A lot of people who started using bitcoin were worried about how many checks the user has to go through before they can guarantee whether or not the transaction was anonymous. People are worried about anonymity with their cryptocurrencies. There are other companies out there who are currently trying to provide a cryptocurrency that provides total entity to its users. And we have to understand that complete anonymity is not something just for criminals. There are many legitimate reasons why you would want to have financial privacy. In a data central world financial transaction data needs to be much more secure than it currently is. If you stop, for example, at an adult store and you buy something using your credit card, that credit card brings with it a digital trail inside of the merchant purchasing system. If that’s billing server is hacked or your payment processor is hacked then that data is now made publicly available online. Now you might not have an issue with the fact that you stop an adult store to make a purchase but this could compromise a relationship you have, lead to public embarrassment among friends and family, potentially even compromise your career. While this is a simple example of the points is still quite relevant: your spending habits can quickly become public knowledge. We too often forget that this can be the result of any random transaction made online or in a physical store. As more people are making transactions online we need to make sure that cryptocurrencies provide us with anonymity. This particular cryptocurrency known as Zcash is one of the most popular anonymous alternative cryptocurrency on the market.
What is ZCash?
This particular cryptocurrency is a decentralized and open source currency which gives you better privacy protection. Transactions are shielded so that the value is hidden, the recipient is hidden, and the sender is. This is a secure transport for your money. It is pure to peer-based just like bitcoin but the sole focus of this particular cryptocurrency is privacy and anonymity for all of your transactions. This particular cryptocurrency actually came out a bitcoin was launched last year 2016. Prior to that it was known by the name “zero coin”. It uses a special cryptographic protocol which will shield your information as the sender, your information as the receiver, and the amount that was sent between the two of you. This open cryptocurrency project has a special protocol which guarantees your privacy. By design it provides optional anonymity and privacy features so you don’t necessarily have to use them but they are provided if you want to use them.
How does it work?
This works by using a special protocol developed in the year 2014 by research photographers and scientists from MIT in conjunction with Johns Hopkins University and Tel Aviv University. The construction allows the network to maintain a secure ledger without disclosing the information involved. It also lets you send public payments while shielding the addresses and the amount. Again you can choose not to shield everything that there are options to shield it if you want. The team is a collection of engineers, scientists, and advisers all of whom work together all over the world. Even though it is open source there is an official company behind this cryptocurrency which is unique but not necessarily bad.
Right now this particular cryptocurrency has a maximum supply of 21 million points just the same bitcoin. It is expected that by the year 2032 the 21 million coins will all the mine.it uses a unique funding approach and distribution approach. This company started with a closed investors group funding $1 million for the development of the alternative cryptocurrency. These investors were given a 10% report from the total supply over the span of four years. So, whatever amount is mind for the first four years, 10% of that is incrementally distributed to the initial for investors. This means that 2.1 million is being distributed. Right now the total circulating supply is over 2 million coins currently priced at $288 each. This means that right now the market is $662 million.
How to buy it
This is an alternative cryptocurrency so buying it directly with your fiat currency is greater. There are many buying and exchanging options though if you want to exchange other coins. Changelly is one of the most popular platforms for this. They are also incredibly simple which is why they are so popular. If you want to change something like bitcoin to Z cash then all you have to do is use your address for where you want to see the cash coins to go and then exchange your coins or other alternative cryptocurrency coins. It is literally that simple. Shape shift is another platform through which you can make such an exchange online. Shape shift is the second most popular and it supports 30 cryptocurrencies. You will get a better exchange rate and you can track your transaction history with you use this particular exchange. There are a handful of other exchanges out there should you choose to use them. It is really up to you to figure out which exchange supports the pair you have.