Zcash (ZEC stock symbol) is an anonymous cryptocurrency that allows you to hide the sender, recipient and transaction amount. Based on ZK-snarks privacy technology.
The ZEC emission scheme is similar to the BTC model, the maximum possible number of coins is 21,000,000. In November 2020, the first halving of the miners’ reward took place after the release of 50% of the coins. ZEC is one of the 50 largest cryptocurrencies by capitalization.
The main developer and author of the idea is Zooko Wilcox. Later, the rights to manage the project were transferred to the commercial organization Electric Coin Company (ECC).
The Zcash blockchain was launched at the end of 2017, after a fairly extensive advertising campaign. In the first days after the launch, due to the specially planned slow emission, the price of ZEC was several hundred times higher than that of BTC, which attracted many miners.
ZEC mining uses the original Equihash hashing algorithm, which has been protected from ASIC miners for some time. With the growing popularity of ZEC in 2018, ASICs appeared for Equihash as well. In November 2021, Zcash developers announced a plan to move to PoS consensus within three years. At the same time, the original mining mechanism is planned to be preserved.
Developed for Zcash, the zk-snarks transaction privacy technology has gained industry acceptance and is being integrated by developers of many major blockchains and second-tier projects, including Bitcoin and Ethereum. However, most developments remain in the testing phase.
Regulators in some jurisdictions, including Japan and South Korea, oppose the circulation of anonymous cryptocurrencies due to the inability to regulate and tax their users. Therefore, several exchanges delisted Zcash, Monero and their clones.
Source: Bits
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