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What is ZCash? – Definition, Kinds, and More

What is ZCash? – Definition, Kinds, and More

Definition of ZCash

ZCash is a cryptocurrency with decentralizing blockchain that provides anonymity for its users and transactions.

As the digital currency, ZCash is similar to Bitcoin. Like Bitcoin, ZCash also and including its open-source code.

Also but the significant differences lie in the level of privacy and fungibility that each provides.

How to Kinds the ZCash?

Bitcoin’s success paved the way for hundreds of alternative cryptocurrencies, including ZCash, to emerge.

Also, the demand for privacy increased as cryptocurrency users understood that their transactions were easily traceable in the blockchain.

And ZCash found in October 2016 in response to internet users’ demands for an open financial system with added privacy features.

Also, Bitcoin the pioneer in the open financial system; ZCash seeks it maintain the same structure as Bitcoin but with privacy and fungibility as adds the feature.

And fungibility refers to the ease with which one commodity can substitute for another. And money–whether it gold and fiat currency like the U.S. dollar–is fungible because we can trade it for anything else.

Because the fungible instruments are susceptible to fraud and theft.

And gold saves in underground vaults. And fiat currencies require constant surveillance by treasuries and the central banks.

Also, Bitcoin’s solution to fraud and theft makes all transactions transparent and one hundred percent traceable. And unfortunately, Bitcoin’s deprecation of privacy is also a flaw that it has sought to solve.

Some of Bitcoin’s original users mistakenly believe that because wallet addresses were pseudonymous, that using Bitcoin was anonymous.

However, legal action against darknet sites like the Silk Road proved.

And also that all it takes is a small amount of information to reveal the true identity behind the Bitcoin wallet.

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