What is ZCASH (ZEC)?

Check Today's Crypto Market:

Bittime  - In the ever-evolving world of cryptocurrency , privacy and security are becoming two increasingly important aspects for users.

One project that is trying to overcome this challenge is Zcash (ZEC). With a focus on privacy and security, Zcash has attracted the attention of many in the cryptocurrency community.

Let's talk more about Zcash (ZEC) and how this project offers a unique solution for users.

What is Zcash (ZEC)?

Zcash (ZEC) is a cryptocurrency based on blockchain technology, similar to Bitcoin.

However, Zcash offers a unique feature that sets it apart from other cryptocurrencies: enhanced transaction privacy.

Created in 2016 by Zooko Wilcox-O'Hearn, Zcash combines advanced cryptographic concepts to provide truly private and anonymous transactions.

At the heart of Zcash's technology is the Zerocash protocol, which allows users to carry out transactions without disclosing details such as the amount transferred or the identity of the sender and recipient.

This is achieved through the use of zero-knowledge proofs, which enable transaction verification without requiring the disclosure of confidential information.

Additionally, Zcash also has two types of transactions: “open” transactions similar to Bitcoin transactions , and “secret” transactions that use the Zerocash protocol to provide higher privacy.

Users have the option to use any of these transaction types according to their needs and preferences.

Also read:

Zcash (ZEC) main Products & Features

Zcash (ZEC) offers a number of key products and features that differentiate it from other cryptocurrencies. Here are some of Zcash's key products and features.

1. Transaction Privacy

A key feature of Zcash is its ability to provide completely private and anonymous transactions. This is achieved through the use of the Zerocash protocol which allows users to hide transaction details such as the amount transferred and the sender and recipient addresses.

2. Open Transaction

Apart from confidential transactions, Zcash also supports open transactions similar to Bitcoin. This allows users to choose the level of privacy that suits their needs and preferences.

3. Zcash Wallet

Zcash provides official wallets and third-party wallets that allow users to store, send, and receive Zcash easily. This wallet can be accessed via multiple platforms, including desktop, mobile, and web.

4. Network and Protocol

Zcash uses the same blockchain technology as Bitcoin to process and support transactions. However, the Zerocash protocol used by Zcash adds an additional layer of privacy that differentiates it from Bitcoin and other cryptocurrencies.

5. Development Ecosystem

Zcash has an active development ecosystem, which includes various projects and applications built on the Zcash platform. This includes privacy-related projects, financial applications, and other services that help expand the functionality and use of Zcash.

6. Updates and Development

The Zcash development team continues to make updates and developments to improve the platform's features and functionality. This includes protocol updates, bug fixes, and ongoing security improvements.

7. Community Participation

Zcash has an active and diverse community of developers, users, and other contributors who contribute to the development and growth of the Zcash ecosystem.

Also Read: What is Zero Knowledge Proofs (ZKP)?

What is Zcash (ZEC) Token?

ZEC token is a crypto token that is the main digital asset on the Zcash network. ZEC is an abbreviation of Zcash, which is the name of the cryptocurrency used on the platform. ZEC token functions as:

• Completing Transactions: ZEC is required to pay transaction fees on the Zcash network.
• Staking : Users can stake ZEC to earn rewards and help secure the network.
• Governance: ZEC holders can participate in voting on governance proposals regarding the Zcash platform.

One of the main features of ZEC is the ability to provide privacy in transactions.

Compared to Bitcoin, for example, which has transactions that are open and traceable on a public blockchain, ZEC allows users to choose between “open” transactions similar to Bitcoin, or “secret” transactions that use Zerocash technology to hide transaction details such as the amount transferred and sender and recipient addresses.

Thus, ZEC is not only a means of payment, but also offers a higher level of privacy and security than some other cryptocurrencies. This makes it an attractive option for those who prioritize privacy in their crypto transaction activities.

Tokenomic Token Zcash (ZEC)

Zcash tokenomics (ZEC) refers to the economic structure or token model associated with the Zcash cryptocurrency. Even though Zcash is not a token that runs on another platform like Ethereum, it still has tokenomics that regulate the economy within its own network. Following is the explanation.

Total Supply: 21,000,000 ZEC

Distribution:

• 80% - Miners
• 20% - Founders Fund

Zcash (ZEC) Fundamental Analysis

The strengths of Zcash (ZEC) are strong privacy technology, an experienced team, and an active community. 

On the downside, Zcash (ZEC) tends to have strict regulations on cryptocurrencies and competition from other privacy cryptocurrencies.

Comparison of Zcash (ZEC) & Competitors

You can see the comparison of Zcash (ZEC) with Monero and Dash in the following table.

Zcash (ZEC) Founder & Team

Zcash was founded by a team consisting of experts in the fields of cryptography, security, and blockchain. The Zcash team is led by Zooko Wilcox-O'Hearn, a computer scientist and privacy activist.

Expert Opinion About Zcash (ZEC)

Expert opinions on Zcash (ZEC) are mixed. Some experts believe that Zcash is the best privacy cryptocurrency, while others question its scalability and resistance to regulation.

Conclusion

Zcash (ZEC) is a cryptocurrency focused on privacy and security. Zcash offers advanced features such as anonymous and encrypted transactions.

Zcash has great potential to become a popular cryptocurrency, but investors should be wary of strict regulations and competition from other privacy cryptocurrencies.

How to Buy ZEC on Bittime

You can buy and sell ZEC coins in an easy and safe way via Bittime. 

Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. Zcash (ZEC) is available on Bittime with ZEC/IDR pairing .

To be able to buy ZEC/IDR coins on Bittime, make sure you have registered and completed identity verification. 

Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet.

For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make Zcash (ZEC) purchases in the application. 

Monitor price chart movements of ETHEREUM (ETH), Bitcoin (BTC), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

For a complete guide on how to buy ZEC, click  here .

Apart from buying ZEC tokens, you can also buy various crypto assets such as BTC, ETH, SOL, ADA, AVAX, DOGE, and many others. Don't forget, keep monitoring ORDI, BTC, ETH, SOL price chart movements today to find out crypto market trends  on Bittime. 

Crypto asset buying and selling transactions on Bittime are easy, safe and instant. Bittime is officially registered and supervised by Bappebti and Kominfo. 

Also Read:

What is xPet.Tech (XPET)? How it Works and Tokenomic Description

What is AnaloS? How it Works and Tokenomic Description

How Do TokenSets (Set Protocol) Work?

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.