What is Zcash (ZEC)?
Zcash (ZEC) is a decentralized cryptocurrency designed to support both transparent and private transactions. It uses zero-knowledge proof technology called zk-SNARKs, which allows transactions to be verified without revealing certain details such as the sender, recipient, or transaction amount.
The Zcash project was created to add optional privacy features to blockchain-based payments. Unlike fully transparent blockchains, Zcash allows users to choose between transparent and shielded transactions. Transparent transactions are publicly visible on the blockchain, while shielded transactions use cryptographic proofs to protect transaction data. Zcash operates as a proof-of-work blockchain and uses the Equihash mining algorithm.
ZEC is the native coin of the Zcash network. It is used to send and receive payments across the blockchain. Users can choose transparent addresses when public transaction visibility is acceptable or shielded addresses when they want to limit the disclosure of transaction details. Zcash also supports selective disclosure, which allows users to share transaction information when required for audits, reporting, or compliance purposes.
Zcash was launched in 2016 by Electric Coin Company, which was founded by Zooko Wilcox-O’Hearn. The project was developed with contributions from cryptographers and computer scientists working on privacy-focused blockchain technology. Zooko Wilcox-O’Hearn is a computer security specialist associated with the early development and launch of Zcash.
ZEC has a circulating and total supply of 16.65 million. ZEC is listed on Binance for trade and purchase. The current price of ZEC is available and updated in real-time on Binance.