Everything You Need to Know About Its History and Technology
Zcash is a
digital currency that was built on the original Bitcoin codebase. Zcash
considers itself as a fair and open currency. Anyone can spend, send, or
receive Zcash, and everyone has equal access regardless of demographics.
It was founded
by cryptographers and scientists in 2016. This cryptocurrency stands out by
offering complete anonymity to investors. Transactions are shielded, and your
information is protected.
Zcash
differs from other cryptocurrencies because of its shielded transactions,
allowing individuals to maintain complete privacy. Zcash is also decentralized
across a wide network, making it more secure and accessible.
To send or
receive cryptocurrencies you need an address from or to which the transaction
is directed. And the privacy for Zcash depends on your address.
There can
still be transparent transactions with Zcash, and it all comes down to the
address in question. Some addresses start with a “t” — those are transparent
addresses and aren’t shielded. Addresses that start with a “z” are shielded.
The shielded addresses allow for transactions that help preserve privacy, while
transparent addresses operate more similarly to Bitcoin, as they expose
addresses and balances.
The
groundwork for Zcash was laid several years before the coin became available.
In 2013, several scientists from John Hopkins University designed the protocol
that would later become Zcash. Several years later in 2015, the Zcash cash
company was founded to help bring the protocol to fruition. Company founder and
security expert Zooko Wilcox-O’Hearn led the company as it put out the first
blocks of Zcash in 2016. The Zcash company subsequently rebranded as the Electric
Coin Company in 2019.
Today Zcash
is governed by Electric Coin and the Zcash Foundation, a public charity that
builds financial privacy infrastructure. Zcash also relies heavily on input
from the Zcash community.
Special Features of Zcash
The most
important feature that sets Zcash apart from other cryptocurrencies is its
privacy feature. Zcash allows for fully shielded transactions, meaning the
sender, recipient, and amount are encrypted. This feature is quite a deviation
from the transparency that is a central part of many other cryptocurrencies.
Other
cryptocurrencies claim to have shielded transactions. But according to Zcash,
those transactions can still be traced, while Zcash offers the only truly
private cryptocurrency.
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