What is Zcash? Why many see this cryptocurrency the perfect substitute for Bitcoin?

Users, investors and even the very Edward Snowden, everyone seems excited about a new cryptocurrency who is born today, but it takes months causing a stir in the network. It is called Zcash, and promises to be an alternative to Bitcoin caring privacy of users while offering as a real business for investors.

Zcash born from Zerocoin project, which started after being a layer of anonymity for Bitcoin cryptographic eventually became an independent cryptocurrency. As expectations are many and it can from now you hear talk enough of it, we are going to tell what exactly Zcash and what are their fundamental differences with Bitcoin.

Zcash
Image Source: Google Image

What makes the Zcash so attractive?

Much has been said about the Privacy and Terms behind technology Bitcoin. Unlike the mythical cryptocurrency, the Zcash automatically hides the identities of senders and receivers, as well as the amount of all transactions we conduct on your blockchain. Only those with a display key to view the contents of operations.

This is made possible by an algorithm called zero-knowledge proofs (zero knowledge proofs). This algorithm allows the creator of the transaction can include in it a validity test without transmitting any information other than the fact that the transaction is true. Therefore, no information that anyone can read is transmitted.

These characteristics have made such prominent voices in the world of privacy as Edward Snowden speak well of the project, referring to it as a solution to the risks of surveillance of public records Bitcoin transactions.

Another fundamental difference between most cryptocurrency and this is how that is organized. As the Bitcoin and all based on it, its code is open, although it is not managed as a community like most, but Zcash is a business. That makes the product attractive to investors.

You may also like to read another article on iMindSoft: Our drawings and designs come to life with this pen that prints 3D

How to develop the project has also been the reverse, because instead of throwing the coin and then seek financing, Zcash creators have sought investors to create the coin toss before. They also promise to reward these investors and workers a tax called “Founders reward”, so described on its website …

“The monetary base Zcash will be the same as Bitcoin … 21 million units of currency Zcash (ZEC or ⓩ) will be mined 10% of the profits will be distributed among shareholders – founders, investors, employees and directors.”

This has made the currency has grown exponentially before being released.On 15 September its value was $ 18 or 0.027 BTC, but two days ago had already risen to $ 260 or 0.379 BTC, marking an increase of nearly 1,300%. Moreover, some market analysts believe that the price of a ZEC overtake a bitcoin end of the year, as investors do not want to miss this opportunity.

Therefore, we have a cryptocurrency not try to go against the system, but is based on their traditional methods of funding to provide free, anonymous alternative and promises to put users privacy above all. And what is more important, that investors do not want to miss the next Bitcoin, which is pushing very strongly its initial growth.

The adventure is not without risks

But like all new technologies, there is nothing that can ensure a guaranteed success, and there is always a risk factor to consider. Experts have described the Zcash Bitcoins as an interesting and novel proposal, but its high privacy is not without its technological challenges.

The developer and operator of Bitcoins BTCDrak has referred to the currency as the latest in cryptography, but says there is plenty of evidence that will need a lot of CPU to sign transactions. In fact, almost all critics are concerned about the demands and scalability of chain blocks.

Besides, who they have long wanted to regulate the market cryptocurrency possibly they are not very happy, and those who see it as a vehicle to commit more crimes on the network. They defend creators of the latter ensuring that it is like blaming all Internet crimes of a few, and most of the operations to be performed with its currency will be legitimate.

Leave a Comment