The price Zcash today is 110.45 USD, and the trading volume in 24 hours - 326,556,081 USD. The crypto asset has grown by -14.67% over the day. Currently, the coin’s market capitalization is 1,499,302,042 USD, and has 13,574,038 coins in circulation with the max supply of 13,574,038 coins ZEC.
What is Zcash (ZEC)?
Zcash (ZEC) is one of the most well - known privacy coins, focused on providing advanced privacy and anonymity features to users who consider them necessary for transactions to be made.
The Zcash coin (ZEC) works as the main unit of the decentralized cryptocurrency of the same name. Zcash started with the same code as Bitcoin, although otherwise they have nothing more in common. Its creators sought greater privacy and anonymity through advanced cryptographic technologies.
Although Zcash transactions remain recorded on the blockchain, this currency allows the user to activate a privacy protection feature to hide information about senders, recipients, and transaction amounts.
Who is the creator of Zcash (ZEC)?
The project was launched in 2016 by a team of engineers and scientists from institutions such as the Massachusetts Institute of Technology, Johns Hopkins University and Tel Aviv University. The team included Zuko Wilcox-O'Hearn, Eli Ben-Sasson, Matthew Green, Christina Garman, Alessandro Chiesa and others.
Once launched, the Zcash project managed to gain a foothold in the crypto market in the face of its competitors such as Monero, which also functions as a privacy-focused coin.
What makes Zcash (ZEC) unique?
To fulfill its promises of privacy and security, Zcash has implemented a secure transaction system. With their help, you can protect the confidentiality of all transactions and personal data that are published in the public block chain. This is possible by encrypting transactions using the zk-SNARKs cryptographic protocol. Zero knowledge (zk) is an advanced cryptographic term that, at its most basic level, means proving that you know something, without revealing exactly what you know.
In the case of Zcash, this zero-knowledge protocol allows you to confirm a transaction without disclosing information about the sender, recipient, or transaction amounts. At the same time, Zcash will allow its users to choose which transaction data can be shared, if necessary, when checking their compliance or during an audit.
In addition to the privacy features, the team focused on ensuring coin interchangeability, making each coin retain its value compared to others, and resist any type of forgery. To do this, the coins are not linked to the history of their use, making it difficult to track their origin.
How many Zcash (ZEC) coins are in circulation?
Currently, there are 10,843,550 coins in circulation, and the maximum coin supply is limited to 21 million units, like Bitcoin. All coins are expected to be mined by 2032.
Another unusual attribute of Zcash was how the coin was set up for distribution. During the first four years of the blockchain, 80% of the block reward was programmed for miners, and 20% for Electric Coin Company, Zcash Foundation, as well as some of their key employees and stakeholders.
This subsidy was expected to expire in 2020, around the time when the protocol will experience its first halving, when the number of new ZEC that the protocol can produce will decrease.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.