Review on Zcash by Danh Huỳnh Ngọc Công
Zcash is the sign of a new privacy era
Zcash gave me a true hope in the future of people's independence. The coin provides a truly excellent privacy protection that I cannot deny that it is above the satisfaction. Also, the economics behind it ensures its value remains profitable to the investors or miners. There is also some drawbacks such as centralization, no smart contract, illegal involvement, or business incompatibility. However, time is the greatest tester. For me, I believe in its bright future.
Updated 5 years ago
Rating has not been changed
Positive point: The cost for a 51% attack on this blockchain per hour is $18,000 so hackers will be less likely to carry out a reverse on transactions
Pros
- - Zcash users can choose to public their transactions or hide it away to protect their identities. No one can trace the recipient address, sender address, or amounts of Zcash that were sent, etc.
- - Because it is impossible to track the records of transaction, every Zcash coin has a hidden identity; therefore, they can be use without any concerns of illegal aspects even if they were involved in some malicious activities,
- - ZCash is supported by a strong community of crypto enthusiasts, professionals and developers who were inspired by the nature of privacy and decentralization. The decentralized votings for every development of Zcash show that this is a truly community-driven cryptocurrency that everyone needs
- - Zcash team aims to retain the democracy of the cryptocurrency itself so its structure is resistant to the specific mining equipments
- - Big names such as Vitalik Buterin or Edward Snowden find the coin very interesting when it comes to utilizing innovative protocol like zk-SNARKs
- - The economics of this coin is very good as it is deflationary
- - The team behind it contains a lot of extraordinary developers
- - The technologies behind Zcash were adopted to build a privacy layer for JP Morgan Company
Cons
- - Because of its nature, Zcash usually involves in illegal activities such as tax evasion, smuggling, or terrorism sponsorship
- - The anonymous transactions is not good for business as it will require some efforts to verify the transactions
- - It does not support multi-sign wallet as its protocol only provides transaction hash for one private-key
- - Centralization is the biggest problem with this coin. It is backed by a US company who put tax on the minted coins. The rate is unknown and this is not transparent.
- - It does not support Smart Contract
