Best Bitcoin / ZCash Exchanges ( BTC / ZEC )
Zcash is a decentralized, open source cryptocurrency that offers privacy and selective transparency of transactions. Zcash payments are published on a public blockchain, but the sender, recipient, and amount of a transaction remain private. Like Bitcoin, Zcash has a fixed total supply of 21 million units.
Who Created Zcash
Zcash was created by ZECC, which is the Zerocoin Electric Coin Company. The primary intention of this endeavor is to set a new privacy standard by making use of the revolutionary cryptography. The Zcash currency is founded on the decentralized blockchain just like the Bitcoin but supports anonymity behind the parties involved and transaction amount.
In Bitcoin, you can see and follow transaction amount as long as you know the address of the user.
That’s not the case with Zcash, as there is encryption of the transaction information.
Why is Zcash Created
Privacy ensures safety and fungibility while trading in the cryptocurrency especially in a financial system that is open and programmable. Companies require full privacy protection over the supply chain for them to conduct their businesses, especially when dealing with public blockchains. ZECC believes that privacy is paramount in supporting human values like morality, intimacy, and dignity.
The main reason behind the creation of Zcash was to promote selective transparency and privacy in the process of exchange.
How it Works
Zcash makes use of a special proof to provide security to the network that is referred to as the proof of construction or zk-snark. The technology enables the network to uphold a secure record of balances without disclosing the amounts or parties that engage in these transactions. The system makes use of the zero-knowledge proof to achieve this objective. The payments that are made in the Zcash are published on the public blockchain, but the amount, recipient, and sender in this transaction remain private.
Zcash, just like Bitcoin, has a total supply of 21m coins.
The engineers and developers at ZECC played a critical role in discovering the fundamental encryption principles and designing of the protocol. The company is not the power holder or controller of this currency as it does not control its mining or distribution. Each Zcash user contributes to the circulation process which offers protection against corruption and failure.
The team at ZECC is just one of the participants in the evolution of Zcash. Zcash is based on an open-source protocol, and ZECC does not have any special access to the protected or private transactions. ZECC can only see private transactions if it participates in them. However, you can give the company the ability to see your operation by giving them the view key.
The primary role of ZECC in the network is to update the Zcash protocol, and the community has the right to accept or ignore the updates. Additionally, Zcash does not exchange, sell, retain, or transmit the custody of Zcash for users or the general public. The community launched the Zcash foundation in March 2017 to guide the evolution of Zcash. You can join this chat community through the Zcash foundation.