What is Zcash coin?
What is Zcash coin? ZCash is a cryptocurrency digital currency that uses decentralized blockchain technology that seeks to provide anonymity for transactions and their users.
Broadly speaking, ZCash is similar to Bitcoin which also has an open-source code. The basic difference between the two is the level of privacy and suitability provided by each.
The current Zcash price at the time of this article was updated at $ 61.49 USD and is now ranked 26 coinmarketcap. This rating sometimes fluctuates, competing with other digital currencies.
Zcash which in symbol becomes ZEC is one of the alternative coin payment methods besides thousands of other altcoins.
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Zcash coin explained
Zcash is the Newest one digital Currency created on October 28, 2016.
Founded by Zooko Wilcox Owner of Zerocoin Electric Technology Company from the United States who has been experienced for 20 Years.
He was assisted by Mathematical Scientists and Computer Programs of the United States and Israel Joint Experts.
Derived from a graduate of Tel Aviv University of Israel, Technion Israel, Massachusettes Institute of Technology, and the Johns Hopkins University of the United States.
Zcash is the first cryptocurrency or digital currency that puts forward a strong level of privacy.. Different from Bitcoin that uses Pseudo-anonymity.
However, in fact, others or any Government Organization or Agency may still track the Number of Transactions in the Blockchain Bitcoin.
So anyone can still track all parties to the transaction and the amount or value of the transaction.
Private user and transaction
Zcash goes a step further by encrypting Transactions with Defense 3 Defense Core Defense Technology and Amount in transacted in a blur.
The Zcash Users can be anonymous. Amount of anonymous transaction, the origin of anonym Payment. So it is impossible for others to track it. Except for the owner, Recipient, and the Zcash moneymaker.
The term above uses the basic Cryptographic Algorithm called zero-knowledge proof or zk-SNARK.
So the System can indicate paying, receiving, and owning Zcash without needing to show the original identity and amount of payment.
It means privacy property processed. Bitcoin doesn’t mine this trace.
Indeed Zcash is not the first. There’s another altcoin like DASH and MONERO. It also applies secrecy using a term called Cryptonote.
But Zcash is more sophisticated for blurring every Public Data Details of unique Alphanumeric Strings that usually identify Buyers and Sellers.
The ZCASH IS Not Different with Bitcoin
Zcash The rest is almost like BITCOIN.
Total Supply in the Mine is the same as Bitcoin. A total of 21,000,000 Million Units.
50 ZEC will be created every 10 Minutes. Every 4 Years will happen Zcash halving. (Similar As Bitcoin). Mining work will get award 100% to Miners.
Challenge and crime
It is very difficult for the Government, Law Enforcement Officers, Police, or Financial Institutions to be able to break through and peek at people who use Zcash for a crime.
But what can make, If not doing It? Zcash will not be able to advance. Zcash now comes with the ability more difficult or impossible traced.
How does Zcash work
First look at the illustration from the image below.
This is different from the way Bitcoin works, at Zcash, users have the option to choose between two types of transactions.
Will you choose normal transparent transactions OR you can do private, protected transactions.
For example, Sarus wants to send 1 Zec to Sahra. If Sahra has no problem keeping the transaction transparent and open, then Sarus can send Zec to its transparent address or t-addr.
However, if Sahra wants privacy and does not want the details of open transactions to be public consumption. Then he can send money to a protected address also called “z-addr”.
If both users choose their protected address to interact with each other, all transaction details will be private. Not only the transaction is private but also the two users.
Zcash how to buy
Zcash how to buy requires a few easy steps into preparation, the simple steps are as follows.
- Create Zcash wallet, you can create on Coinomi or Ledger Nano wallet
- Fund your exchanger account.
- Make your purchasing Zcash.
- Stored on your transparent Zcash address.
Get Zcash wallet first
To save Zcash, the first step is to get a Zcash wallet to store your coins. There are two main types of wallets that you choose, hardware wallet and software wallet.
The hardware wallet is the safest way to store your Zcash coins. Why is it safer? because the private key for your coin is stored offline on the device itself.
To get a hardware wallet there are two main companies that are your consideration. Ledger and Trezor. If you have a Ledger hardware wallet, you can store, send, and receive Zcash through the Ledger Live application.
Ledger application can be used through your desktop and smartphone. The Ledger hardware wallet itself currently offers two ledger models – The Nano S and Nano X. Ledger Nano X provides Bluetooth capabilities for use with your smartphone.
TREZOR has the main models TREZOR One and TREZOR Model T. Using Zcash wallet Trezor hardware allows you to store, send, and receive Zcash easily and safely.
The main difference between the Trezor one model and the T model is that the Model T has a touch screen for ease of use and also better privacy.
If you choose a software wallet is free but compared to hardware wallet it is less secure from hacking. The software wallet saves your private key on the device you are using, whether desktop or mobile.
Why is wallet software less secure? Because it is always connected to the Internet and therefore has a greater risk of being hacked.
One example of a wallet software is Coinomi Wallet, available for iOS and Android, which allows you to hold Zcash
Or you choose Exodus Wallet, this is a simple wallet software that can only be used on a desktop. You can save Zcash and various other cryptocurrencies at Exodus.
This wallet software is suitable for beginners because it is easy to install and operate.
Another software wallet option is the ZEC-QT Wallet. This wallet is a full node where users have to download the complete Zcash blockchain to your computer.
You can use the wallet as soon as you install it, but you won’t be able to see transactions before you synchronize for a day or two depending on your internet connection.
Find Your Zcash Address
After you choose and determine the type of wallet to store Zcash coins. The next step is to find your Zcash address.
Zcash has two address formats:
- Transparent address, this is similar to a Bitcoin address. These addresses start with the letter “t”.
- Private address – this is an anonymous address if you want to send funds privately by anonymous, this type of address is selected. These addresses start with the letter “z”.
To send funds from the exchanger you must use a transparent address with the “t” prefix.
Fund your exchanger account
Next, you need to find an exchanger where you will buy Zcash coins. There are many exchangers who trade Zcash coins. But however, you need to send money to your account at the exchanger to buy Zcash.
Buy Zcash through CEX.io
One exchanger that you can use to buy Zcash is CEX.io. This is a well-known exchange that offers the ability to buy Zcash (ZEC) through its brokerage services as well as its trading platform.
If you use a credit card, CEX.io becomes one of the exchangers who accepts credit card payments.
Buy Zcash through Coinbase
Another exchanger you can choose is Coinbase. This is a very popular cryptocurrency exchange and accepts users from 103 countries around the world. You can choose a payment method with domestic debit and transfer cards such as ACH and SEPA.
Coinbase is a US-based exchanger company that supplies a variety of other services including wallets, custodial services, and more. You can buy Zcash at this exchanger or for advanced users to use the Coinbase Pro trading platform.
Buy Zcash through Binance
For those of you who are experienced in cryptocurrency investments, of course, you are very familiar with Binance. It is the largest crypto exchange and is one of the industry leaders.
If you already have a Bitcoin or ETH cryptocurrency at a Binance exchange you can always use Binance to buy Zcash.
Make your purchasing Zcash
After you choose the exchange you will use to buy Zcash, the next step is to buy Zcash. You must use a transparent Zcash wallet to purchase your Zcash token.
If your goal is to buy Zcash for speculation, you can use the crypto exchange trading platform and store it there. For this purpose, you can use a forex broker that holds a ZEC pair.
Stored on your transparent Zcash address
The next step is to make a coin withdrawal that you buy through the exchange you choose to the Zcash transparent wallet address that you have found before.
If your purpose for buying Zcash is to send it to other users, you should immediately make a withdrawal to your wallet address. Because leaving coins on the exchange is very risky if the exchange is hacked or bankrupt.
If you need to, you can track your transparent address in a block explorer in like ZCha.in by simply pasting your address into the search bar.
What algorithm is Zcash
Zcash algorithm uses Equihash. The names Alex Biryukov and Dmitry Khovratovich are the people behind the development of the Equihash algorithm, they developed this at the University of Luxembourg.
Equihash’s algorithm is a proof of work system that is more oriented to asymmetric memory based on common birthday problems.
The Equihash algorithm is a hard memory, so the amount of evidence of mining work that can be done using the Equihash algorithm is mainly determined by how much memory, i.e., the RAM that an individual has.
In other words, hard-memory refers to examples where the amount of time needed to solve a computing problem.
Zcash is one cryptocurrency that is enough to make many people feel attracted by investing in digital currencies.
I have described the steps to buy Zcash and I think you can easily get a Zcash token at the exchange you choose. If you want to keep Zcash in a hardware wallet, this is much safer if your goal is a long-term investment.
But if you want to speculate by buying and selling with other digital assets, then use as much as you need in your exchange account, to maintain security proportionally.
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