the user total control over how they choose to share the details of their transactions.

The way it achieves this is through the use of zero-knowledge proof constructions known as Zk-Snarks which is an acronym for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge. If you are really interested in the technicality of how this system works then read this extensive explanation in this article.

1 2 3
View single page >> |

Don’t Forget Your Free Book! Speaking of finance books, don’t forget to get your free copy of my book: Financial Freedom on a Full ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.