Now there are a lot of projects on the crypto market that can provide their users with full or partial anonymity. One of these very interesting projects is the Zcash cryptocurrency (ZEC), which has long been firmly established in the market and has received the trust of a large community. The main reason for the demand for this project is completely untraceable transactions, which allow you to hide all your financial transactions within this network with a 100% guarantee. But this is not the only advantage of ZCash.
For 2017, the ZEC currency was able to grow by 1400%, starting trading at the beginning of the year from 50 US dollars and reaching its peak of 680 US dollars. Thus, ZCash can also be considered a fairly profitable digital asset, which will not only guarantee anonymity, but also help to increase your deposits several times.
The ZCash cryptocurrency appeared on the digital market quite recently — in 2016. However, the development of the project began much earlier — in 2014.
From the very beginning, the programmers decided to take the creation of their digital asset seriously and develop a special protocol for ZCash called Zerocash. It took quite a long time to improve it, which is why ZEC was released only two years after its creation.
In 2014, the development team was able to improve the protocol, achieving effective privacy protection. Thus, the electronic currency Zerocash appeared, which was similar to Bitcoin.
In January 2016, the creator of ZCash, Zuko Wilcox, announced the release of his new system, which was called ZCash (symbol ZEC). First of all, it was a hotel monetary unit, and not another typical payment system that copies Bitcoin.
The official release of ZCash on the market can be considered October 28, 2016. After two months of proper operation of the company, special equipment for ZCash mining was released, and immediately after that, the increased promotion of this Blockchain project and its development began.
This is the first decentralized digital coin with a unique open-source Blockchain that provides complete anonymity of transactions. First of all, the developers had the idea to create an anonymous currency that solves the problem of Bitcoin, which is the ability to track the owners of certain wallets. After all, as you know, Bitcoin was not originally created as an anonymous currency.
The main feature of ZCash is that an open Blockchain system is used for transfers, but the name of the recipient/sender and the amount of funds transferred are kept secret. The developers achieved a similar principle of network operation using the cryptographic method of zero-knowledge proofs, which is also called "zk-SNARK". It allows you to confirm all transactions on the network, keeping the details of transactions closed from prying eyes.
ZCash may also be interesting for its technological feature-the presence of "XCATs", which allows cross-platform" atomic transactions " (where transactions are performed completely or not at all) between users without using a centralized exchange.
The ability to create applications using this Blockchain technology, using the method of proof without disclosure; the ability of the system to work without linking coins to the entire history of the network.
It's no secret that ZCash is very actively used in the darknet as a currency for paying for various illegal things. On the one hand, this adds to the bad reputation of the ZEC currency. On the other hand, the lion's share of investments in the ZCash asset is carried out precisely at the expense of the darknet.
This is a very promising cryptocurrency due to its complete anonymity
Now there are a lot of services that provide the ability to store ZEC online. The most common ones are:
To use these wallets, you need to install one of the suggested options on your PC operating system and then follow the simple registration instructions. As a result, you will receive the necessary keys and addresses to transfer your cryptocurrency to your wallet.
Plus, these wallets are fast and convenient. Minus — there is a certain possibility of hacking your account by scammers, since e-wallets require an Internet connection. To install a wallet where you will store cryptocurrency, it is best to use a separate laptop, on which at least an antivirus will be installed and network security rules will be observed.
Another option to store ZCash is to use the local official wallet from the developers of this cryptocurrency, which has the name "Zcash4". However, to use it, you will have to download the entire ZEC Blockchain, which will take quite a lot of time and a lot of free hard disk space. This is the main disadvantage of a local wallet. One of the advantages is high security.
Finally, ZCash storage is supported by hardware cold storage wallets such as Ledger and Trezor. This is the most reliable way to store your cryptocurrency, but you will have to pay about $ 100 for such a wallet.
There is another good option for storing ZCash online, this is the Coinbase multicurrency wallet. What is convenient for such a wallet? First of all, if you are going to store not one cryptocurrency, but many different cryptocurrencies, having a multi-currency wallet, you will not have to start a separate wallet for each crypto coin, it is very convenient to store all the coins in one place. This is a good, convenient and reliable wallet, it allows you to enter any minimum amount without commission. For the withdrawal of funds, there is a small commission that miners receive, there is a safe on this wallet.
If you plan to start a ZCash wallet to collect coins from faucets, then Coinbase is a very good solution.