Review on Zcash by Sergio Daniel Delgado
More privacy is always better
Zcash was born in 2016 as an alternative to the, until now, header cryptocurrency when it came to privacy issues. I am referring to Monero, a currency created just to complement one of the most important aspects of Bitcoin and other cryptocurrencies.
And it is that, although the Blockchain of cryptocurrencies are public and auditable. An attempt is made to provide the greatest possible security to the identity of the users involved in transactions inside the blockchain. So the name of the user who owns the address that sent or received money is hidden.
However, this method of identity protection is not foolproof. On the contrary, the police and the state security organs they can, with some work, trace the origin of funds. Precisely a situation that Zcash tries to avoid with his system.
The base code used by the developers of Zcash is that of Bitcoin. And since inception, 20% of ZEC's total supply (set at 21 million tokens) has formed part of a fund for the founders. With the aim of covering the operating expenses involved in the development and maintenance of this Blockchain.
Pros
- Zcash has two main functions as a cryptocurrency. The first of these being the classical one, that is, serving as a means of acquiring goods and services. As well as, for the transfer of funds between users who have ZEC in their digital wallet. However, the center of Zcash is its second function. We refer to being a currency that serves to protect the identity of the users who make transactions with it. Using advanced cryptographic technology to make it impossible to find out who is behind a money transfer.
- Despite the reputation it has for its use by organized crime. Zcash is supported by several of the leading digital wallets on the market. Among them of course Ledger,
Cons
- The biggest challenge for Zcash is, of course, the fight against cyber crime. Well, a cryptocurrency that allows you to hide beyond any possibility of hacking, the identity of those who transact on your Blockchain. It is fertile ground for use for illegal purposes. Thus, money laundering, payment for products and services outside the law, and other crimes of different kinds. They can be done outside the surveillance of the authorities through Zcash. Which has even led to the withdrawal of this cryptocurrency from exchanges and wallets of the importance of Coinbase. Concerned about the relationship between ZEC and cyber crime. This despite repeated efforts by Zcash's founders to make it clear that their cryptocurrency does not support crime. Rather, it aims to restore power to users about their own data. A vision that has not managed to be accepted by the entire crypto community, much less by the state security forces.
