Another cryptocurrency with features similar to bitcoin but with little difference doing well in the market is Zcash. It is also a decentralized platform that allows anonymity behind transaction and the parties involved. In Bitcoin, you can see and follow the address and by that way, you can make out how much coin is moving around but in zcash everything is encrypted.
The network used by Zcash is known as zk-snark or proof of construction, this helps the network to make secure ledger without disclosing the names of the party and the transaction amount involved. The cryptographic tool used by Zcash: zero Knowledge Proof helps to make transaction among two parties without revealing their addresses. This tool makes the transaction anonymous and the amount involved is also kept secret. On the other hand in the Bitcoin network, one full node keeps the track of balance held by both the address in unspent transaction output database.
Zcash has a strong team of developers working on the background and was launched on 28th October 2016. The company is run by 41 years old cryptographer who plans to give 10% of the coin for funding and 1% to the non-profit organization. The code is an open source. Like bitcoin here also the total supply of coin is 21 million and has a block average of 2.5 minutes instead of 10 minutes as in Bitcoin.
How is it funded and distributed?
The major difference between bitcoin and Ethereum is Zcash is not an open source community but it is a company. The second difference is they provide Tax on mining reward called “Founder reward” to their investors and workers. Zcash was created using money from the investors before it got released into the market. in a way, this approach is good as it empowers the company to fund its research and development work.
Why buy Zcash?
It is not a cryptocurrency that will provide anonymity to the cyber criminals so that they can engage in illegal transactions in the dark web but this will help the patients ho has some chronic diseases and wants to but pills anonymously, for the company who wants to keep its business secret and anonymous from its competitors.
ZEC the currency of Zcash is doing fairly good in the trading platforms, as of July 2018 it was traded at $202.20 and has the market capitalization value of over $870 million. The first hard fork of Zcash was executed in 2018 and much larger hard fork is planned for the end of this year.