Zcash is an implementation of the "Zerocash" protocol. Based on the Bitcoin code, Zcash aims to offer a much higher standard of privacy through a sophisticated zero-knowledge proof scheme that preserves the confidentiality of transaction metadata.
Pros
Zero knowledge tests allow you to verify transactions without revealing the sender, recipient, or transaction amount. The selective disclosure features included in Zcash allow a user to share certain details of the transaction, in order to comply with current regulations or for audits.
Zcash allows transparent transactions, compatible with wallets and exchanges that do not support private transactions.
Zcash supports fast transactions with a low fee of .0001 Zcash. Zcash supports a large number of wallets and top exchanges.
Zcash is based on sound science and is meticulously audited by third parties. It is an open source protocol, created by a specialized security engineering team, and originally based on Bitcoin Core's battle-proven code base.
Cons
The blockchain and network keep track of how many coins are protected, and they don't care who withdraws a portion later. The coins go to a large group and when you take out a small piece, there is no way to correlate it with what initially entered the group.