The demand for cryptocurrencies has also increased with the development of new technologies. Zcash differs from other similar currencies through the Quorum open-source project, such as the partnership with JPMorgan 1. Zach's privacy technology could soon be applied to various cryptocurrency and blockchain networks, including Ethereum-based tokens. CoinMarketCap estimates that Zcash has a global market capitalization of more than $960 million. 2

What is Zcash?

ZCash (ZEC) is a cryptocurrency project that emerged from the Zerocoin/Zerocash idea proposed in 2013. Zcash arose from bitcoin after the Fork occurred, meaning there was a new blockchain launched in October 2016; it was previously known as Zerocoin.

It uses cryptography, which in theory, should ensure the privacy of its users. Cryptography, just like cryptology, analyzes various protocols that prevent third parties or the public from reading private messages.

How is Zcash different from Bitcoin?

Zcash and Bitcoin have a lot in common. There are two types of Zcash transactions: private and public (similar to BTC). When you download the official Zcash wallet, you will see that it offers two types of addresses: t-address, your public address, and z-addr, your private lesson.

Many companies accept this cryptocurrency as payment. who accepts zcash

You can choose which one to use. Bitcoin transactions are completely transparent. Everyone can use BTC block explorer to verify if a transaction was sent from one BTC address to another. Zcash becomes private if the user selects a z-address.

According to the source, "Zcash offers full payment privacy while maintaining a decentralized network using a public blockchain. Unlike bitcoins, Zcash transactions automatically hide the sender, recipient, and value of all transactions in the blockchain. "4

How does Zcash protect its privacy?

Using decentralized and open-source code ensures privacy and selective transaction transparency. Zcash payments are published on the public blockchain, but the sender, recipient, and a number of transactions remain confidential.

Because of the encryption of transaction contents, the protocol uses a cryptographic method to confirm the transaction's validity.

This method is called zk-SNARK. These constructs allow the network to maintain a secure balance sheet without disclosing parties or amounts. Instead of publicly displaying cost values, the transaction metadata is encrypted, and zk-SNARK is used to prove that no one is cheating or stealing.