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All you need to know about Zcash

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Zcash explained

All you need to know about Zcash

You must have heard of Tyler and Cameron Winklevoss in the whole Facebook lawsuit with Mark Zuckerberg. After having received a settlement for damages, Tyler and Cameron Winklevoss went their separate ways from Mark, looked into the digital currency space and started their own cryptocurrency exchange named Gemini. Their venture has brought forth the birth of a new and revolutionary Bitcoin competitor called Zcash. Aimed at providing even more higher levels of security at a lesser price, Zcash hit the live trading floors and went active on cryptocurrency exchanges on May 22.

Having had such major names backing it, Zcash has quickly gained popularity and is being looked into more and more by numerous investors and traders all across the world. However, with every new things, many clarifications are required so that everyone is on the same page and likewise, here is a little guide to help you know almost everything there is about Zcash.

 

What is Zcash?

Created by the developer Zooko Wilcox in October 2016, he created Zcash to tackle the feature of Bitcoins where everyone can see all sorts of transactions going on. He was not that big a fan of this privacy breach and wanted to bring into the market something that could do away with this. Likewise, he came forth with the idea of Zcash and developed it using the blockchain technology to carry out end to end or peer to peer transactions completely and wholly anonymously. Zcash is basically a hard fork of the original solution of the Blockchain technology – Bitcoins, and along with being a revolution in the sense of providing private and highly secure transactions which no one can witness other than the two parties involved, Zcash also has the ability to carry out these transactions way faster than Bitcoins or any other digital currencies.

Previously known by the name Zerocoin, it is now called Zcash and has the symbol ‘ZEC’, an interesting feature of Zcash is that its quantity is limited or finite, just like Bitcoins, and amazingly, just like Bitcoins, only 21 million of them are available to be mined. Moreover, with the popularity it currently has and the expected exponential growth of this currency, experts have predicted that the entirety of 21 million Zcash would be completely mined by the year 2032.

 

The zk – SNARK Protocol

Zcash uses a phenomenal cryptographic tool or protocol called the zk – SNARK protocol, which gives its users the option to go anonymous over the network. Since Zcash by default supports similar functioning as Bitcoins, if one wishes to not have the Bitcoin like transparent transaction functionality, they can choose to go for this option. Enabling this zero knowledge proof protocol hides the information of the sender and the receiver and also hides the amount of currency being exchanged.

The zk – SNARK protocol comes with high credibility since it was developed by an esteemed team of developers and coders from several prestigious universities including Johns Hopkins University, Massachusetts Institute of Technology (MIT), Technion – Israel Institute of Technology, and Tel Aviv University in the year 2014.

Thus making use of this zero knowledge proof protocol, users of Zcash are given the option or choice to makes transactions privately or publicly.

 

Using Zcash

The objective that drives the Zcash team is to be able to help its users make private and anonymous transactions while also making sure that nobody is cheating. They also aim to someday become a mainstream fiat currency or a global level means of legal payments and are working hard towards that dream.

A new block on the Zcash blockchain is identified in under 2.5 minutes which is 25 times faster than the time the Bitcoin blockchain takes to identify a new block which is about 10 minutes. This makes it a very quick and fast option to choose to send and receive money because let’s face it, who really likes to wait for so long?

Everyone is aware of the transaction costs on the Bitcoin platform going up and up everyday, however, transactions and processing on Zcash takes almost next to nothing and you would not feel the pinch of paying an extra amount which is so little. Moreover, ASIC like heavy machinery is not required to mine Zcash and so virtually anyone with a GPU or CPU can easily mine Zcash without much hurdles.

 

Final thoughts on Zcash

Although it is not wise to make quick decisions about anything, several Zcash enthusiasts say that Zcash could in fact, in a couple years, become a legal form of payment. Moreover, with huge multinational companies like JP Morgan forming a partnership with the Zcash developers to themselves incorporate it in their systems make it a very credible venture which helps more and more people to trust it. Although this open source decentralized venture actually has a company backing it, people are concerned about the criminal activities that might take place on this platform. Only time will tell how things roll out for Zcash in the future.

Altcoins

Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

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There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

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Altcoins

Cryptocurrency Market Updates: Bitcoin May fall further

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The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

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Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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