The cryptocurrency industry has outgrown the skepticism surrounding privacy-focused coins. Investors have begun appreciating the advantages that privacy coins like Zcash have over other normal coins and altcoins. Far from the popular notion that privacy coins are used for criminal activities and money laundering, these coins help users who do not want their activities to be left all over the internet.
“Zcash is the first open, permissionless cryptocurrency that can fully protect the privacy of transactions using zero-knowledge cryptography.”
Zcash is a cryptocurrency project that is decentralized and exists to provide users with strong privacy protections. Its shielded transactions are able to hide the sender’s data, the recipient’s data, and the value of the transaction on the blockchain.
How does Zcash work?
All the units of cryptocurrency on Zcash protocol are equally interchangeable. This is arrived at by ensuring each unit is unlinked from its history. Therefore, Zcash unlinks shielded coins from their history and this way, it brings fungibility into the cryptocurrency. The technology gives users and business the freedom to send sensitive information with confidence, knowing that it will be accepted regardless of where it hails from. It can be used, for example, to shield embarrassing yet completely legal purchases. In addition to that, high net worth individuals can hold enormous amounts of coins while avoiding the public eye. With Zcash it is okay to assume that your privacy is the team’s business.
Furthermore, the project is among the first coins in the industry to employ zero-knowledge proofs while applying top-notch cryptography to blockchain technology. These proofs ensure that entirely encrypted transactions are confirmed as being valid. Using this new technology, Zcash protocol supports the development of new classes of blockchain applications. According to a blog post by Mobi mix:
“Zero-knowledge proof constructions, however, allows for two users to enter into a transaction with each other without giving out their addresses. Even though the transaction is recorded on the blockchain, the addresses are not the users’ actual addresses, thus preventing others from tracing the transaction.”
Significantly, Zcash not only assures its community of confidentially when it comes to their transactions, the blockchain has been designed to give users all the advantages cryptos offer over fiat and at the same time, protect their information and related data from the public. The same protection is also offered to enterprises on the network.
New Release: Zcash 2.0.0
The team recently, on August 16 announced the release of Zcash 2.0.0, “the first sapling-compatible version of the Zcash node software!” The release is compatible with the mainnet and all the miners and users have been requested and encouraged to carry out the upgrade. The announcement states that:
“The first block of Sapling will be block 419200, which is expected to be mined on the 28th of October 2018, the second anniversary of Zcash’s official launch.”
The upgrade contains experimental sapling support for RPC functionality; however, the full functionality should be expected in the 2.0.1 release. Additional information and the changes included in Zcash 2.0.0 can be found here.
Zcash is currently trading at $140 at the time of writing. It is up 6.93% in the last 24 hours with a trading volume of $77 million. The digital asset is ranked 20th with a market capitalization of $648 million.