What is Zcash (ZEC)?
-A decentralized and open-source cryptocurrency that provides strong privacy protections.
-Shielded transactions hide the sender, recipient, and value on the blockchain.
-If Bitcoin is like http for money, Zcash is https—a secure transport layer.
Zcash is a cryptocurrency that grew out of the Zerocoin project, aimed at improving anonymity for Bitcoin users. The Zerocoin protocol was initially improved and transformed into Zerocash, which thus yielded the Zcash cryptocurrency in 2016. The founder and CEO of Zcash is Zooko Wilcox-O'Hearn. Its founding team includes cryptographer Matthew D. Green from Johns Hopkins University. Roger Ver was one of Zcash's initial investors.
Zcash payments are published on a public blockchain, but users are able to use an optional privacy feature to conceal the sender, recipient, and amount being transacted. In the first 4 years, 20% of the coins created in that period are allocated to a "founders' reward" shared between investors, developers, and a non-profit foundation.
Zcash affords private transactors the option of "selective disclosure", allowing a user to prove payment for auditing purposes. One such reason is to allow private transactors the choice to comply with anti-money laundering or tax regulations. "Transactions are auditable but disclosure is under the participant's control." Wilcox has hosted virtual meetings with law enforcement agencies around the U.S. to explain these fundamentals and has gone on the record of saying that "they did not develop the currency to facilitate illegal activity".
Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. Some of the content may be out of date, error, or omission. Huobi does not take responsibility for any resulting direct or indirect losses.
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