Cryptocurrency for making payments.
Zcash (ZEC) is a digital asset that can be used to make purchases. Zcash cryptocurrency aims to provide anonymity and security for users. The cryptocurrency is based on zk-SNARK technology, it provides proof of ownership and helps verify transactions within the network without revealing user data. The cryptocurrency was founded in 2016.
Unlike Bitcoin and Ethereum, Zcash users have full privacy. Transactions of the network are also built in the public blockchain, but the addresses of users, the amount sent are not revealed. But when requested by the developers from the services or for auditing, this data can be disclosed. Confidentiality is the main focus of the developers. ZEC transactions can be transparent or shielded.
Transparent transactions work similarly to transactions within the Bitcoin network, some of whose code was used to create Zcash. This is a text from platform CryptoDeFix. Transparent transactions are also sent between publicly accessible addresses and recorded on the blockchain, with all information available to all users of the network. ZEC’s shielded transactions use zero-knowledge succinct non-interactive arguments of knowledge (zk-SNARK) technology to ensure maximum confidentiality and anonymity of transactions. These transactions are entered into the Ledger, but the sender and recipient addresses and the amount sent are not visible to the public.
- Use as a means of payment
- Anonymity of transactions
- Confidentiality of ZEC transactions
- Two ways of sending transactions: transparent and shielded
- Low fees
- Using zk-SNARK technology
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