Zcash is a digital currency designed to deliver enhanced privacy protection for its users with the use of cryptography. It was developed with a codebase based on Bitcoin, but with some improved features. As it is based on the Bitcoin blockchain, Zcash shares a good deal of similarities with the decentralized cryptocurrency such as its fixed supply of 21 million units and its transparent t-addr controlled transactions.
The Zk-SNARK
The Zcash blockchain is already encrypted but its zero-knowledge cryptography called Zk-SNARK provides its users maximum privacy protection and anonymity. Through the Zk-SNARK security technology, users are verified and can engage in a transaction without divulging any information to the party involved or even to the network. This means that the sender and recipient’s information, as well as the amount, are encrypted, making the transaction fully shielded and cannot be tracked. With Zk-SNARK’s enhanced privacy feature, Zcash coin holders’ freedom to spend and save is protected.
Zcash’s development was started in 2013 by professor Matthew Green of John Hopkins along with some of his graduate students. In October 2016, the cryptocurrency was first mined with high initial demand. Within just a week, each coin was trading for five thousand dollars. At first, it was named Zerocoin which was changed to Zerocash shortly after its first release. Later on, the digital currency became ZCash.
ZCash Mining
Zcash coins are obtained by mining using an Application-Specific Integrated Circuit (ASIC) miner, although there are also other operating systems supported by Zcash such as Mac, Linux, Debian, and Docker. Mining can also be done on a computer provided that it is equipped with a graphics card that can enable mining.
ZCash uses a proof-of-work mechanism requiring miners to compete among themselves in hashing. The first miner to find a way to solve the hash will be rewarded with a new block.
