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Zcash is a privacy-protecting, digital currency built on strong science. It is Bitcoin forked and uses zk-SNARKS (Zero-knowledge Succinct Non-Interactive Argument of Knowledge proofs for privacy).
Unique features of Zcash are
Low transaction fees
Optional privacy
Z-addr to t- addr transactions
t-addr to z-addr transactions
Hides sender and receipt address and also the amount sent
Zero-knowledge proof is a method or process where one person (the prover) can prove to another party (the verifier) that something is true without revealing any information apart from the fact that this specific statement is true.
There are four types of transactions in the Zcash network
Public transactions - where all transactions and amounts are revealed.
Shielded Transactions - Zcash supports two types of addresses "t-addr" or transparent address and "Z- address "or shielded addresses. Transactions happen between "t addr " to "z-addr''.
Deshielded transactions - Private address to Public address, where the transaction amount is revealed through the deshielded transaction but the total balance in the private address gets shielded.
Private Transactions - z to z-addr where both addresses and transaction amount gets encrypted and not public visible.
|
|
Zcash |
XMR |
|
Consensus mechanism |
proof of work |
Proof of work |
|
Privacy mechanism |
zk-SNARKS |
Ring signature |
|
Block time |
2.5 min |
2 min |
|
Transaction cost |
Low |
High |
|
Privacy |
transactions can be public or private |
Private by default |
Zcash Scalability and transaction costs:
New blocks are created roughly every 150 seconds and the maximum block size is 2 MB. The average time needed to create a private transaction is 60 sec. Zcash Transaction per second is 27 and transaction cost is $0.001.
Pros
- Selective Privacy
- High anonymity
- Zcash has proper wallet support with Ledger Nano S and Trezer.
- Low transaction fees
Cons
- Requires trusted setup
- Proof sizes are large
- Takes a longer time to create the private transaction
Technical Analysis:
ZECUSD pared some of its gains after showing a minor jump above 100-day EMA ($80.50). The overall trend is slightly weak as long as resistance 108 holds. The near-term resistance is around $82.50, any breach above targets $91.65/$100.
On the lower side, immediate support is around $66. A breach below that targets $58/$50.
