Blockchain News, Cryptocurrency, Ethereum News

Fastest Rise to the Top: Why Zcash (ZEC) is Taking Over

Zcash got a major boost recently when the Zcash Investment Trust was launched by the Grayscale Investments, LLC, a wholly-owned subsidiary of Digital Currency Group, Inc. This makes Zcash (ZEC) only the third digital currency to receive this backing by the trusted investment group after the Bitcoin Investment Trust and the Ethereum Classic Investment Trust.

The objective of the Trust is to have the shares to reflect the value of the ZEC, Zcash native cryptocurrency, held by the Trust. It will provide a convenient and cost-effective alternative way for investors to invest in Zcash.

Such is the confidence that major corporates have in Zcash (ZEC), a revolutionary cryptocurrency that has been around for just about a year and in this short time has garnered support from major institutions as well as the public.

Image 1 – Zcash (ZEC) Source: https://coinmarkecap.com

Replacing Bitcoin
Bitcoin has had a major advantage over most digital currencies in that it was the first currency that was released to the public and as such it has a wider user base. This has led many institutions to pick it as their cryptocurrency of choice for transactions in their portals. One of these is OpenBazaar which recently announced that it would integrate ZEC into their platform. OpenBazaar has been using Bitcoin since it was launched but it admits that Bitcoin is limited by many factors that make it unsuitable as a payment mode. The best alternative is Zcash which is easy to use and whose transactions are very fast.

OpenBazaar is a platform that is open to the masses where any seller can list and sell his items in exchange for cryptocurrencies. It is a decentralized platform that is not under any regulation and has been recognized as a hybrid of eBay and the dark web.

Privacy is key
Zcash was developed as a result of Bitcoin’s effort to seek more privacy for their transactions. The Zerocoin protocol which was spearheaded by Mathew Green, a John Hopkins University professor sought to ensure privacy by the use of a mixing service that would be stored on the Bitcoin network but later spun off into its own independent cryptocurrency. This makes privacy and security the most important things for Zcash. While the payments made on the Zcash blockchain are public, the sender and the recipient remain anonymous as does the amount transacted. This protects the users against unwanted breach of privacy. Users may, however, decide to make transactions open to other users but this can only be done on the user’s volition.

zk-Snarks
To ensure that their platform is 100% private, Zcash employed the zk-Snarks proofs. This is a construction of proof where a user can prove that he possesses certain information such as a secret key without necessarily having to reveal that information and at the same time avoiding any contact or interaction between the verifier and the user. This ensures that shielded transactions are fully encrypted but at the same time they are still verified under the network’s consensus algorithm rules.

Invest in Zcash
In just one year, Zcash has gone on to command a market capitalization of $900 million, a fete that takes most currencies more than five years to achieve. The price currently stands at an astounding $341 and has been going up steadily since release. This trend will not slow down as more corporates and individual users turn to ZEC and abandon Bitcoin as their medium of trade. This currency is still young and is developing every day and with the kind of team it has behind it, Zcash will eclipse most digital currencies both in price and market domination. Do not be left behind by the bandwagon, invest in Zcash today.