Many cryptocurrencies have gained great attention lately and in this sense, providing a decentralized function also jeopardizes the privacy of individuals. The cause of this problem is often associated with the way cryptocurrencies are designed.
Although blockchain acts as an open book, it does not ensure the confidentiality of personal information, even if it makes all transactions traceable. In this sense, Zcash is one of the cryptocurrencies that have been released to solve this problem.
Zcash Coin
Known for its high daily volume and frequent preference, Zcash is a cryptocurrency that operates on the basis of decentralized blockchain technology. Although it is related to Bitcoin, it offers a different platform than Bitcoin. The main feature that distinguishes Zcash from other cryptocurrencies is the protocol structure. Zcash users get confidentiality in all transactions they perform thanks to the protocol named Zk - SNARK.
Although it is compared to BTC and ETH in terms of its features, its difference from these cryptocurrencies is that it can keep all transaction value hidden within the blockchain. In other words, only those who need to see the transactions can be seen. Keeping both individuals and transactions confidential, Zcash offers a different structure than Bitcoin and Etherum with this feature.
Zcash was launched 7 years after Bitcoin, and just like it has a limit of 21 million coins. However, unlike Bitcoin, it offers complete and complete privacy by using private encryption methods.
Zcash coin was launched on October 28, 2016. Before getting the name Zcash, it was known as the Zerocash protocol. Zcash CEO is Zooko Wilcox.
You have the opportunity to mine and accumulate with Zcash. At the same time, you can create e-wallets and earn money by entering the stock market.
Thanks to Zcash's Zk-SNAKS protocol, your money is always secured and not hacked by hackers. It is also possible that all transfers that you do not want to be seen remain private.
What are Zcash Features?
The main feature of Zcash is that it is an open financial instrument. In this sense, as we mentioned above, the Zk - SNARKs protocol keeps all users' transactions secret. In this way, it is known as one of the safe virtual currencies. Zk-SNARKs are completely prepared for Zcash.
Another feature of Zcash is that it has a spending key and a display key. These two keys are two important passwords developed for privacy. Account-holders keep their confidentiality with these keys. The spend key allows to track account login information, and the view key allows tracking the amount and addresses in the account.
My concern about Zcash is an "anonymity enhanced coin" such as Monero and other privacy coins. Untraceable and high privacy features can bring strict restrictions by governments in the future. Most governments want track citizens' financial activities. Possibly to restrict "anonymity enhanced coins" in the future.