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What is ZCash

What is ZCASH

Zcash is a cryptocurrency, based on the open-source code. It maintains private and selectively transparent transactions. According to Zcash technology, all the payments are published on a public blockchain, but the exact amount and contragents of the transaction remains private.

While Bitcoin public blockchain is open to any user of the network, Zcash developers have added privacy to the Bitcoin Core’s code. The whole Zcash project was developed by the scientists and privacy engineers, specialized in cryptography and decentralised networks.

Advantages of using ZCASH

Shielded transactions

In the Zcash network you can create a shielded transaction. This means, that instead of demonstrating spend-authority publicly, Zcash uses a special zero-knowledge proof construction to prove that nobody is stealing or cheating with transactions. This algorithm, developed by the Zcash team is called zk-SNARK and uses recent breakthroughs in cryptography. Using shielded transaction you can be sure, that no one knows who sent money, who received them and how big was the amount of Zcash, involved.

Unlinked coins

In order to keep privacy and security of the shielded transactions, all coins should be unlinked from their history on the blockchain. Zcash implements this feature, without compromising network security. You can exchange Zcash, or sent them to anyone, without being noticed by any other user of the blockchain.

New applications

Using zero-knowledge proofs allow developers to create a new category of the apps, based on blockchain networks. This discovery signals the start of a new era. This protocol change the definition of human privacy on the blockchain network and open the limitless possibilities for the developers.

ZCASH definitions

Cryptoasset

Every cryptocurrency in the world can be named cryptoasset. Zcash is not an excuse. It can be bought, sold and exchanged using blockchain based networks and cryptography.

Exchange

There are plenty of special platforms, allowing you to exchange cryptocurrencies. All of them are called Exchanges.

Node

Any blockchain network needs the Nodes – special computers, that have the whole copy of the blockchain. They work for this network to verify every transaction.

Market cap

Market capitalisation is the US dollar equivalent of the network value.

ZCASH investment strategy

There are lots of strategies to invest in cryptoassets. Everyone can select exactly what he or she is up to. Long-term savings can be a good strategy leading to prosperous future. Otherwise, the more risky will be to buy and sell cryptotokens in order to have short term profits.

The easiest strategy is to buy and keep your cryptoassets for a while. You can buy Zcash and watch it grow, as the community progresses. When it grows and you would like to fix the profits, you can easily switch Zcash to fiat money or other coins you like via BestRate.org.

Where to keep ZCASH

As Zcash is a one of the most popular cryptocurrency in the world, there are a lot of wallets, supporting it.

Internet wallets

To start your way in cryptocurrency investing, one can use online wallets to keep Zcash. There are plenty of them to choose from: Jaxx, Butpie, Coinomi, Freewallet and others.

Hardware wallets

To store big amount of Zcash, using the hardware wallets like Ledger or Trezor is always a good idea.

How to transfer ZCASH securely

As any crypto payment is a peer-to-peer money transferring, one should be extremely careful. In every cryptocurrency transaction you are the Bank for yourself. There are some tips, that will help you to transfer Zcash safe.

Never type a wallet address manually

Always use only copy-paste operation to enter a wallet address. Any mistake can cause an error and let your money get lost in the network.

Look up the transaction fee

Any good wallet or an exchange platform will show you the transaction fee for your money transfer. Look for it anytime you send Zcash to anyone.

Double check the address

Make sure that the address of the recipient is correct and check it several times before sending off the sum, especially if you transfer big amounts of Zcash at a time.

Test before sending

Anytime you send huge amount of Zcash check the whole procedure on a small amount. When you will be sure that your partner received the money, do the same thing with the rest of the asset.