Bitcoin got the ball rolling for the cryptocurrency market and the industry that surrounds it. In terms of technology, the creator of Bitcoin was a genius and was well set to radically change the financial market and the way it works. It introduced the world to the cutting-edge technology that the blockchain it is and the transparency that it offered.
But as with any invention and technology, there were quite a few drawbacks of Bitcoin. The first and probably the biggest drawback of the Bitcoin was the fact that all transactions on the Bitcoin blockchain are stored on a public blockchain under the scrutiny of anybody who wishes to scrutinise. This was an inherent cause for a lot of businesses to back away from adoption because privacy trumps new technology.
The second big flaw that the Bitcoin blockchain and environment had to deal with was the high transaction fees. The reason the transaction fees were so high is that the scope and space for scalability were low on the existing blockchain environment while volume was always on the rise.
To fix and improve upon these problems, many iterations and versions with a few variations of the Bitcoin were developed. A lot of them have seen a lot of success, but the underlying issue of scalability has been constant. Among the iterations of bitcoin, a lot of them have seen a lot of success for their innovative solutions to transaction fees and scalability.
One coin that has worked off the Bitcoin environment and improved on the privacy is Zcash. Zcash is a privacy-focussed blockchain and cryptocurrency.
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Zcash is a privacy-focussed blockchain and cryptocurrency. The cryptocurrency came into the market back in 2016 and was developed by Zooko Wilcox-O’Hearn. The Zcash environment, however, is based on the Zerocoin protocol developed by Matthew D Green, from Hopkins University.
One of Bitcoin’s biggest flaws that prevent it from mass business adoption is the fact that all transactions done on the ecosystem will be stored on the public blockchain for all participants to see. This is in direct violation of businesses’ need for privacy. Especially companies and businesses that are built around private services and tasks. Zcash allows users to transact privately on their public blockchain. All transactions done on the Zcash ecosystem are totally private and are stored under password protection.
The transactions that are carried out on the Zcash blockchain and ecosystem are published on the public blockchain. And for the users that are invested in its privacy features, can shield the sender and receiver. Basically, all shielded transactions on the Zcash blockchain and environment are completely private even though they are published on the public-blockchain for the environment to see.
Completely transparent marketplaces are not feasible. This is because of the amount of competition among ecosystems and markets right now. Another reason is that privacy is of utmost importance at this point to everybody in all markets and fields of technology. To that effect, Zcash uses a distributed ledger called the ‘zero-knowledge-ledger’ that works on top of the Zcash blockchain that allows selective secrecy. By selective secrecy, it means that the important parts and operation sensitive details of the transaction, like sender and receiver information, can be shielded and protected.
The other functionality that Zcash has is the fact that irrespective of what data is shielded, the money involved in the transactions are perfectly documented and maintained for inspection if the need arises. Which means the core of the transactions, that is the money being exchanged, is well documented on the blockchain.
The bottom line of the Zcash blockchain and cryptocurrency is that it is offering privacy services that Bitcoin doesn’t. And delivers one of the most important features to the cryptocurrency market. Privacy is of utmost importance these days and protection for all user information on the environment is essential. Zcash is very popular for its privacy-focussed iteration of the blockchain and as a cryptocurrency, the token is doing well, too.
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In the field of partnerships, Zcash has made many strategic ones. Because of their focus on privacy, the cryptocurrency stands a better chance of getting adopted for large industries when the regulation and time comes. The biggest and probably one of the more important partnerships that Zcash has struck is with JP Morgan. The partnership with JP Morgan is so that the company can use Zcash’s technology for Quorum, an enterprise-ready distributed ledger, and smart contract platform.
The second major partnership that Zcash has struck is with StarkWare. StarkWare Industries is a cryptography company. Zcash onboarded this company in the capacity of a new partner and as an advisor for the company’s further plans and executions.
For one of its projects, Zcash also partnered with the Ethereum Network. All of these partnerships, needless to say, have positively impacted the cryptocurrency and its price in the market. It is in competition with Monero and other privacy-based cryptocurrencies in the market at this point. But the edge that Zcash has over the rest is the partnership with a leading FinTech company, ie JP Morgan.
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The native token of the Zcash ecosystem is called ZEC. The token has been in circulation since October 2016 when the genesis block of Zcash was mined. The token is traded on most of the top exchanges in the market and has a very bright future in terms of growth and adoption.
For people that are specifically interested in the privacy features that the coin offers, Zcash is their go-to cryptocurrency. The cryptocurrency’s all-time high was $4,293 USD and this was when the cryptocurrency had just released, back in October-November 2016. The current price of the cryptocurrency is $108.45 USD, at the time of writing.
Zcash is likely to be listed on coinbase pro in coiming months – according to speculations.
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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