Zcash (ZEC) is a cryptocurrency that uses the zk-SNARK zero-knowledge proof technology focused on privacy and anonymity. It was founded in 2016.
The coin soared more than 12% on Tuesday after GrapheneOS, a non-profit open-source project focused on privacy and secure mobile OS, said it now accepts Zcash.
Currently, the firm has 869,039 ZEC holders. GrapheneOS also accepts donations in Bitcoin, Monero, Paypal, Interac e-Transfer, and Github-sponsored credit cards.
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Who founded Zcash (ZEC)?
Zcash was founded by Zooko Wilcox-O’Hearn, who also created the Electronic Coin Company (ECC) that manages Zcash’s development. Wilcox-O’Hearn has extensive experience in cryptography and information security.
ZEC transactions can be done in two ways: Transparent and Shielded.
In a Transparent way, the transaction is done the same way as for other cryptocurrencies where the public addresses are visible.
In the Shielded transaction, ZEC uses the zk-SNARK zero-knowledge proof technology to enable anonymous transactions on the immutable public blockchain.
Though it is transacted via public blockchain, ZEC transactions do not reveal the sender or receiver’s address or the amount transferred by default. The company’s transaction details are disclosed only for regulatory compliance or audit.
Zcash’s unique solutions provide users with complete anonymity.
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Data Source: Coinmarketcap.com
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How other cryptocurrencies function?
For other cryptocurrencies, the user identity does not remain anonymous. The identity is provided on the Internet with a pseudonym or the address.
For instance, Bitcoin users’ identities can be seen by everybody on the Internet. Their identities can be revealed by tracing the transactions through blockchain forensic.
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Zcash’s shielded feature gives users complete privacy, which is uncommon in other blockchain transactions. It affirms users’ right to privacy in the decentralized digital assets domain.
Due to its privacy features, people are showing immense interest in ZEC coins for sending and receiving money.
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On the other hand, GrapheneOS develops apps and services focused on privacy and security. The company’s open-source project does not use apps like Google Play or microG. On March 4, Electric Coin Co. (ECC) announced the appointment of its new Communications and Community Manager Ian S. In a recent tweet, he said that he sent proceeds from CitizenDAO PEACE bonds to organizations helping war victims in Ukraine.
The coin is currently available for purchase on Binance, ByBit, OKX, Bitget and Phemex.
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Zcash’s price rose 12.75% to US$126.93 at 9:13 am ET on Tuesday.
The coin, ranked 52nd on coinmarketcap.com, has a market capitalization of US$1.7 billion. The coin’s volume increased around 81.45% in the last 24 hours to Tuesday morning.
ZEC has a circulating supply of 13.9 million ZEC. Its maximum supply is 21,000,000. The coin is supported by more than nine wallets, including MetaMask, Ledger, Math Wallet, Coinbase, etc.
The crypto market is volatile. Hence, investors should do due diligence before investing in digital assets.
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