The concept that everything is anonymous and transactions cannot be identified and linked to their users is a widely held belief among the general public, particularly among those who are new to the sector and industry of cryptocurrencies. Many people have bought into this idea and believe it till they become a part of the community. Every user has an address, which is used to transfer and receive cryptocurrency, or to conduct transactions. Each user has their own set of addresses. Different websites, like bscscan and etherscan, that list transaction and wallet details, make transaction details available to the public. These addresses can then be tracked using a variety of methods. But what if you don’t want anyone to be aware of your transactions or address details? This would necessitate the use of a blockchain that does not make these details public. One of these blockchain networks is Zcash (ZEC).
What is Zcash and how does it work?
Zcash is a blockchain that uses both zero-knowledge proof (a protocol in which a statement (transaction) is true without providing any proof other than the statement itself) and zk-SNARK (a protocol in which a statement (transaction) is true without providing any proof other than the statement itself) and zk-SNARK (a protocol in which a statement (transaction) is true without providing any proof other than (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge). Whereas other blockchains make transaction details and addresses linked to separate wallets available to the public, Zcash (ZEC) does not do so by default. This information is shared, however, for regulatory compliance and auditing purposes.
Transparent and Shielded transactions are the method Zcash can be used. In transparent transactions, people can observe the public addresses. On the other hand shielded transactions allow the use of zero-knowledge proof and zk-SNARK to completely hide the details of the transactions.
Price Movement – ZCash (ZEC)
At the time of writing, ZEC is being traded at the price of $167.18 with an increase of almost 2.5% in the last 24 hours. ZEC is a really strong token fundamentally. The maximum and minimum today are $171.79 and $161.43 respectively. The daily trading volume has decreased by almost 10.30%. ZEC had created its ATH in May 2021 and reached a price of almost $372. Even after the reversal, ZEC still hasn’t been able to recover from the damage and is trading at the price it had around May.
ZEC has a circulating supply of almost 13.2M coins and a maximum supply of almost 21M. It is listed on coinmarketcap at rank 61. It can be exchanged on Binance, FTX, Gatie.io.
Price Prediction – ZCash (ZEC)
According to wallet investor thinks that ZEC is a good investment. According to them, in one year, ZEC would be worth around $242.573. In a five-year time span, the price is expected to reach a value of $546.406.
