Review on Zcash by Inioluwa Okedeji
Zcash: The Digital Currency For The Anonymous
A lot of conversations about cryptocurrencies generally revolve around bitcoin. But even though it is the most popular digital currency, bitcoin has its own flaws. This brings me to another digital currency which was created to nullify one of bitcoin's flaws, Zcash
Zcash
ZCash is a digital currency with a decentralized blockchain network that seeks after the anonymity of users and the transactions they make.
ZCash was founded by Zooko Wilcox-O’Hearn on October 2016 in response to the Internet users' need and demands for a transparent financial system, added with privacy features.
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Features of Zcash
1. Zcash is a blockchain focused on privacy and cryptocurrency that was developed in response to bitcoin’s privacy flaws.
2. As a digital currency, ZCash is similar to Bitcoin because it is built on the bitcoin workframe and, in many ways
It is currently ranked 30th on coinmarketcap
It has a circulating supply of 9,987,425 ZEC
It's maximum supply is 21,000,000 ZEC
It is mineable
It uses POW as it's underlying technology
It can be traded on binance exchange and lot more exchange platform it is seemingly identical to Bitcoin.
3. Like Bitcoin, ZCash also has its open-source code,
4. The discreetness of the Zcash blockchain allows enterprises, consumers, and new applications to control who gets to see the details of their transactions, even when using a global, permission-less blockchain.
5. It uses the same algorithm as bitcoin but has improved upon it by enabling semi-transparent processing.
Pros
- It is a crypto currency with a decentralized blockchain network
- It is focused on the privacy and the anonymity of its users and their respective transactions
- It's tokens are fungible.
- Zcash has its own open-source code
Cons
- Zcash is fungible and fungible products are susceptible to fraud and theft
