Zcash is another type of cryptocurrency which has a cutting edge encryption technology which provides a unique feature distinct from all other cryptocurrencies. The third party can’t see who is sending or receiving Zcash and even the amount of Zcash sent can’t be revealed.
Zcash utilizes a unique kind of methodology for writing transactions on the blockchain. It uses two different types of addresses which are T addresses and other Z addresses.
T address i.e. transparent address behaves similarly like Bitcoin and details of transactions can be seen by anyone in the public blockchain network. Z address i.e. Shielded network does not allow any 3rd party to know the details of the transaction and this makes Zcash special. Only the parties involved in the transaction will know the exact details of the transaction.
Zcash coin is the result of hard work and continuous efforts of some great cryptocurrency developers to offer better privacy than Bitcoin and other altcoins. The founder Zooko Wilcox created a protocol called Zerocoin between 2013 and 2014. The developers of Zerocoin project addressed the security limitations of the most popular cryptocurrency Bitcoins. The protocol developed by them allowed people to convert bitcoins into zerocoins so that the origin of payment gets concealed and a greater anonymity is reached in transactions. It also allowed converting zerocoins back to bitcoins.
After that the developers collaborated with other cryptographers and created Zerocash the more improved version of protocol and now developed into the cryptocurrency zcash. ZEC is newer than other cryptocurrencies like Bitcoin and its market works similarly to others. Users of ZEC can purchase or sell them through ZEC exchanges like Kraken or Poloniex. Like other cryptocurrencies, Zcash also offers ability to mine the Zcash coins and the protocol uses a proof of work algorithm in this regard.
Where to buy Zcash coin?
Want to buy or sell Zcash coins? Click on the following companies to find out the best place for selling and buying Zcash coins in Australia.
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