Zcash review: Where to buy Zcash and How to mine Zcash?
The boom in Bitcoin in 2015 didn’t go unnoticed. Every Tom Dick and Harry is now aware of cryptocurrency. The concept of mining was no alien. But was it just Bitcoin? No, it wasn’t, other Cryptocurrencies like Ethereum and Zcash as well drew attention. Zcash is just like every other booming cryptocurrency in the market but comes with some features which differ very less from the crypto giant ‘BITCOIN’. This cryptocurrency is considered as the clone of the BTC and is forked from Bitcoin codebase 0.11. Reddit users call Zcash ‘untraceable’ because of its feature of anonymity. Just knowing that even there is a cryptocurrency named Zcash is not enough. If you want to know where to buy Zcash or how to mine Zcash, we have got you covered. So in the review, topics such as Where to buy Zcash, How to mine Zcash, How it works etc will be discussed. Also, as the media platforms represent the thinking of society’s people so the comments of Reddit users will also be discussed.
What is Zcash?
Zcash (ZEC) was launched on 28th October 2016 and has a heavy team working on it. Zcash’s code is open source which is not normal these days and the company is expected to be spending 10% of its coins in funding costs and 1% in non-profit organizations. The cryptocurrency uses a unique kind of cryptographic technology know as Zero-Knowledge proof, guaranteeing minimal leakage of information and validating the transactions. This technology ensures that the name of the sender or receiver or even the amount to be transferred is not disclosed to anyone which empowers the users to execute their transactions without any fear and with full privacy.
Who is behind Zcash?
When it comes to the Zcash team, the company maintains complete transparency of who is working or had worked in the company. The team is highly qualified and experience to deal with various real-world problem in financial sectors like privacy, anonymity, and security. Among the dedicated team, there are some renowned advisors like Vitalik Buterin and Gavin Andersen. Buterin has a past experience of programming and is a writer who was behind the inception of Ethereum and Bitcoin magazine. Gavin Andersen, a well-known software developer who graduated from Princeton University and is the co-founder of Bitcoin developer. Zooko Wilcox- O Hearn is the leading Zcash computer security specialist who has designed a number of decentralized and secure network protocols.
The cybersecurity expert, Jack Gavigan who is working as the COO of the company put all his efforts for enriching the financial technology and dwindling away any risk of cybercrime. After Ph.D. in Applied Science from a popular New Zealand university, Jack Grigg works as the Blockchain engineer in Zcash. It gained a lot of traction in the news when the cryptocurrency managed to fundraise a lot not by crowdfunding but by reaching out private investors. As per the news, Roger Ver, Erik Voorhees, Pantera Capital, Digital Currency Group, Barry Silbert and Naval Ravikant are some of the major investors in the cryptocurrency platform. These include cryptocurrency start-ups as well as well-established ventures.
Zcash Market Stats and future trends
The current market price of Zcash $181.71 USD and the market capitalizations (18.04.2018) is about $668,248,746 USD. There are around 3,677,556 ZEC in circulation at the moment. The Crypto coin reached its peak value in the month of January 2018 which was around $876 USD. According to the technical analysis done on Zcash, the cryptocurrency is an excellent long-term option for investment. The price prediction shows that by the start of the year 2023, the price of the cryptocurrency would be $1982 USD. With an investment plan of 5 years, the revenue is expected to be +991.72%.
How Zcash works?
Zcash has all its information encrypted, unlike Bitcoin transaction chain where the data is publicized and you know how money is floating in the air. Zcash uses a foolproof security system named zk-snark. This keeps the network secret and doesn’t disclose the owners or amount transactions involved. This happens because of zero-knowledge proofs, where the person has the ability to sell the Zcash and the balance values show that they haven’t spent before. Zcash, unlike other Cryptocurrencies, has done something different by taking funds from the investors to create the cryptocurrency before the release. It was made sure that the company gets cut from the cryptocurrency mined by every individual. In order to achieve this, the company made arrangements in such a way that for a unit of Z currency one mined in first 4 days, the company would get 20% of the mined currency which accounted a total of 10% of total supply. This approach can be seen as a sensible one when long-term goals of the company are taken into consideration i.e. the company aims to succeed by funding itself for the purpose of development and research.
Zcash Vs Bitcoin: How Zcash stands out against Bitcoin?
The Zcash total coin supply was estimated to be 21 million like Bitcoin, and the same issuance rate was followed with 21 Million ZEC being issued over 131 years, but unlike Bitcoin, instead of having 10-minute blocks, Zcash has a 2.5-minute block gives 4 times bigger block rewards that halve every 4 years. The major difference could be seen in the way ZCash was planning to reward the investors and workers in the company by means of a tax on mining rewards called “Founders reward”. So, there is much more scope for miners in Zcash as compared to Bitcoin. A negative outcome of using Bitcoin is that the savvy criminals can maintain a high level of anonymity and carry out fraudulent activity. This is due to IP cloaking and coin mixers and the normal user gets no privacy in Bitcoin. As the normal user doesn’t change their default setting, vulnerability is set where the hackers can pick the most valued victims (the one which has the most money). Zcash stops this exploitation and allows users to see all their transactions and endows maximum level of privacy on all your transactions. Actually, the cryptocurrency is all about privacy and keeping things transparent to their users. It allows you to control and manage your transactions instead of Bitcoin where all the transactions happen through the Bitcoin network. The advanced cryptographic techniques which include zero-knowledge proof assure the validity of the exchanges without revealing additional information about the sender or the transaction.
Does Zcash have a Smartphone app?
Zcash has a third-party wallet app which is called as Zcash wallet. This app allows the user to store, send and receive ZEC coin with a simple interface crafted by the Freewallet team.
Freewallet Zcash wallet app
In this wallet app, you can log in with any of your Gmail, Google+, Facebook credentials or mobile number and send ZEC to any wallet address. Also, you can check the complex ZEC graph and charts in real time and top up your wallet with any currency any time. The app is completely secured with two-factor authentication, fingerprint scanner or PIN and email notifications. The wallet app also provides you with QR scanner support and the ability of manage app in a wide range of languages. The Zcash service is also a thing to look for where the support team is always ready to help you with a quick and impeccable solution. Also, it is a one-stop wallet solution for ZEC miners.
Where to buy Zcash?
If you are amazed with its hacking-proof concept and optimum privacy techniques, you must be thinking where to buy Zcash? Zcash can be availed through fiat currencies or can be traded in trading airs in many popular cryptocurrency exchanges. First of all, before heading to an exchange you have to create a wallet to store the ZEC coins or use it for purchasing ZEC. Here is the list of top cryptocurrency exchange platforms to serve the solution to “where to buy Zcash” with high liquidity.
HitBTC is a popular Europe based Cryptocurrencies (C2C) exchange platform that offers high liquidity and many other features for trading in multiple coins. It also has an advanced set of tools for professional traders with a fee of just 0.1% along with a rebate of 0.01% on all orders.
The Russian company Yobit allows secure exchanging of Cryptocurrencies with fiat currencies and with digital assets. The fee at Yobit stands at 0.2% where the deposit fee is free for almost all payment methods. THE ZEC/BTC trading pair has a high trading volume and the price as of now is $182.82.
Binance is one of the most popular Cryptocurrencies (C2C) trading platforms which has a massive number of Initial coin offerings (ICOs) with a fee of just 0.1%. Also, if you use BNB for trading, the fee is halved.
With multiple fiats to crypto pairs like BTC/EUR, ETH/JPY, BTC/USD, ETH/CAD, Kraken is indeed a great exchange platform if you are looking for any specific trading pair. This China Based company offers high liquidity and is largest Bitcoin in EUR volume. The fee ranges from 0 to 0.26% depending on payment option and allows margin trading.
Where to Store ZEC?
If you have purchased ZEC, next you want to know where to store ZEC. Storing it in the exchange wallet is not a great idea due to lack of security and privacy on these websites. So, you can use these secure and compatible wallets for storing ZEC.
If you are looking for easy to use, secure and compatible wallet for storing ZEC then you must give Ledger Nano S a go. Two-layer security where you get a 4 digit PIN along with 24-word seed phrase to make all your funds safe and private.
Coinomi is a free, effective and Multi-cryptocurrency wallet with allows storing 18 coins and 214 tokens including ZEC and various language and customer support.
This is another hardware wallet similar to Ledger Nano S which supports all ERC-20 token and more than 15 coins. Although it is more reputed than Ledger, it is comparatively expensive than ledger.
How to mine Zcash?
If you are done with creating a wallet then you want to know How to mine Zcash. Well, if you have questions like is mining Zcash profitable? How to mine Zcash? Then let me tell you that there is more scope for Zcash mining than Bitcoin mining for the miners and the process is relatively easy with the former cryptocurrency. Miners are still confused about joining the mining pools and if you are new to the crypto world, you will be wondering what is mining pool? Mining pools are a group of resources which can augment your computational power and increase your odds for mining. The company uses the proof of work algorithm to monitor how much RAM a particular miner utilizes. It accompanies the slow start mechanism for the first 20000 blocks where 10% goes to the Stakeholders and 20% to the founders. The rest is kept with the miners. Here is the step by step procedure to make to make you aware of the mining pools available and mine Zcash.
Step 1: Install the Video card drivers
You have to head to amd.com to download the GPU drivers if you are aiming for GPU mining.
Step 2: Creating a Zcash wallet address
As mentioned above, you can use hardware wallets like Ledger Nano S, Trezor, Coinomi or app wallet like from FreeWallet.org.
Step 3: Download NiceHash miner
NiceHash can be used for both GPU mining and Cloud mining and is fast and secure. Download the latest release from the NiceHash website portal.
Step 4: Mining pools joining
Join a mining pool from many mining pools options like MinerGate to increase your computational power.
Step 5: Configure your Bat File
Copy the miner script on the Mining pool and save it with a “.bat” file extension. Save it and create a shortcut on your PC.
Step 6: Start mining
Click the bat file to start mining. You can monitor your earning and has rate details by heading to the Mining pool client for example MinerGate.
Those who appreciate the capability of the Bitcoin but are looking for added privacy, Zcash is a must. Zcash offers excellent mining where the start is slow but is beneficial in long run. It not just boost privacy but solves the issue of Fungibility which is lack of anonymity which is faced by the owners of digital currencies.