Zcash (ZEC) is a blockchain and native crypto asset that offers the option of private transactions. In the original development process, Zcash started with Bitcoin’s code and altered it to produce unique features. Zcash and Bitcoin (BTC) are two separate blockchains and assets. A protocol called Zerocash was also used as a starting point in creating Zcash.
What is Zcash (ZEC) and how does it work?
Zcash came into existence in 2016 and was created using Bitcoin’s code. What is the purpose of Zcash? Zcash is a cryptocurrency that allows users to choose between public or private ZEC transactions. A Zcash holder can opt for privacy by using a shielded address (the address itself is denoted by the letter Z at the start of it) and sending ZEC to another shielded address. This hides both addresses involved in the transaction and the sum of ZEC sent.
Alternatively, Zcash also allows for the use of transparent addresses (denoted by the letter T at the start). Sending ZEC from one transparent address to another publicly shows both addresses and the amount of ZEC transacted. Shielded addresses can send ZEC to transparent addresses and vice versa, although these transactions reveal the amount of ZEC transacted.
Zcash utilizes Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK) technology, which essentially allows for information to be confirmed without exposing the information. The Zcash blockchain uses a proof-of-work (PoW) algorithm called Equihash. Who is behind Zcash? The Zcash Foundation and the Electric Coin Company are the primary entities overseeing the Zcash project.
Zcash (ZEC) price
ZEC can be valued in U.S. dollars (USD). For the Zcash price today in USD, see the top of the page. Wondering about the ZEC total supply and the ZEC circulation supply? ZEC has a maximum supply of 21 million coins, like BTC. Zcash’s block reward (which adds coins to its circulating supply) is also halved about every four years. Unlike Bitcoin and its roughly 10-minute 1 megabyte blocks, the Zcash blockchain puts out a block every 75 seconds on average, with blocks capped at 2 MB each. The top of the page shows the Zcash marketcap and ZEC price live data. The chart above also shows Zcash price history.
