ZCash (ZEC) was issued back in 2016, nearly two years ago, presented as a digital asset focused on bringing ultimate privacy for blockchain-based transactions. Since then, Zcash has been through several significant changes, one of which included the birth of Zclassic (ZCL), which is actually a hard fork product derived from ZEC.
Decentralization and the arrival of the first crypto ever to be launched, Bitcoin, brought swift global payments and erased the middleman from the equation, however, Bitcoin didn’t come with full privacy as all transactions, including the recipient and sender can be tracked through the public ledger, that way revealing transaction details.
ZCash was created to solve this issue, currently being traded among the top 20 currencies as the 19th best crypto on the official ranking list. So, is ZEC worthy of your attention, and your investment?
What is ZCash ZEC?
ZCash was launched almost two years back in 2016, when ZEC was released as ICO, offering privacy on top of decentralization and secure payments. Although Bitcoin is offering fast payments, transactions and all the details included are available for anyone visiting the ledger, so the information is not private or concealed.
That is where ZEC team came to the idea of creating a privacy coin that ZCash now represents. While nurturing the idea of a blockchain-based decentralized ecosystem that enables fast payments, ZCash added more privacy to ZEC transactions, hoping to be able to deliver more trustworthy experience regarding end-user.
The CEO and founder of ZCash is known by the name Zooko Wilcox, who together with his team enabled privacy for ZEC users by using Zero-knowledge, that way enabling users to hide their transaction details.
The team behind ZEC took zero-knowledge proof, turning it into the core of ZCash network, by creating the protocol known as zk-SNARKS, which soon became the signature of ZEC privacy.
The block generation time of ZEC equals 2.5 minutes, which is faster than Bitcoin, much like the majority of currencies developed after the arrival of the first cryptocurrency that was used later on as a prototype for generating new ICOs and platforms.
How ZCash Works?
ZCash (ZEC) hides transaction details and keeps the privacy of ZEC users thanks to the utilization of zk-SNARKS protocol, which is based on zero-knowledge proof.
Thanks to this privacy feature, senders, and recipients, as well as the amount of transaction, followed by transaction details, can remain private, unlike the case with using BTC for making global payments.
While all transaction details are available on Bitcoin public ledger, ZCash allows you to keep your privacy while safely and securely operating on the network, which adds to the value of this cryptocurrency.
Additionally, block generation time takes 2.5 minutes, which is a lot faster when compared to BTC that takes 10 minutes for block generation.
Future Developments of ZCash
Some of the most anticipated updates brought by ZCash in form of network developments has to be Sapling compatible version 1.1.2.
Sapling is the latest planned update of ZEC and it is planned on being activated in October of the current year.
ZEC team is aiming at bringing more secure and shielded transactions with this update, while also adapting the network to internal changes that should make transactions faster with processing time taking only seconds instead of minutes.
This update should be the next great milestone in the roadmap of ZCash, bringing their decentralized platform to the next level where ZCash will be made ready for mass adoption and mobile exchange.
Should I Invest in ZCash?
Although ZCash has dropped over 90% since it made its all-time high, ZEC still seems to appear as a solid good investment.
Being traded among the top 20 currencies, while counting a market cap of over 835 million dollars, ZEC is currently seen rebounding by going down by over 1% against the fiat.
In case you appreciate shielded transactions with improved privacy and want to utilize your transactions without the involvement of third parties, but still get to hide your identity and transaction information, ZEC could pass as a great investment in this case.
With the new upcoming update called Sapling, holders and investors are expecting to see ZCash slowly rebounding towards getting near its record price, as the mentioned update should prepare ZEC for vendor adoption, while temptingly offering fast transactions and shielded ZCash addresses. This way, Zcash (ZEC) holds the potential of becoming even more tempting to investors who appreciate privacy and fast decentralized payments.