Introduction:
Cryptocurrencies have now become an integral part of the digital world, and numerous people have invested in them. Among all these cryptocurrencies, there is a particular one known as Zcash, which has gained a lot of attention in recent times. This Zcash cryptocurrency guide will take you through everything you’ll need to know about this digital currency.
What is Zcash?
Zcash is a privacy-oriented cryptocurrency created by a team headed by Zooko Wilcox. It was launched in October 2016 and is the first open and permissionless cryptocurrency that can protect the privacy of its users through the provision of completely shielded transactions.
How Does Zcash Work?
Zcash operates on the same basic principle of Bitcoin blockchain with the only difference being that it adds advanced cryptographic features to ensure the privacy of its users. Zcash uses a zk-SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) proof, an advanced technology that ensures all transactional data is kept secure and yet readily available to the authorized parties only.
The Difference Between Zcash and Bitcoin
Bitcoin and Zcash work on the same basic principle, but Zcash uses advanced cryptographic technology to secure its transactions. The major difference between these two currencies is that Zcash’s transactions are entirely private. When you transact with Zcash, your identity is never made public, and you can avail yourself the benefit of complete anonymity.
Zcash Mining Process
Zcash uses the Equihash algorithm for mining, which requires GPU capabilities instead of the traditional ASIC mining technology used by Bitcoin. This ensures that the mining process is more affordable and accessible to miners worldwide.
Where to Buy and Store Zcash
Zcash is available for purchase on various cryptocurrency exchanges such as Binance, Kraken, and Poloniex. The cryptocurrency can be stored in mobile wallets such as Atomic Wallet, Jaxx Liberty, and Exodus Wallet. Hardware wallets like Ledger Nano S and Trezor can also be used to store your Zcash securely.
Conclusion
Zcash is an innovative and highly secure cryptocurrency that allows users to conduct private transactions. Using advanced cryptographic technology ensures that Zcash is a reliable option for individuals seeking secure transactions. As illustrated in this guide, Zcash has a unique mining process, and it’s available for purchase on various cryptocurrency exchanges. With its unique features and capabilities, Zcash has a promising future in the world of cryptocurrencies.
