1 Level
13 Review
-3 Karma
Review on Zcash by Tam Pham Duy
Zcash implemented a new technique in blockchain’s networks. It is the first…
Zcash implemented a new technique in blockchain’s networks. It is the first open and less permissive cryptocurrency that can protect your transactions completely using zero-knowledge cryptography.
Pros
- Zcash is a cryptocurrency based on decentralized blockchain that brings to light an advanced technique. Nobody will know how much cryptocurrency you buy, sell or exchange on the marketplace. Sounds great, don’t you think? The platform was launched in October 2016 by the CEO Zooko Wilcox-O’Heam – a computer security specialist. The platform’s mission is to “create an open, global economic platform from which no-one can be excluded”.
Cons
- Zcash or ZEC works with an advanced algorithm. This one is making your trades being anonymous to everyone. The realization of this innovation was possible due to the special proof of construction called zk-snark. This was designed with the main purpose of improving the Bitcoin’s privacy. The zk-snark cryptographic technology is checking the validity of information without publishing any confidential details. Because of marketplace’s totally unsecured system, the private key of each user isn’t actually too private. The user’s addresses can be viewed by other partners or marketers. Fortunately, Zcash encrypted all the transactions details. It is an innovative cryptography that changed the way a blockchain is seen. Everyone can buy, sell and exchange Zcash cryptocurrency on the global platforms as: Bitfinex, Bithumb, Bittrex, Poloniex, Binance. The Disadvantages of Zcash currency: The total amount of Zcash that can circulate at the global range is 21 million coins; Many of transactions need a large amount of computer memory; Zcash’s privacy is stronger when you operate transactions between Zcash cryptocurrencies; Zcash provides multi-signature transactions, but these aren’t more secure than Bitcoin’s technique.
