About Zcash (ZEC)
 

Overview

Zcash (ZEC) is a coin that uses Cryptography to provide additional privacy for its users, at least when placed in comparison to other cryptocurrencies such as Bitcoin. It initially started as the Zerocoin protocol, which turned into the Zerocash system after various adjustments and improvements - and finally, in 2016, ZCash was born. Zcash was created by The Zerocoin Electric Coin Company, which managed Zcash's overall development and reference implementation. The founder/CEO's name is Zooko Wilcox-O'Hearn, and this company also consisted of members such as dedicated cryptographers like Matthew D. Green. Like many cryptocurrencies, ZCash payments are published onto a public blockchain. However, the difference here is that users can hide the senders, recipients and amount being transacted through an additional privacy feature. While it does have publically listed, set amount of coins in circulation, and 20% of those coins created initially were allocated as a founders reward (shared between investors, developers and a non-profit organization), the rest can be discreetly sent and received by buyers, traders, and sellers.

Technology

Most Zcash transactions are similar to Bitcoin transactions, with only 4% of Zcash "z-addrs" transactions occurring in a shielded pool. This shielded pool means that Zcash can be sent without there needing to be any interaction between a prover and a verifier (known as Non-interactive zero-knowledge proof). Unfortunately, many wallets do not support this additional shielded feature, with a total of zero digital wallets supporting z-addrs. One thing to consider with ZCash is that it's possible to show proof of payment where auditing requirements are concerned. This is relevant in regards to businesses or corporations showing that they are operating in accordance with anti-money laundering or tax regulations. This is something that should help ease concerns in regards to Zcash's desire to operate with intensive anonymity (at least where attempting to deduce some semblance of accountability in a legal situation is concerned.

Future Focus

The future of Zcash will depend on how well the developers and proprietors of this coin can maintain both - a superior level of user anonymity, - alongside the necessary levels of communication with relevant regulatory/financial authorities, to show that added privacy doesn't mean that it's a coin deserving of their suspicion.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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