Review on Zcash by Bodo Julcsa

Name: Zcash
Item: Zcash
Rating: 5

August 31, 2018

With the advent of social media companies harvesting personal user data for…

With the advent of social media companies harvesting personal user data for profit and other companies exploiting information which is assumed to be private, more and more people are seeking out solutions to protect and enhance their anonymity. Zcash and its zero-knowledge proofs is one step towards protecting consumers and commerce activity from unwanted eyes in an increasingly centralized and data-driven world. Whether Zcash can go the distance against other privacy coin competitors remains to be seen.
﻿

Pros

Privacy: One of Zcash’s key features is the flexible option to shield transactions and hide the identity of the sender and receiver on the blockchain. The practical applications of this include not only protecting users’ anonymity, but also blocking malicious actors from targeting an address with a high volume of currency. For enterprises, this can be advantageous to protect confidential information with regard to business transactions as well as employee payrolls. This is in contrast to transparent cryptocurrencies like Bitcoin that have all information visible on their public ledger.

Cons

Limited Privacy Storage Options: From our list of wallet options for storing Zcash (see below), it can be seen that there are limited wallet options for storing and sending Zcash from private addresses. This is a key feature of Zcash and there are currently no mobile wallet options that support it. However, this might not be a big deal for Zcash users who don’t require privacy.