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Review on Zcash by Mr Benji
Privacy coin
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Digital currency that was created in 2016. Zcash is traded within the same-name payment network, which has open source and is decentralized. This means that the network is a computer based on the number of users. ZCash is an internet digital currency that allows fast and cheap payments no matter where and from where you send money.
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The currency is designed to provide strong privacy protection. Thanks to the so-called shielded addresses (or shielded transactions) it is possible to hide the address of the recipient, sender as well as the amount sent in blockchain. Zcash allows you to create both shielded and transparent addresses. Payments within transparent addresses are not anonymous. You can also send payments between transparent and shielded addresses with each other. In this case, only the sender or recipient address is hidden. Thus, anonymity is not required by Zcash, as is the case with the Monero cryptocurrency, but is optional.
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Like most known cryptocurrencies, Zcash allows you to make quick payments worldwide. Payments at Zcash are currently very cheap and transaction fees do not exceed a thousandth of a dollar. However, as the number of transactions in the network increases, fees may increase in the future.
- The extraction uses the Equihash algorithm, which puts emphasis on computational memory. Therefore, the power required for mining depends primarily on the size of the RAM. Currently, Zcash is benefiting from CPUs and graphics cards (GPUs). With more powerful ASIC chips, which disadvantage CPU and GPU miners, Zcash is still tough. In the future, the algorithm should also allow for the extraction of smart phones.
- Zcash uses Zero-knowledge proofs, also known as zk-SNARK, which can detect encrypted transactions to see if anyone is trying to cheat or steal. Therefore, the content of the shielded transactions is first encrypted and then verified using a special cryptographic method.
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Pros
- Fast cheap transactions
- Private
- Shielded transactions
- Equihash
- Zero-knowledge proofs
Cons
- None
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Comments (1)
June 28, 2019
Agreed, this one is really top notch, great design and implementation. Not without flaws, but the developers are responsible and diligent, fixing the flaw and sharing information related to the exploit
Made some good money on it this week too, maybe the only negative is it is not as popular as it should be :) the exchange spread can be a bit high so not a short term investment as a coin. Not really a con.. buying more next dip and holding ! cheers good review
