Zcash (ZEC)

About

Zcash (ZEC) is a privacy-focused cryptocurrency that utilizes zero-knowledge proofs (ZKPs) to enhance user privacy. Launched in October 2016, it was developed by the Electric Coin Company, led by Zooko Wilcox-O’Hearn. Zcash is built on the Bitcoin codebase but offers additional privacy features through shielded transactions, which are enabled by zk-SNARKs, a type of ZKP. This technology allows transactions to be verified without revealing the sender, recipient, or amount, providing true anonymity. Zcash operates on a decentralized blockchain with two types of addresses: transparent (t-addresses) and shielded (z-addresses). While t-addresses function similarly to Bitcoin, z-addresses offer encrypted transactions. Zcash is secured through a proof-of-work mechanism using the Equihash algorithm. It has a total supply cap of 21 million coins, similar to Bitcoin. Zcash supports fast transactions with low fees, making it suitable for both everyday payments and long-term savings. Its privacy features are balanced with the ability to selectively disclose transaction details for auditing purposes.