1 Level
5 Review
0 Karma
Review on Zcash by Daniel Reinhardt
The ZCash blockchain has its own cryptocurrency, which is also called ZCash…
The ZCash blockchain has its own cryptocurrency, which is also called ZCash, or “ZEC”. In total, there will be a maximum of 21 million ZEC coins, which is the same amount as Bitcoin. It is predicted to reach this amount in the year 2032.
However, the ZCash blockchain can process transactions much quicker than Bitcoin and it is also more scalable. Scalability is important as it means that a blockchain can process lots of transactions at once
Pros
- As you probably know, blockchain technology is really complex. This sometimes makes it difficult to understand how everything works. But don’t worry, I’m going to explain it as simple as I possibly can. The main technology that makes ZCash such a good blockchain is its “Zero-Knowledge Proof” protocol. This is what allows transactions to be sent anonymously
Cons
- A further issue that might prevent the value of ZCash growing is its potential to scale. I mentioned earlier in this “What is ZCash?” review that the blockchain can process more transactions per second than Bitcoin. But it is still only able to achieve between 6 – 26 transactions per second. So, unless the ZCash developers are able to improve this, other blockchains might have a better chance of becoming a global payments system. There are also other anonymous coins such as Dash that can process transactions much quicker. Using the InstantSend feature, Dash transactions take just a few seconds, where ZCash takes 2.5 minutes.
