• Zcash celebrates five years of existence.
• The uniqueness of Zcash: Its privacy & freedom.
Zcash is a cryptocurrency released five years ago today in 2016, which aims at using Zero-knowledge cryptography to provide enhanced privacy, convenience, freedom & equal access to economic systems for its users. This is particularly interesting and unique when compared to other cryptocurrencies like Bitcoin, Ethereum, etc.
Zcash was launched by one of the most respected technical teams in the world – The
Electric coin company. Headed by Zooko Wilcox. Today, it celebrates five years of existence.
The Beauty of Zcash
Zcash is a decentralized, open-source cryptocurrency and most identified by individuals for its built-in encryption, which allows for private data in public Blockchain. Its self-funding allows developers to continuously improve the protocol to prevent the currency from being weakened or steered in the direction for an individual’s benefit – protecting against manipulations.
According to Zooko Wilcox, The CEO of the Electric coin company who invented Zcash, in discussion with Aztec co-founder Thomas Walton, “Zcash would be a niche alternative for those who were especially sensitive or motivated or most importantly for commerce. With its continuous improvement and evolvement, and the use of zero-knowledge cryptography, and its ability to scale would become the gold standard for usage”.
A huge, huge, huge thank you to all of you in the #Zcash community. We are grateful for your voice and your support, and we can’t wait for the next 5.
— ECC Is Hiring (@ElectricCoinCo) October 28, 2021
Zcash has received a lot of support and advocacy from influential figures in the cryptocurrency community:
“Privacy is an essential part of cryptocurrency security, and despite some initial mistaken beliefs to the contrary, Bitcoin alone doesn’t provide that. Zcash is the first cryptocurrency that provides the level of privacy users deserve and expect.” – Andrew miller.
“Privacy is crucial to modern business. If Apple and Samsung can view each other’s financial transactions, the system is not secure. Zcash provides that secure, neutral ground for commerce.” – Jeff Garzik. Bitcoin core dev.
“The Zcash team has been working away quietly and diligently on something very, very important: fully private and fungible digital cash.” – Ben Daven port. Co-founder and CTO at BitGo (Zcash inventor).
“I invested in Zcash because of the impressive team pushing the boundaries of Crypto and because privacy is one of the building blocks of freedom.” – Sebastian Serrano. Co-founder and CEO of Ripio.com.
Road Ahead for Zcash
Zcash has a lot of potentials and offers a lot of optimism for the future. Zcash has gained 3.28 percent in the last 24 hours on a trading volume of $405 million. With a fully diluted market capitalization of $3.3 billion, it is now ranked #63 on CoinMarketCap.
When it comes to cryptocurrencies, the fundamental advantage of Zcash is its optional anonymity, which provides a level of privacy that is not available with conventional, pseudonymous cryptocurrencies such as Bitcoin or Ethereum.