Blockchain 101 Episode 75 – Anonymous Cryptocurrency – ZCash

ZCash, also known as Zero Cash or ZEC was founded by Zooko Wilcox, and created on November 9th 2011. Zcash offers the highest degree of anonymity for transactions.

By using Zero-knowledge proof consensus mechanism.

What is Zero-knowledge Proof?

Kindly refer back to 58th Episode of Blockchain 101!

The current turnaround time for Zcash’s anonymous transactions is long taking around 20 minutes.

The network provides users the choice of regular or anonymous transactions, which have an impact on the level of privacy protection.

Zcash’s source code shares many similarities with Bitcoin. Such as halving every 4 years and the total supply stands at 21 million. Zcash concentrated and improved on Bitcoin’s anonymity functions, which raised a stir within the blockchain community during its launch, causing prices to raise to 7 times of Bitcoin at one point in time.

Zcash uses the Proof of Work consensus mechanism, its block time is 2.5 minutes, giving a block reward of 12.5 ZEC. 20% of the coins mined in first 4 years are allocated to Zcash’s founders’ team and investors.