PRIVACY COIN(ZCASH)
In recent years, anonymous coins, as an indispensable module in the currency circle, have continuously attracted everyone’s attention. They have their own merits while showing great brilliance
Monero, Dash, and Zcoin are among the top 50 cryptocurrencies in the world by market capitalization.
The project is extremely strong and has a good user group, especially Monero, which ranks 15th. , And the privacy coin itself has a lot of potential for development.
However, because privacy currencies have greater encryption anonymity rights, compared with other cryptocurrencies, privacy currencies such as Monero and Dash are less risky and are more exposed to underground criminals (such as gangs dealing in firearms and drugs).
Favor and affection, and now it is the best way to grow into a gang to hide black money
Zcash is a decentralized , open source is encrypted Internet currency . Compared with Bitcoin, it pays more attention to privacy and the controllability of transaction transparency Specifically, the public blockchain encrypts the sender, receiver, and transaction volume in the transaction record; the user can choose whether to provide the viewing key to others at the discretion of the user , and only those who have the key can see the content of the transaction.
Zcash was created by a public team and company (Zcash Electronic Money Company), as well as many famous employees, consultants and investors. As an additional incentive beyond the company’s equity, some team members will also receive a part of future ZEC block rewards in the future mining process.
20% of the block rewards generated in the first 4 years (blocks 0～840000) belong to zcash company (10% of the total), and 80% belong to the miners. All block rewards after 4 years belong to the miners.
Although there are many structural similarities with Satoshi Nakamoto’s Bitcoin design, Zcash uses advanced new encryption technology to provide optional and improved privacy and transparency, and uses its own unique blockchain .
Zcash's token supply model is very similar to Bitcoin-it also has a fixed and known issuance model, and the output will be halved approximately every 4 years. Moreover, Zcash (ZEC), like Bitcoin (BTC), has a maximum supply of 21 million.
ZEC wallet funds are divided into two types: transparent funds and private funds. Transparent funds have similarities with Bitcoin funds and private funds support privacy. Transactions involving private funds are confidential and unchecked. Transactions between transparent funds and transparent funds are publicly available.
Zcash uses a public blockchain for the display of transactions, but it automatically hides the amount of the transaction. Holders of ZEC (tokens in the Zcash system) can observe the associated by viewing the key information.
As early as September, when Zcash was not born, some exchanges launched the Zcash futures contract. Its tokens rose from the lowest point of 0.027 BTC to 1.877 BTC at press time, an increase of nearly 7620%, proving the investment The enthusiasm for Zcash is very high.
Behind the hype is the enthusiasm of the overall concept of the current blockchain and the optimism about the technical potential of Zcash. Anonymity is essential for fund transactions.
Zcash solves this problem and is naturally highly respected.
Although Zcash seems to be very hot at the moment, some market observers said that the currency may face obstacles, and the use of zero-knowledge proof digital currencies may face many challenges. For example, the proof information of this kind of digital currency is very large, and they need to spend a lot of CPU to sign transactions, which causes the scalability of their blockchain to face huge challenges.
Secondly, anonymous currency will bring about regulatory problems. If criminals use this method for gambling, drug trafficking, money laundering and other illegal activities, it will not be traceable and will cause a series of social problems.
HOW TO OPEN A ZCASH PRIVACY COIN WALLET
1)Get the app "Zecwallet Lite" on play store
2)After Installing the app then this will pop up,click on "create wallet
3)After clicking on that ,there will be some code that will appear to you for you to save very well incase to restore your wallet .After then this will show up
ADVANTAGES AND DISADVANTAGES OF ZCASH
Advantages;
1)Compared with Bitcoin, ZEC can achieve absolute anonymity.
2)Zero-knowledge proof mechanism:If ZEC does not disclose the content of the information itself, it can prove that the secret is known.
- ZCASH has the potential to enhance privacy,This is because of the encryption software which can prove that the transaction is accurate without providing data publicly.
4)The transaction fees are cheaper and faster compares to banks:The average cost of this network ranges from $ 0.001 to $ 0.002. In addition, these transactions require less time than other crypto assets.
5)Transparency: Yes, Zcash and Bitcoin has the same transparent transfer process. This is optional-users can use "transparent" addresses that start with the letter "t".
Zcash's token supply model is very similar to Bitcoin-it also has a fixed and known issuance model, and the output will be halved every 4 years. Moreover, Zcash (ZEC), like Bitcoin (BTC), has a maximum supply of 21 million.
Disadvantages;
- Anonymous currency will bring about regulatory problems. If criminals use this method for gambling, drug trafficking, money laundering and other illegal activities, it will not be traceable and will cause a series of social problems.
- Zcash seems to be very hot at the moment, some market observers said that the currency may face obstacles, and the use of zero-knowledge proof digital currencies may face many challenges. For example, the proof information of this kind of digital currency is very large, and they need to spend a lot of CPU to sign transactions, which causes the scalability of their blockchain to face huge challenges.
3.Zccoin (ZEC) is managed by a centralized company with too much power and has been questioned as being decentralized.
4)3. The anonymity of ZEC is too strong, and it has repeatedly encountered anti-money laundering risk warnings from relevant US authorization
WHY CHOOSE ZCASH
Although since we've seen some of the benefits that ZCASH has made it will make us know the reason why it is called a privacy coin and Also it accessibility which is much more easier than some of these privacy and also the prices for transaction is very low compare to how the local bank deduct some fee and affiliate it with some unnecessary reason which make one choose it over some of it kind
Also it has a good privacy plan because it support the strength of zero proof transaction,Zcash's emission limit is equal to Bitcoin: 21 million units.
However, this cryptocurrency adopts a "slow heat" strategy: the initial reward for adding new blocks is only 12,5 ZEC. In other words, it limits the supply of coins, which in turn causes their prices to rise sharply. Buying this cryptocurrency for gambling will become a small investment-provided that you don't lose them at the gambling table.
CONCLUSION
It should be understood that cryptocurrency inherently has the characteristics of decentralization, non-traceability, and anonymity. Criminals use these private currencies (the most extensive money laundering), and can easily and freely trade and sell, but it is difficult for the police (or any other Armed Force ), the difficulty of tracking and capturing is undoubtedly worse and more difficult.
As early as September, when Zcash was not born, some exchanges launched the Zcash futures contract, and its tokens rose from the lowest point of 127 yuan (0.027 BTC) to 9680.95 yuan (1.877 BTC) at press time (data taken from Biter). The increase of nearly 7620% proves that investors are very enthusiastic about Zcash.
Behind the hype is the enthusiasm of the overall concept of the current blockchain and the optimism about the technical potential of Zcash. Anonymity is essential for fund transactions. Zcash solves this problem and is naturally highly respected.
Hi @mary241, Thank you for taking my class in the 8th week.
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