Zcash (ZEC) is coming to Indian Cryptomarket soon. Coinome seems to be playing and winning the race to introducing new coins in India. ZEC will be the third coin currently unavailable on any other Open Order book trading exchange in India besides Coinome. The first two being Digibyte and Dash.
Trading at a little above Rs. 28000/- with a market cap of Rs 94 Billion and ranking 23rd in the world at the time of this writing, ZEC will be a good addition to the bouquet of crypto assets available in India. But what do we know about this coin? Is it a worthy investment? Let us find out.
What is Zcash (ZEC)?
In the simplest of terms, ZEC is a cryptocurrency built over Bitcoin’s Codebase, albeit with added privacy. Each transaction can be either completed in a transparent fashion, much like Bitcoin or privately, wherein no one can see the addresses and the transaction amount.
Zcash uses a cryptography proof called zk-SNARK. zk-SNARK is a complex mathematical proof that establishes the transaction without revealing any details of it. If a user choses a private transfer, zk-SNARK protocol ensures the legitimacy of the transaction. The transaction will then be picked up by a miner and inserted into the block. The addresses and amount remain hidden throughout.
Is Zcash better than Bitcoin?
I am not anti-Bitcoin. Bitcoin is great but the transactions aren’t hidden. Imagine this, you got paid for a service in Bitcoin. Later you bought a pizza and paid for that using Bitcoin. The Pizza owner can know how much money you got paid and how much you have left in your account because Bitcoin transactions are on a public ledger.
Zcash solves that problem and keeps your crypto safe. Even Edward Snowden agrees:
Agree. Zcash’s privacy tech makes it the most interesting Bitcoin alternative. Bitcoin is great, but “if it’s not private, it’s not safe.” https://t.co/HqwQOvSCiz
— Edward Snowden (@Snowden) September 28, 2017
More About ZEC
The Founder of Zcash, Zooko Wilcox-O’Hearn is a security expert and the team includes many scientists and cryptographers. Roger Ver was one of the initial investors and Vitalik Buterin, founder of Ethereum network is one of the advisors.
Zcash is an open source protocol and mineable with Equihash algorithm. Like Bitcoin, there will only ever be 21 Million ZEC coins. Each block is mined at an average 2.5 minutes.
I’m ready to buy some Zcash. Got my INR wallet loaded on Coinome.
Update1: Zcash (ZEC) deposits are live on Coinome and trading begins at 5:00 PM IST.
Update2: ZEC trading is live on Coinome.
Note: Zcash (ZEC) requires 20 confirmations so it can take upto an hour to deposit on Coinome.
Are you ready for ZEC? Let us know in the comments below.