Zcash coin


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053$

What is Zcash


Zcash (ZEC) is another Crypto currency like bitcoin but with a few different features. Like Bitcoin it is based on a decentralised blockchain but allows for anonymity behind transaction amounts and parties involved. In Bitcoin if you know someone's address you can follow their transactions and you can see which all the addresses and their transaction amounts - so its quite clear how much money is moving around, with ZCash all the information is encrypted.


Zcash uses a special proof to secure the network called zk-snark - or proof of construction. This allows the network to maintain a secure ledger of balances without disclosing parties or amounts involved in transactions. This happens through the use of zero knowledge proofs - or basically where the person making the transaction has the ability to spend the ZEC and that the values balance and they haven't been spent before. In Bitcoin each full node keeps a balance of what is held by each address in the UXTO or unspent transactions output database - with each transaction being verified to unlock that output.

Zcash is set to launch on the 28th of October 2016 and has a hefty heavy weight team working on it and backing it. These include names such as Roger Ver and Barry Seibert as well as Pantera Capital. The code is open source which is unusual as the Company - run by Zooko Wilcox, a 41 year old cryptographer - will expect to give 10% of the coins for funding costs and 1% for non profit organisations.

The Zcash total coin supply is going to be 21 million like Bitcoin, and it even follows the same issuance rate with 21m ZEC being issued over 131 years, but instead of having 10 minute blocks, ZCash will have a 2.5 minute block avarage with 4 times bigger block rewards that halve every 4 years.