Digitalcurrency in users' privacy
Zcash's production team wanted to use basic bitcoin technology to improve the ability of their users to track transactions and thus protect their privacy. The digital currency market is very competitive, and Zcash, with its focus on the weaknesses of the market and its professional team, has been able to reach high rankings today.
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Know more about Zcash
Zcash Digital Currency is a forked example of Bitcoin that has entered the digital arena and the world of digital currencies more powerfully than Bitcoin. The CEO of Zcash had a lot of information about Bitcoin, so he considered the transparency and transparency of transactions to be a big problem. That's why he decided to set up a platform where people can easily do their business without any restrictions and transparency. Zcash, like Bitcoin, has a limited number of coins. 21 million coins that are being mined. Zcash also has an independent blockchain and no other currency is mounted on the blockchain.
Zcash was first introduced as Zerocoin after launch and release, then changed to Zerocash, and finally, the name Zcash was chosen for it. The interesting thing about Zcash is that it did not hold any ICOs and only had private investors who helped them, those investors were the founders of Coin Base.
What problems does Zcash (ZEC) solve?
The main problem that Zcash is trying to solve is the issue of user privacy. At the beginning of the digital currency market where Bitcoin was introduced, people mistakenly thought they were doing private trading, while the wallet address of both the buyer and the seller was displayed to all users in the amount transferred.
But Zcash is very different from Bitcoin, considering that it is a Bitcoin fork. Its smart users can transfer any amount confidentially and no one will notice.
Zcash has an extremely professional, powerful, and reputable team in this field. Zcash CEO Zooko Wilcox is best known as an American computer security expert and CEO of several startups. John Hopkins University cryptographer Matthew Green was also a member of the founding team, and Roger Ware was one of the company's initial investors. Ethereum co-founder Vitalik Buterin also joined the team as a consultant for the Z cash project.
How to extract Zcash
In the process of extracting Zcash, there are people called nodes who give their system processing power to the blockchain network and start mining. A miner uses its computer to solve complex equations. Once the equation is solved, a new block is added to the blockchain network chain.
This whole process has two purposes:
The first is to encourage miners to allocate computing power to trade in the blockchain.
The second case is the adjustment of the new ZECs that are distributed by the miners.
How is Zcash made and produced?
The mining of zcash is similar to most other digital currencies. Governments or banks are centralized institutions that physically print money. Instead, Zcash and other digital currencies take a decentralized approach. ZEC is created by its community through extraction. The basic technology behind Zcash is the same technology behind Bitcoin. Both currencies are extracted by solving algorithms using computational power.