Review on Zcash by Robiul Islam
ZCash is a privacy driven cryptocurrency.
It is a decentralized cryptocurrency aimed to use cryptography to give enhanced privacy for its users that were lacking in other cryptocurrencies such as BTC. There are a lot of likeness but the main difference lies in its privacy and fungibility.
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It compulsion a cryptographic tool called Zero Knowledge proof which allows two users to carry out the transaction without either of them revealing their addresses to one another. The cryptocurrency for Zcash is called ZEC. An interactive proof system where prover exchanges messages with the verifier to convince that they have knowledge of certain proof without declaring what that knowledge is.
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Completeness: true statement must be verified by honest verifier when it is to be proved by the prover.
Soundness: if the statement is true, then only the prover can convince the verifier.
Zero-knowledgeness: the verifier does not have any information except the fact that the statement is true.
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Because of this zero knowledge ness property of Zcash, this has been used for businesses and large organizations. ZCash has performed really well since it was created and has established itself as a top cryptocurrency.
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Updated 6 years ago
Rating has not been changed
The Monero Konferenco and Zcon1 will share a transatlantic panel on the regulatory environment for privacy-preserving cryptocurrencies. These forms of digital money enable people to transact without needing anyone elseโs permission, and without exposing information about their funds and spending choices to the whole world.
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Tools like Zcash and Monero are open technologies, meant for anyone and everyone.
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Updated 5 years ago
Rating has not been changed
Indeed its a great tech. But this coin also has the worst economic model. Bunch of guys decided to change the economic model and fork it. As a long-term investor it is the most no-no thing to do and in this regard its the perfect antithesis of BTC.
Privacy is EXTREMELY rare these days and I cherish it!!! My concern is adoption for privacy coins and the public being able to use them. I think the governments around the world will harness the "privacy" for themselves.
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Pros
- It is decentralised, It has a limited supply.
- More Secure Than Most Other Coins.
- It has privacy options to protect the identity of users.
- Can Make Private And Public Transactions.
- Its team is highly respected, and its zk-SNARKs technology has received praise from prestigious individuals such as Edward Snowden.
- It has privacy options which protect the users and acts more like a true form of cash.
- High Market Share After ICO, Improved block-time of 2.5 minutes.
- Due to its privacy features it is fungible, it cannot be traced.
Cons
- Anonymity of transactions encourages its illicit use.
- More Insight Into Proprietary Technology Needed.
- Centralization issues, Fungibility.
