October 28, 2016, HitBTC cryptocurrency exchange announces that Zcash has been added to the list of tradeable currencies, opening a new ZEC/BTC market. The initiative is the next logical step of global HitBTC strategy aimed at supporting new promising currencies, which lets HitBTC stay at the forefront of financial intermediaries, provide liquidity and trading tools for cutting-edge blockchain technologies and assets.
Zcash is a freshly rolled out cryptocurrency, launched on October 28, 2016. It represents a decentralized, open-source digital asset that offers privacy and selective transparency of transactions. Similar to most of digital currencies, Zcash runs a public blockchain available to every participant, but unlike the first generation cryptocurrencies, it conceals transaction amounts, and allows both senders and recipients remain private.
Being developed and supported by a strong team of scientists and engineers, Zcash uses advanced cryptographic techniques, namely zero-knowledge proofs, to guarantee the validity of transactions without revealing additional information about them.
Paul Clarkson, product manager at HitBTC says:
“We are continuously providing our users with new digital currencies and markets, choosing the new coins thoroughly. There’s always a particular reason for listing a specific cryptocurrency. In the case of Zcash, the crucial advantage is an outstanding professional dev team and a hefty board of known advisors and investors. Another point is a brand-new cryptographic scheme that significantly differs from existing privacy-centric solutions. Bringing liquidity for innovative technologies is our job, and Zcash certainly deserves attention.”
Indeed, despite being just released, Zcash has a long track record, and a plenty of stakeholders, including names such as Roger Ver and Barry Seibert as well as Pantera Capital. Although operating as an open source project, Zcash is set up as company, run by Zooko Wilcox, a 41-year-old cryptographer. The Company running Zcash gets 10% of the eventual monetary base.
The Zcash total coin supply is going to be 21 million like Bitcoin, and the asset follows the same issuance rate. However, instead of having 10 minute blocks, ZCash will have a 2.5 minute block average, and the number of ZEC created per Zcash block will be a quarter the number of BTC created per Bitcoin block.
Paul Clarkson continues:
“An ‘open source company’ seems to be a new phenomenon, which is easy to imagine in the world of crypto, though. The open team and famous supporters should have a great positive impact on the Zcash adoption. I believe Zcash can surpass the market capitalization of $1 billion in couple of years from now.”
HitBTC is one of the leading cryptocurrency exchanges, providing trading services for individual traders since 2013. The HitBTC trading platform is known for its advanced matching engine, multi-currency support and friendly customer service. Besides trading between cryptocurrencies, HitBTC provides proper markets for exchanging cryptocurrencies for fiat currencies, namely USD and EUR.
The innovative and technological nature of HitBTC is expressed in a stable dependable API, which satisfies the needs of algorithmic traders. Moreover, HitBTC provides support for FIX protocol through FIX trading and FIX Market data end-points.