Zcash (ZEC)
Zcash (ZEC) is a cryptocurrency that operates on the Zcash blockchain. It was launched in 2016 with a focus on privacy and enhanced security features.
One of the key features of Zcash is its emphasis on privacy and anonymity. It utilizes advanced cryptographic techniques, including zero-knowledge proofs known as zk-SNARKs, to provide users with the option of shielded transactions. These shielded transactions encrypt the sender's and recipient's addresses, as well as the transaction amount, ensuring that the details remain confidential on the blockchain.
In addition to shielded transactions, Zcash also supports transparent transactions, similar to Bitcoin. Transparent transactions operate similarly to traditional cryptocurrency transactions, where the sender's and recipient's addresses, as well as the transaction amount, are publicly visible on the blockchain.
Zcash offers users the flexibility to choose between shielded and transparent transactions, providing a balance between privacy and auditability based on their specific needs and preferences.
Zcash has gained attention in various use cases, including privacy-conscious individuals, businesses, and organizations. It provides a secure and private method for conducting transactions and storing value on the blockchain.
As a cryptocurrency, Zcash (ZEC) can be used for various purposes, such as peer-to-peer transactions, online purchases, and investments. It is traded on cryptocurrency exchanges and can be stored in digital wallets that support ZEC.
Overall, Zcash (ZEC) is a privacy-focused cryptocurrency that provides users with the option of shielded transactions, enhancing confidentiality and security on the blockchain.