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Tuesday, June 6, 2023

Anonymous Transactions and Zcash (ZEC)

Quite a popular belief among the masses specially who are new to the field and industry of cryptocurrency is the fact that everything is anonymous and the transactions cannot be found and linked to its users. This idea has been bought by many people and believe it until they become a part of the community itself.

Every user has an address and those addresses are used to send or receive cryptocurrency i.e. carry out transactions. These addresses are unique to each user. The transaction details are available to the public through different websites like bscscan and etherscan that list the details of transactions and wallet details. These addresses can be then tracked via different methods. But what if you don’t want people to know about your transactions and the details of your addresses? For this, you would need a block chain that doesn’t list these details out to the public. Zcash is one of such blockchain networks.

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Zcash and the way it works

Zcash is a blockchain that operates on zero-knowledge proof (a protocol in which a statement (transaction is true without providing any proof other then the statement itself) and zk-SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge). Where other blockchain do release the transaction details and addresses linked to different wallets, Zcash by default doesn’t release this information to the public. However, for regulatory compliance and auditing, this information is released.

Transparent and Shielded Transactions

Transparent and Shielded transactions are the method Zcash can be used. In transparent transactions, people can observe the public addresses. On the other hand shielded transactions allow the use of zero-knowledge proof and zk-SNARK to completely hide the details of the transactions.

The native Token Zcash (ZEC)

The native token of Zcash is ZEC. At the time of writing, ZEC is being traded at the price of $105.29 with an increase of 2.95% in the past day. The coin went to the highest price of $372 during the month of May 2021. The coin had created a bottom of $83 during the retracement after ATH but currently is doing a lot well as compared to some of the other coins in the market. According to coinmarketcap at this moment the circulating supply of ZEC token is about 12M with a max supply of almost 21M. The total market cap is around $1.3B and has a market dominance of about 0.07% with being ranked at 72.

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