In this week’s Wealth Mastery Coin Review, we’ll discuss Zcash and the following topics:
- Does Zcash have a future?
- Unified addresses & zk-SNARKs
- What is Zcash used for?
- How do you buy Zcash?
- Can you buy Zcash on Coinbase?
- How do you mine Zcash?
- What are Zcash Mining Pools?
- Is Zcash a good investment?
Does Zcash have a future?
Let’s go ahead and get this one out of the way up front. Zcash is not going anywhere and is here to stay in a big way. For those working on and using Zcash, it’s easy to see the appeal in the design of this fungible money, so there’s no fussing around until you find your way with Zcash. Anyone can add Zcash to their Ledger device and transact on the network, giving you the best Hardware Wallet security available for storing your ZEC coins. Taking the basic outline of Bitcoin as a blueprint for Zcash in 2016. A group of tech scientists and other big brains saw what they concluded to be flaws in the design of Bitcoin’s privacy, or rather, the complete lack of it. All the work followed on Zcash is a testament to the need for privacy when transacting with digital currencies, without shoving it down anyone’s throat. Zcash has undergone some major changes since its initial release. Through a series of 6 significant upgrades, Zcash has morphed into the easy-to-use money it is today. But it wasn’t always this way. Thankfully, Zcash isn’t focused on doing just a few things ok. Instead, it’s fixated on doing a single thing extremely well. That is to be one of the best digital monies the internet has to offer.
Unlike Monero in Monero vs. Zcash, which only has one way for transactions to settle, Zcash uses two separate layers to allow users to transact in many different ways. The ability to send from and to different addresses gives significantly more options to Zcash users than any other non-testnet blockchain on the market. This is all thanks to a pretty incredible piece of technology called zk-SNARKs. This is the technology that allows for ZEC privacy with zero-knowledge-shielded transactions.
The Zk technology has come a long way thanks to the hard work of the Zcash Foundation & Electric Coin Company. As it’s become a vital part of the entire blockchain space, more products are beginning to test the limitations of Zk-SNARKs, and so far, the outcomes have been more than satisfactory, enabling other blockchains like Ethereum the ability to add a privacy layer to its network.
Unified Addresses are a technically complicated process. But simplified on the surface through the use of two separate transaction layers, users can transact publicly or privately, all under one single address. There’s no difference between your transparent or shielded address, meaning that even if you don’t mind settling transactions transparently, others who might want to engage in commerce with you can still choose to retain their financial privacy. The ability to choose how you want to use the Zcash network makes it appealing to many.
The driving force of Zcash is not one based on money in the sense of getting rich. Founded by Bitcoiners, the focus has always been on creating better money than fiat currency. The latest update to Zcash, NU5, is one of the first significant steps in that objective of creating a Halo proving system that allows for Zcash to serve as the foundation for the…
Head of Research Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin. As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom. “The swarm is headed towards us” -Satoshi Nakamoto
