About Zcash (ZEC)
Zcash (ZEC) is a decentralized digital currency that enables private and public transactions on its blockchain. It utilizes zero-knowledge proof technology known as zk-SNARKs, which allows transactions to be verified without disclosing the sender, receiver, or amount.
The Zcash project was introduced as an effort to enhance privacy in blockchain transactions. Unlike Bitcoin and other pseudonymous cryptocurrencies, Zcash provides users with the option to conduct transactions without revealing identifiable transaction details. While ZEC transactions are recorded on a public blockchain, users can choose between transparent or shielded transfers. Shielded transactions use cryptographic techniques to keep data private, while transparent transactions operate similarly to those on the Bitcoin network. The Zcash blockchain operates on a proof-of-work consensus mechanism, using the SHA-256 hash algorithm from the SHA-2 family, similar to Bitcoin.
The ZEC token is used for conducting both public and private transactions. Users can select shielded addresses to maintain transaction privacy or use transparent addresses when privacy is not required. ZEC is also used for international transfers, enabling cross-border transactions with optional privacy. The token is integrated into decentralized finance applications, including privacy-oriented lending and swaps. Additionally, Zcash supports selective disclosure, allowing users to share transaction details when needed for compliance with regulations.
Zcash was founded in 2016 by Zooko Wilcox-O’Hearn, a cryptography and computer security specialist. He also established the Electronic Coin Company (ECC), which leads Zcash development. Wilcox-O’Hearn has previously contributed to several digital security and cryptographic initiatives and co-developed the BLAKE3 hash function.
ZEC has a circulating and total supply of 16.3 million. ZEC is listed on Binance for trade and purchase. The current price of ZEC is available and updated in real-time on Binance.
