Zcash (ZEC) Cryptocurrency Review-What Are ZEC Advantages?

What differentiates Zcash from other cryptocurrencies?

Zcash (ZEC) is known as a digital currency that is based on a decentralized blockchain. Due to its use of cryptography in order to be able to provide higher anonymity, it differentiates itself from other widely used cryptocurrencies such as Bitcoin or Ripple

Zcash is the first cryptocurrency that doesn’t utilize permissions and it’s also open-source. In essence, ZCash can be called a Bitcoin version, albeit improved on important elements. 

All information on ZCash is encrypted using zero-knowledge cryptography, concealing your payment history, in contrast to other cryptocurrencies where if someone knows your address then your entire payment history is public. Because of this tight security, users aren’t able to see the sender, recipient, and value of the blockchain exchange.

People regard most of the value and the potential profit that can be made using this cryptocurrency merit of this promise of a better privacy policy.

Zcash all-time price movements. Source: Coinmarketcap

ZCash has its roots in Zerocoin, which first came into fruition in the 1980s. Matthew Green, who is currently a professor at John Hopkins University, developed the platform. At the time of its development, he was part of the institution as a graduate student. 

What Are Zcash’s Main Advantages?

When referring to its advantages, among many others, 4 of them stand out that make this cryptocurrency very innovative and a strong competitor worth investing in:

  1. Privacy
  2. Fewer Reports
  3. Easy Mining
  4. zk-SNARKS Technology

Let’s break down these advantages one by one below:

  1. Privacy

We are sure to say that this is probably the biggest factor that makes Zcash different from other cryptocurrencies. With ZCash your anonymity is truly protected and this has really worked into making another system that is separate, just for the simple task of being able to provide its users with increased privacy. 

The system, in addition to effectively being able to prevent criminal activities that can happen between payments and transactions, also shows to be very promising when talking about preventing any attack of malicious nature on addresses that possess a good amount of currency. 

This undoubtedly makes Zcash a better option when it comes to privacy as it provides users with animosity, contrary to the way other major cryptos make data public on public ledgers, such as Bitcoin.

  1. Fewer Reports

To this day, there has never been a case where a bug report is made against the protocols of ZCash. Also, the platform still has no error problem when regarding its network. In addition, Zcash has never been breached so we are safe to say the security improvements have totally worked in this case.

  1. Easy Mining

ZEC can be mined without any expense by anyone who owns open GPU hardware. This hardware is used due to the fact that they are much more affordable and don’t take much energy in comparison to other POW mining rigs.

  1. zk-SNARKS Technology

This new technology is zero-knowledge and its applications include much more than just payments and transactions. Relations between different digital processes are verified by this type of security layer without revealing much information.

Should I Buy or Trade ZCash?

There are many reasons why ZCash has become widely accepted. ZCash has a lot to offer to potential investors and cryptocurrency explorers. As an added benefit, as the roadmap is followed and after future updates, we can expect to see the advantages only increasing more. Buying and HODLing Zcash could be a good idea as its price is expected to increase in the future according to crypto analysts.

Takeaways

  • ZCash (ZEC) is known as a digital currency that is based on a decentralized blockchain.
  • Due to its use of cryptography in order to be able to provide higher anonymity, it differentiates itself from other widely used cryptocurrencies such as Bitcoin or Ripple.
  • ZCash is the first cryptocurrency that doesn’t utilize permissions and it’s also open-source.
  • All information on ZCash is encrypted using zero-knowledge cryptography,  concealing your payment history
  • People regard most of the value and the potential profit that can be made using this cryptocurrency merit of this promise of a better privacy policy.
  • ZCash has its roots in Zerocoin, which first came into fruition in the 1980s. 
  • Matthew Green, who is currently a professor at John Hopkins University, developed the platform.
  • With ZCash your anonymity is truly protected and this has really worked into making another system that is separate, just for the simple task of being able to provide its users with increased privacy.
  • Zcash is a better option when it comes to privacy as it provides users with animosity.
  • To this day, there has never been a case where a bug report is made against the protocols of ZCash.

 

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