Zcash: From Cashless to Zero Cash
Revolution of Blockchain assured investors of cryptocurrencies of privacy and confidentiality. They believed this scientific algorithm was sturdy enough to protect their transactions, keeping them safe. However, one can trace all kinds of digital traffic, even in cryptocurrencies like BTC, through a Blockchain to ascertain the transferor and transferee’s wallet address.
So then what is safe?
It is the same difference as between HTTP and HTTPS protocol. The “S” here is for that additional encryption support that ensures the transaction is safe and fully kept confidential. Zcash operates on the same lines. Zcash (ZEC) is one such cryptocurrency that offers the same benefits of security and an entirely private crypto usage based on encryption technology – zk-SNARKs.
Zcash: Footprints on TechWeb
Navigation on the history of this highly reliable cryptocurrency can be traced back to an appearance of Zerocash cryptographic protocol, which was a prized development by Professor Matthew Green and his graduate students, Christina Garman and Ian Miers, from Johns Hopkins University in Maryland. Even though in the beginning it was used as an add-on for Bitcoin, later it developed in various stages with all permissions and community approvals reaching a mutual consensus. Finally, Zcash was announced on 20 January 2016 as a sovereign crypto asset.
By September 2016, Zcash had established its position as some asset similar to the major coins even though the mass adoption took some time. A month later, in October 2016 official announcement was made by Zerocoin Electric Coin Company to declare Zcash as the currency of “Here and Now” to invade markets with developers singing the saga on how it would transform the lookout of all those who still depended on fiat or other crypto coins like Bitcoin conventionally.
Setting the Stage for Migration: From Bitcoin to ZEC
The paradigm shift from Bitcoin to ZEC has transpired primarily owing to the framework ensuring crystal-clear transparency and complete transaction confidentiality in the network. Even though transactions are recorded in the general blockchain, neither the sender nor the recipient and not even the amount transferred is in any way apparent to other users on the network.
Zcash is based on cryptographic methods that ultimately rely on zero-disclosure evidence, thereby allowing mathematical consistency of the entire transaction procedure, which is cross-checked without revealing any data or message/password on the other party involved in the transaction.
A salient feature of ZCash is the use of special transaction block headers, zk-SNARK protocol, notes, JoinSplit descriptions, to name a few.
Zcash is a bi-product of sheer hard work and core expertise of scientists from renowned universities of MIT, the University of Tel Aviv, Technion, University of California, Berkeley, to name a few who have burnt their midnight oil to ensure the finest detail on ZEC coin and that the algorithm comes out flawless. Hacking such a system is virtually impossible.
The creation time for a block is fixed and takes no more than 150 seconds. As a result, transactions are four times faster than in the Bitcoin network.
Power in the user’s hands is another characteristic of Zcash as one can’t trace the information on the recipient. The original client program requires you to store a blockchain of no more than 10 GB, which by no means is comparable to the BTC wallet’s 200 GB.
Interoperability of all ZEC coins is another gain. Zcash has regular upgrade schedules, which means this protocol is adaptable to meet the various use cases of today, as well as the unforeseen use cases of tomorrow.
Zcash Community: A Close-Knit Interwoven Mesh
Zcash is also self-funded with strong community governance that aligns the incentives of key stakeholders. Zcash’s governance structure is inclusive and capture-resistant. With the Canopy upgrade, a new community development fund is secured from 2020 to 2024. With Major Grants fund, at least USD20 M is ear-marked for future Zcash development, decentralizing the ecosystem.
Technical Analysis & Forecast: Zcash (ZEC)
Zk-SNARK encryption technology gained a lot of traction at the time of the launch of Zcash in 2016. At that time, the ZEC price jumped to 4000 USD. However, gradually it stabilized to its significant resistance level of 40-50 USD. Going by the technical analysis, prediction, and scientific algorithm fundamentals, ZEC has garnered a top position in the cryptocurrency market among the top 10 coins. Partnerships with American Finance Giant JP Morgan gave another boost to the price of this coin.
Based on news updates and price analysis, the Market Cap around January 2018 end was 2.5 billion USD for ZEC coin. The price per coin then had a significant change and reached almost 700 USD. However, due to the bearish phase, it marked a cryptocurrency price fall and reached 60 USD in the same year December.
Zcash price today is around $70 with a market cap of 676,462,726 USD, a trading volume of 491,266,414 USD, and a circulating supply of 10,298,000 out of 21,000,000 coins; the exchange rate of one ZEC token equals 65.69 USD / 0.005106 BTC. To know the exact value in BTC of the current price, users should use a currency converter like the Zcash converter. As per the current price forecasts and market scenario, the major coins might reflect positive momentum.
Just before the pandemic spread in the last Quarter of 2019, the exchange rate of Zcash (ZEC) share reflected a price drop by reaching USD 40. During the peak crisis, it slowly regained its position along with its price increase and market capitalization.
Zcash (ZEC) Price Prediction 2020
The exchange rate of Zcash (ZEC) grew from USD 27 in January to USD 75 on February 13, an almost three-fold increase in prices. However, as the entire crypto market declined, Zcash followed. The asset’s price decreased to establish a new all-time low, the price of Zcash (ZEC) fell to USD 18.94 on 13 March. After that, the market turned positive, and Zcash price grew along with Bitcoin’s, reaching the USD 100 mark by August 06, 2020. That was followed by a pullback to the USD 50 support level by late September by halving. Currently, as per our Zcash price prediction 2020, the asset is bullish, trading around 60-75 USD range and trying to break through the max price limit and upper resistance of the trading channel.
Zcash Price Predictions for 2021
As per the one-year Zcash forecast, the price is predicted to touch 142 USD by the end of 2021. As per our prediction, the predicted high price for 2021 might be around $143, and on the downside, the low price might be around $112. As per 2021 forecasts, the ZEC coin might be a profitable investment.
Zcash Price Predictions for 2022
As per the 2022 Zcash price prediction, the Zcash price might trade around 65 dollar by the end of 2022, and it will be the best investment as per our forecasts if traders use proper investment strategy. As per our price predictions, the predicted high for 2022 might be around $80, and on the downside, the low price might be around $63.
Zcash Price Predictions for 2023
As per the ZEC price prediction, ZEC might continue the downward trend, and as per our forecast, by the end of 2023, it would be able to touch the price of $30. The predicted high for 2023 predictions might be around $32, and on the downside, as per our forecast, Zcash price might trade around $25.
Zcash Price Prediction for 2024
As per the ZEC/USD predictions for the account of the 2024 year, the price might reach $71 by the end of the year. As per our Zcash price prediction & forecasts, the predicted high for Zcash forecast 2024 might be around $72, and on the downside, the low might be around $57 for the price of Zcash.
Zcash Forecast for 2025
As per our 2025 Zcash price prediction, the price of Zcash price might reach $85 on the upside, while on the downside, the price of Zcash might fall up to 70 as per our USD predictions.
Astrology Zcash: Forecast for Upcoming Years:
“The price of Zcash will continue to trade moderately without any significant change in Q4 2020 and will trade around the USD 50-68 range by December 2020. For the next few years, $50 is the lowest possible exchange rate for Zcash due to halving and may grow from USD 70 in 2021 to USD 100 in 2023.”- Trading Beasts Zcash (ZEC) price forecast for 2020, 2021, 2023, 2025, 2030
“ZEC is a bad long-term investment option taking it to halving events. Zcash will drop to USD 60 and even as low as 1 dollar by 2025.”- WalletInvestor Zcash (ZEC) Price Prediction for 2020, 2021, 2023, 2025, 2030
“Although there could be a drop in ZEC exchange rate to 34.29 USD due to halving in the upcoming week, for the next few years, ZEC price will skyrocket and even will grow to 355.72 USD exponentially in 1 year and will continue growing to 1,444 USD by 2025.”- CoinSwitch Zcash (ZEC) Price Prediction for 2020, 2021, 2023, 2025, 2030
ZEC: The Final Price Prediction Verdict
Undoubtedly Zcash has great potential and would tend to be the most attractive cryptocurrencies mainly for the reason of high transaction security coupled with speed scaling a peak of 200 USD for sure on a more in-depth technical analysis for short-term price changes. What remains to be seen is how the mining gets the attention of Governments worldwide and whether they too recognize the inherent value of this crypto asset at par with other valuable assets like Gold. No wonder the ever-active team of qualified mathematicians and cryptographers are developing and maintaining the cryptocurrency.
FREQUENTLY ENCASHED QUESTIONS WITH ZCASH
How can I acquire Zcash (ZEC)?
You can buy ZEC from cryptocurrency exchanges or through other ZEC owners’ site by exercising caution. You can also acquire Zcash by mining Zcash. Mining Zcash lets you earn tokens while taking part in securing the decentralized network.
How do I install a Zcash wallet?
There are a variety of third-party wallets for storing and sending ZEC. When choosing a wallet, you have several options in terms of custody (custodial vs. non-custodial), operating system (desktop, iOS, Android), and shielded support.
What is the difference between shielded and transparent Zcash addresses?
Addresses that start with “t” behave similarly to other coins like Bitcoin, exposing addresses and balances on the blockchain, and we refer to these as “transparent addresses.” Addresses that start with “z” include the privacy enhancements provided by zero-knowledge proofs, and we refer to these as “shielded addresses.
Does Zcash coin offer complete anonymity for all transactions?
Zcash enhances privacy for users by encrypting sender, amount, and recipient data within single-signature transactions published to its public blockchain ledger, specifically for transactions involving shielded addresses.
How can we determine the amount of ZEC/USD in circulation within transparent and shielded pools?
Zcash miners validate every on-chain transaction. Transactions that involve a shielded address (either sending or receiving) come with zero-knowledge proof. The zero-knowledge proof ensures that the transaction doesn’t violate the “conservation-of-money” rule, i.e., proof that the money coming out of the transaction is less than or equal to the money going into the transaction.
Where can I use my Zcash?
Zcash is supported by top cryptocurrency payment providers, including Flexa and Gemini Pay. Today, Zcash can be used at more than 39,000 major retail locations, coffee shops, movie theaters, and more.
Conclusion: Decide: It is Zcash Way or No Way
It would not be a surprise to say that simultaneously the successful development of Bitcoin, Zerocoin, and other cryptocurrencies have been instrumental in shaping the adoption and performance of Zcash as well. ZEC’s minimum transferable value is ten minus eight degrees, or a zatoshi, similar to Bitcoin’s Satoshi.
While the privacy element of Zcash has been luring investors now for years, many BTC users even call it a substitute to Bitcoin.
Calling Bitcoin a digital Gold was not an overstatement,
Calling Zcash a Gold Mine will not be an exaggeration either.