Discover what is Zcash, how does Zcash work, and how to mine Zcash.
Here are some of the topics we are going to cover:
- What is Zcash
- How does Zcash work
- Who is behind Zcash
- How to Mine Zcash
Let’s get started…
Zcash was launched on the 28th of October 2016. This is when the first Zcash monetary units came into existence. The software release for the launch was the first in Zcash Sprout Series of releases.
They were calling this software release, and this initial phase of the block chain ‘Sprout’ to emphasize that it was a young, budding block chain with great potential to grow.
What is Zcash?
Zcash is a decentralized and open-source cryptocurrency that offers privacy and selective transparency of transactions. Zcash payments are published on a public blockchain, but the sender, recipient, and amount of a transaction remain private.
Zcash is based on peer-reviewed cryptographic research, and built by a security-specialized engineering team on an open source platform based on Bitcoin Core’s battle-tested codebase. Zcash improvement over Bitcoin is the addition of privacy.
Zcash uses advanced cryptographic techniques, namely zero-knowledge proofs, to guarantee the validity of transactions without revealing additional information about them.
Zcash zero-knowledge proving scheme makes it possible to conceal values and other identifying information from the public blockchain. Users simply prove that the values balance out and that they are not double-spending the amount they want to send.
Is Zcash The Same As Bitcoin?
If Bitcoin is like http for money, Zcash is https. Zcash offers total payment confidentiality, while still maintaining a decentralized network using a public blockchain.
Unlike Bitcoin, Zcash transactions can be shielded to hide the sender, recipient, and value of all transactions on the blockchain. Only those with the correct view key can see the contents.
Users have complete control and can opt-in to provide others with their view key at their discretion. Zcash transactions do not depend on the cooperation of other parties.
How Does Zcash Work?
Zcash encrypts the contents of shielded transactions. Since the payment information is encrypted, the protocol uses a novel cryptographic method to verify their validity.
Zcash uses a zero-knowledge proof construction called a zk-SNARK, developed by Zcash team of experienced cryptographers. These constructions allow the network to maintain a secure ledger of balances without disclosing the parties or amounts involved.
Instead of publicly demonstrating spend-authority and transaction values, the transaction metadata is encrypted and zk-SNARKs are used to prove that nobody is cheating or stealing.
What is the Mission Of Zcash?
Zcash mission is to create an open financial technology platform that everyone in the world can use.
Zcash creators believe that personal privacy is necessary for core human values like dignity, intimacy, and ethics. Companies need privacy in order to conduct their business; and we believe that privacy strengthens social ties and social institutions, protects societies against their enemies, and helps societies to be more peaceful and more prosperous. Finally, in an open and programmable financial system, privacy is the only way to ensure fungibility.
Companies need privacy in order to conduct their business; and Zcash believe that privacy strengthens social ties and social institutions, protects societies against their enemies, and helps societies to be more peaceful and more prosperous. Finally, in an open and programmable financial system, privacy is the only way to ensure fungibility.
Zcash creators are a science-driven team. They are the discoverers of the underlying scientific techniques and the designers of the protocol; they are not the controllers or the power-holders.
They believe in the value of decentralization, which promotes security and fairness. Every user of Zcash is a part of the network, and helps protect it against failure and corruption.
They created Zcash, but its ultimate destiny lies not in their hands, but in ours as Zcash users.
Who Is Behind Zcash?
Zcash team includes the scientists who invented the Zerocash protocol, engineers, and communicators with a specialized track record in open privacy technology, advisors who are leaders in the Bitcoin, Ethereum, and academic communities, and well-regarded investors.
What Is The Difference Between Zerocoin, Zerocash, Zcash, and ZEC?
Zerocoin is a cryptographic currency protocol invented by Ian Miers, Christina Garman, Matthew Green, and Aviel D. Rubin in 2013.
Zerocash is an improved cryptographic currency protocol invented by Eli Ben-Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer, and Madars Virza in 2014.
Zcash is an implementation of the Zerocash protocol, with certain improvements as described in zcash protocol specification (all of the scientists who designed the Zerocash protocol are members of the Zcash team). We have adopted ZEC as the informal three letter currency code for the Zcash currency, and ⓩ as its currency symbol.
Zcash have adopted ZEC as the informal three letter currency code for the Zcash currency, and ⓩ as its currency symbol.
How Is Zcash Created?
Like Bitcoin, Zcash is a mined cryptocurrency, which means that new ZEC will be created each time a block is added to the Zcash block chain.
New blocks will be created roughly every 150 seconds (2.5 minutes). The monetary supply curve will mirror Bitcoin’s, except that, because Zcash’s blocks will be mined 4 times as frequently as Bitcoin’s, the number of ZEC created per Zcash block will be a quarter the number of BTC created per Bitcoin block.
The first weeks after Zcash launch were in a “slow-start” mining period.
What Is Slow-Start Mining?
While we have taken every precaution (and subjected the code to security audits), we are unable to guarantee that the Zcash code is 100% free from bugs and security vulnerabilities. In order to minimize the impact of any unforeseen problems during the launch of Zcash, the amount of ZEC each time a block is mined will start at zero and gradually ramp up to 12.5 ZEC after 34 days.
Examples Of Zcash Mining Providers include:
How To Get Some Zcash?
You can buy Zcash from participating online exchanges/markets with another cryptocurrency or fiat currency (depending on which exchange you use).
You might also have luck finding someone to buy Zcash from in-person or offering services/products to be paid for in Zcash.
And of course, you are highly encouraged to run a Zcash mining node to earn tokens for taking part in securing the decentralized network!
I hope you now have a solid basic understanding of:
- What Zcash is
- How does Zcash work
- Who is behind Zcash
- How to Mine Zcash
To learn more about Zcash, go to: z.cash
Musa The Giant