Zcash (ZEC)
Asset ID: 13
Zcash (ZEC) is a decentralized cryptocurrency designed to support both private and transparent transactions on its blockchain. It relies on zero-knowledge proofs, specifically zk-SNARKs, enabling transactions to be validated without revealing details such as the sender, recipient, or transferred amount.
The project was created to improve privacy in blockchain systems. Unlike Bitcoin and other pseudonymous cryptocurrencies, Zcash gives users the ability to hide transaction data when needed. Although all transactions are recorded on a public ledger, users can choose between transparent and shielded transactions. Shielded transfers use advanced cryptography to keep information confidential, while transparent ones function similarly to Bitcoin transactions. The Zcash network runs on a proof-of-work consensus mechanism and uses the SHA-256 hashing algorithm from the SHA-2 family, like Bitcoin.
ZEC serves as the native token for both private and public transactions. Users can opt for shielded addresses to ensure confidentiality or transparent addresses when privacy is not a priority. The token is also used for cross-border payments, offering optional privacy features. In addition, ZEC is utilized within decentralized finance applications, including privacy-focused lending and trading platforms. Zcash also allows selective disclosure, meaning users can reveal transaction details when required for regulatory purposes.
Zcash was launched in 2016 by Zooko Wilcox-O’Hearn, an expert in cryptography and computer security. He also founded the Electronic Coin Company (ECC), which oversees the development of the project. Prior to Zcash, Wilcox-O’Hearn worked on various cryptographic and digital security projects and contributed to the development of the BLAKE3 hash function.
Network: zcash
Category: Other
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