Zcash technology was built by Zcash Electric Coin Company (ZECC). ZcashCo was founded by a team of scientist, engineers, and advisors. It was started on October 28, 2016. Most of the initiators are leading researchers of the zk-snark protocol. Mr. Zooko Wilcox is the founder and chief executive officer.
What is Zcash?
Zcash is a decentralized crypto currency that provides one of the strongest selective privacy protections. Payments are published on the public block chain. For privacy purpose, the shielded transactions hide all the three components in a transaction that is sender, recipient and the value of the transaction on the block chain.
Zcash has more safety features. If Bitcoin is http for money then Zcash is https. It has a secured transport layer. It uses zk-snark that is proof of construction. Zk-snark allows the network to support a secure ledger. Every user contributes towards Zcash’s network decentralization. This helps to protect it from failure and corruption.
Zcash Company does not control the mining and distribution. It does not exchange, sell, transmit or retain custody of Zcash for the general public.
The total Zcash coin supply is going to be 21 million and will be issued over 131 years. It has 2.5 minute block average.
How is Zcash funded?
Zcash has taken money from the investors before releasing the crypto currency. The source of the fund are that whenever a unit of Z currency (ZEC) is mined during the first 4 percent, the company gets 20 percent, that is 10 percent of total supply. This approach is taken keeping long-term goal of the company. It needs money to fund itself for research and maintain development. Out of 21 million Zcash, 10 percent (2.1 million) will be distributed to the founders.
How is Zcash mined?
The unit of mining Zcash is Sol/s that is solutions per second. First and foremost local Zcash node has to be set up. Equihash is the proof of work algorithm used for mining. Equihash is very efficient for verification. It determines how much mining can be done, depends upon how much RAM one has in his system. Memory required was around 1 GB of RAM in the initial stage. System requirements are Linux, 64-bit processor 4GB free RAM, and 10 GB free HDD space. Zcash had a slow mining start, just to avoid instantly Zcash mining, with rewards issued slower than normal.
Mined ZEC (currency unit of Zcash) can be transferred globally. It can be exchanged to/from other cryptocurrency or fiat currency. This can be done through online exchanges or in-person transaction.
Zcash uses two types of writing transactions on the block chain. Transparent (t addresses) – On public block chain details can be seen by everyone. Shielded (z addresses) – details cannot be seen by everyone. You can send/receive Zcash privately. Only you and fund receiver will know.
Lack of privacy and confidentially in block chain was keeping banks away. Because of zero-knowledge security layer and Quorum’s private smart contact, both privacy and confidentiality issues have been solved. This prompted JPMorgan Chase, the largest bank, to integrate with Zcash.
Zcash is the first crypto currency that completely protects privacy of your transactions and due to this it is different from others crypto currencies.