According to one report, there are innumerable cryptocurrencies, over 1000. Given that the first Bitcoin made the code open-source, the rest had to be copied and customized as needed.
The surge in cryptocurrencies means that not all will receive the same ads. Some people don’t get ads at all. The most common are usually those with the highest value or market capitalization, such as Bitcoin, Ethereum, Tether, XRP, Litecoin, and so on. Or something that was hyped on the internet, like Dogecoin.
However, there are cryptocurrencies that are less noisy and bring good profits to investors. Examples of such digital assets are Zcash or ZEC. This digital asset is very similar to Bitcoin and has a lot of potential. It’s not easy to determine that possibility. If you are planning to invest in Zcash, you need to know this.
The story of Zcash (ZEC), the first private cryptocurrency, deserves to explore the origins of technology itself. Zcash owes its presence to the ZeroCash cryptographic protocol. The protocol was developed by Professor Matthew Green of Johns Hopkins University in Maryland and PhD students Christina Garman and Ian Mears. This project was originally intended as a complement to the Bitcoin protocol. According to the report in May 2013 Zerocoin was Anonymous Distributed ECash from Bitcoin was presented at a scientific symposium in San Francisco. This protocol was later implemented as an alpha version of the existing Bitcoin network.
In January 2014, Zerocoin was announced to appear as a separate project based on the first cryptocurrency blockchain Bitcoin. However, the team later failed to reach an agreement with the Bitcoin developers on permission to use the operating protocol. The Bitcoin miner and user community was already formed at this point. For more information on Bitcoin mining profitability, please visit our blog. At that time, BTC could not be supplemented. This was because it needed to extend existing development.
On January 20, 2016, it was announced that a new cryptocurrency, Zcash, was developed. The developers made sure that it was an idealistic continuation of ZeroCash, an attempt to implement the protocol separately from Bitcoin. On September 28th, Zcoin was released, similar to the Zero-Knowledge concept. However, records, keys, addresses, and transaction logs were not well developed. Coins weren’t as popular as the completely confidential Zcash (ZEC).
One month later, on October 28, 2016, Zcash officially appeared. Just in time for the start of the project, the developers talked in detail about the principles of transactions in the network at the meeting and provided the data with zkSNARK. According to CoinMarketCap, the conference received so much attention on coins that ZEC’s price temporarily reached $ 4,000. After balancing supply and demand, the value of cryptocurrencies leveled off at US $ 4050 per coin.
What is ZEC?
Zcash (ZEC) is the world’s first confidential open-source cryptocurrency based on the blockchain. Zerocoin Electric Coin Company was developed in 2016. A coin with the same name as the transaction ticker ZEC will be used as the payment method. The Zcash platform guarantees the transparency and complete confidentiality of transactions within your network. Transactions are recorded on a common blockchain, but the sender, recipient, and amount transferred are unknown to other members of the network.
Zcash uses a zero-disclosure evidence-based encryption method. This allows you to verify the mathematical reliability of a transaction without providing information about the second transaction participant. In addition, cryptocurrencies use special transaction block headers, zkSNARK protocols, notes, JoinSplit descriptions, and more.
Benefits of Zcash (ZEC)
In 2020, ZEC’s average daily trading volume was $ 500 million and $ 900 million. Cryptocurrencies have gained great popularity due to the reliability of the system and the confidentiality of its transactions. Often referred to as “digital gold,” Zcash steals nicknames from Bitcoin. Cryptocurrency seems to have been created in the way Bitcoin should be. Here are some of the key benefits that Zcash offers:
Confidentiality: Full confidentiality of transactions is a unique feature of Zcash’s payment system. Many cryptocurrencies guarantee user confidentiality, but in reality they have proven to be too promising and too weak. In addition, cryptocurrencies do not have cryptocurrencies built in and are created by amateurs for amateurs. Zcash is a breakthrough product in the confidential trading industry, fast, anonymous and almost free to use.
Unable to endanger users: When exchanging ZEC, users do not disclose their personal data. Moreover, it is theoretically impossible to even calculate the address of the ZEC wallet during the exchange. In today’s banking system, where regulators control every action a customer takes, Zcash creates a convenient payment system that doesn’t store data about users.
Network reliability: Decentralized blockchain creates a more reliable financial solution than all modern bank payment systems. Fraudsters and criminals find hundreds of loopholes each year, including ATM algorithms and online banking. As a result, people lose their savings to unknown hackers. In the Zcash network, every user is responsible and stores a copy of the block sequence on that computer. Such a system is very unlikely to be hacked and requires a huge amount of resources to run.
Use of science-based protocol: The ZeroCash protocol is the result of the work of dozens of mathematicians, cryptographers, and computer scientists. The method used to create the project is no worse than the method used in serious scientific work. While appealing to the authorities is undisputed, Zcash’s manufacturers have a unique reputation in the scientific community to ensure the stable and safe operation of their systems. When Zcash was founded, its developers had a scientific interest, aiming to help humanity rather than pursue profits.
High-speed transaction: The transaction takes 1-2 minutes. The block creation time is fixed and does not exceed 150 seconds. As a result, transactions are four times faster than the Bitcoin network (without considering the loaded mempool) and 30 seconds faster than the international SWIFT transaction system. This means that Zcash is not only the first cryptocurrency competitor but also the latest confidential bank transfer that can take up to 15 minutes.
Digibyte Price Prediction
Convenient purchase: If you exchange BTC for ZEC, you will not be able to track the recipient’s information. In this way, it remains confidential even when you are logged in to your Zcash network. However, there are many online wallets and services certified by the Zcash Foundation for the storage and exchange of cryptocurrencies. The original client program should store a blockchain of 10 GB or less. This is different from the official BTC wallet of 200GB.
Compatible: There is no difference in ZEC coins regardless of manufacturing or usage history. Their value is only affected by the face value of the coin and the aggregate supply and demand of the market. Therefore, absolutely all ZEC coins are the same. However, as with Bitcoin on the exchange, the fund is not “blacklisted”.
Zcash Price Prediction
2021 Zcash Price Forecast
Zcash’s one-year forecast predicts that prices will reach $ 250 by the end of 2021. According to our forecast, the expected high price for 2021 could be around $ 280, while the low price could be around $ 180. According to 2021 forecasts, ZEC coins could be a profitable investment.
2022 Zcash Price Forecast
According to the 2022 Zcash Price Forecast, Zcash prices could trade for around $ 340 by the end of 2022, the best to predict if traders apply the right investment strategy. It will be an investment. According to our price forecast, the expected high for 2022 is around $ 360, and conversely, the low could be around $ 300.
2023 Zcash Price Forecast
According to the ZEC Price Forecast, ZEC may continue to grow and, according to our forecast, it could reach a price of $ 400 by the end of 2023. The expected high in 2023 could be around $ 430, while the price of Zcash could be around $ 360, according to the forecast.
2024 Zcash Price Forecast
According to the ZEC / USD forecast for the account in 2024, the price could reach $ 480 by the end of the year. According to Zcash’s price forecasts and forecasts, Zcash’s forecast for 2024’s forecast high could be around $ 530, while Zcash’s price forecast could be around $ 420.
2025 Zcash forecast
According to the Zcash price forecast for 2025, the price of Zcash can reach over $ 580, but the USD predicts that the price of Zcash can drop to $ 500.