Zcash is a cryptocurrency that has been gaining in popularity lately. Like Bitcoin, Zcash transfers operate on a public blockchain, however, Zcash users have the ability to use a privacy feature that conceals important information just as the sender, recipient, and amount. With Bitcoin, if you can figure out (or are told) someone’s address, you can see every transaction in and out from that person.
A lot of people don’t realize that with Bitcoin if you can figure out (or are told) someone’s address, you can see every transaction in and out from that person. This is why many people say Bitcoin isn’t really the optimal currency for privacy, or, nefarious activities. Zcash, on the other hand, keeps all the privacy information above encrypted.
Zcash 6 month price chart by WorldCoinIndex
Enough with intro and on to the real reason I chose to write a brief PERC360 article…
Edward Snowden, the former employee of the US NSA turned whistleblower, recently tweeted about Zcash. More specifically, he pointed out the privacy technology behind Zcash, see below.
Agree. Zcash’s privacy tech makes it the most interesting Bitcoin alternative. Bitcoin is great, but “if it’s not private, it’s not safe.” https://t.co/HqwQOvSCiz
— Edward Snowden (@Snowden) September 28, 2017
For some additional disclosure, however, Zcash has caused a bit of controversy around their structure. That is, the cryptocurrency is not set up as an opensource community as much of the market is arranged, rather as a Company. They also differ from much of the community in the way they reward investors.
Click here for the Zerocash whitepaper, which according to their team, is very similar to the protocol for Zcash.