Review on Zcash by onur bln

Name: Zcash
Item: Zcash
Rating: 3

October 19, 2020

ZCASH

zcash is a cryptocurrency that has different features compared to bitcoin. Using decentralized blockchain technology, zcash can also ensure that transfer volumes and trading parties are anonymous.

All of the cryptocurrencies introduced to this day without exception were either bitcoin or a subtype of ethereum. zcash is not like that. What makes zcash different, which uses blockchain technology as an infrastructure like other crypto currencies, is its new protocol structure.

This protocol, called zk-snark, enables zcash users to do all their transactions anonymously. This can be thought of as the case where bitcoin and ethereum have the same feature at first, but it is different.

zcash offers complete payment privacy even while maintaining a centralized network using a public block. Unlike bitcoin, zcash transactions can be protected to hide the sending recipient and the value of all transactions in the blockchain. Only those with the correct view key can view its content. users have full control and can choose to give their opinion to others instantly at their own discretion. zcash transactions do not vary depending on the cooperation of other parties.

In bitcoin and ethereum based systems, all transactions were clearly visible while users remained anonymous. In the zcash system, the transactions themselves remain anonymous. In other words, the transfer between two people is completely confidential if these people do not want this transaction to be displayed.

If you know the address of a person in bitcoin, it is possible to track all transactions of that person. In other words, you can see where and how much money has been transferred from an address. but zcash has technology that prevents this and hides information. Thanks to a secure network technology called zk-snark, transactions and addresses on the network can be stored. A total of 21 million units will be produced, such as zcash (zec) bitcoin, supported by names such as pantera capital, roger ver and barry seibert. zcash blocks are also thought of as 2.5 minute blocks instead of 10 minute blocks.

zcash caused a lot of controversy because of the cryptocurrency distribution method. The fact that it was founded as a company rather than an open source community was not welcomed. The most important difference with other cryptocurrencies such as bitcoin and ethereum is that it is a closed box. The second major difference is how they plan to reward investors and workers with a tax on mining rewards, called the "founders' rewards."

zooko wilcox is the person who invented zcash and was also the CEO of the zerocoin electric coin company. zec was launched on October 29, 2016. With about 10 engineers and mainly scientists from John Hopkins University, how successful zcash will be is a matter of curiosity.
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