Review on Zcash by Peace Ofem
ZCASH-THE CRYPTOCURRENCY THAT PROTECTS YOUR PRIVACY
As cryptocurrencies receive wider recognition, one's privacy becomes heavily compromised which happens because of the way cryptocurrencies (most) are structured and designed in the first place. built on Bitcoin's framework, it is in many aspects similar to Bitcoin like sharing a total fixed supply of 21 million units but aims at providing intensified privacy for its users compared to others and maintains its own currency token and blockchain.
As a decentralized peer-to-peer cryptocurrency, it offers complete and total privacy through the use of some ingenious cryptography which permits private exchanges (and by and large private information) in an open blockchain permitting buyers, organizations and new applications to supervise who gets the chance to see the points of interest of their exchanges, even while utilizing a worldwide, authorization less blockchain.
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By using the zero-knowledge proofs (zk-SNARKS), Zcash gives protection to its users to efficiently carry out transactions without revealing information that could compromise a users privacy by affording the private transactors the option of 'selective disclosure' and is presently fixed on improving its privacy features, developing a more accessible user experience, and building bridges and the ability to operate with other blockchains such as Ethereum(ETH).
A cryptocurrency founded by Zooko Wilcox-O'Hearn in 2016, it is among the cryptocurrencies that have proven their value in the market and has reached a good position in the charts and accepted as trades can be done with low interest per transaction with others.
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Zcash can be used as a method of payment anywhere digital money (currency) is accepted as operations are efficient and fast. It is a good choice for private transactions although privacy itself is a thing of choice.
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Pros
- Facilitates anonymization for its users by ensuring personal and transaction data remain completely confidential
- It is completely interchangeable
- It's ASIC-Resistant
- well secured and stable
Cons
- Crowded privacy coin market as it is facing tough competition from other popular cryptocurrencies like Dash, Monero and Verge among others in the privacy coin niche
