Zcash (ZEC) is a privacy-focused cryptocurrency that was launched in 2016. It was created as a fork of the Bitcoin protocol and uses advanced cryptography to provide enhanced privacy and security features.
The Zcash network operates on a proof-of-work consensus algorithm and uses a technology called “zk-SNARKs” (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) to provide enhanced privacy for its users. zk-SNARKs allow for transactions to be verified on the blockchain without revealing any information about the sender, receiver, or transaction amount.
Zcash also has the ability to provide “selective transparency” for transactions, allowing users to disclose transaction details to authorized parties. This feature can be useful for businesses or organizations that need to maintain compliance with regulations while still protecting sensitive transaction information.
In addition to its privacy features, Zcash also has a fixed supply of 21 million coins, which is similar to Bitcoin. Zcash transactions also have low fees and fast confirmation times, making it a viable option for day-to-day transactions.
Overall, Zcash is designed to provide users with a high degree of privacy and security for their transactions, while still maintaining transparency and compliance with regulations when necessary. Its advanced cryptography and privacy features make it an attractive option for users who value privacy and security in their cryptocurrency transactions.