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What is Zcash? Learn what Zcash is in one minute

Zcash's shielded transactions utilize zk-SNARKs to conceal transaction amounts and recipient addresses, providing enhanced privacy compared to many other cryptocurrencies.

Sep 30, 2024 at 12:00 pm

What is Zcash?

Definition:

Zcash is a decentralized cryptocurrency that prioritizes privacy and anonymity.

Technology:

Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK): Allows users to prove statements (e.g., balance) without revealing the underlying information.
Shielded Transactions: Senders and receivers can optionally encrypt transaction details using zk-SNARKs, hiding amounts and addresses.

Key Features:

Enhanced Privacy: Shielded transactions provide a higher level of privacy than Bitcoin or Ethereum transactions.
Selective Disclosure: Users can choose which transactions to shield, allowing for both privacy and transparency.
High Security: zk-SNARKs are computationally secure, ensuring the correctness of private transactions.

Applications:

Confidential Payments: Conducting financial transactions without revealing the identities or amounts involved.
Improved Supply Chain Management: Tracking goods and materials while protecting sensitive information.
Enhanced Voting Systems: Enabling secure and anonymous voting processes.

Note:

Zcash was launched in 2016 by the Zerocoin Electric Coin Company (ZECC).
The ZEC token is used for payments and mining on the Zcash network.
Zcash is currently ranked 28th by market capitalization among cryptocurrencies.

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