Published on October 30th, 2018 | by Guest0
Want to operate privately in crypto market? Here is your fix.
Cryptocurrencies have been known to serve business agendas of all kind. Be it the usual transfer of crypto coins for transactions involving goods and services or investing, there are cryptocurrencies available to cater all needs. Although, the underlying base for all cryptos are same i.e. to serve as the virtual currency. However, there are certain distinct features offered by different cryptos that may be of particular interest to like users.
In this article we will focus on one particular feature which could be the key component for several users which is Privacy.
Zcash is a privacy-protecting digital currency built on strong blockchain platform. Using its network, you can transact efficiently and safely with low fees while ensuring digital transactions remain private. It offers the option to selectively share address and transaction information for auditing or regulatory compliance.
The protected Zcash transactions provide complete privacy. Like Bitcoin, data related to Zcash transaction is posted to a public blockchain; but unlike Bitcoin, Zcash is designed to ensure your privacy and transaction data remain completely confidential. Its zero – knowledge proofs permit the transactions to be verified without revealing the sender / receiver’s ID or transaction amount. Selective disclosure feature which is embedded in Zcash allow a user to share some transaction details, for purposes of compliance or audit.
Zcash also permit for crystal clear transactions, to accommodate for wallets and exchanges that don’t support private transactions. Being among the top cryptocurrencies, ZCash can be easily traded at any of the major cryptocurrency exchange like CoinSwitch.
Zcash Features and Capabilities
Low Fee Transactions
Zcash supports fast transactions with a low fee of .0001 Zcash and it is supported on a large number of top wallets and exchanges.
Address and Transaction Privacy
Zcash offers two types of addresses: shielded and transparent. Shielded addresses are not visible and transactions between shielded addresses do not disclose either address, the transaction amount or the contents of the encrypted memo field. While, transparent addresses and transactions between them are publicly viewable on the Zcash blockchain, in the same way that Bitcoin addresses are viewable.
A memo field is accessible for shielded transactions. This lets the sender to include relevant information to the receiver, completely encrypted. This is useful for passing along messages and instructions, or to ensure compliance with the Bank Secrecy Act “Travel” rule.
Owners of shielded addresses can disclose transaction details for regulatory compliance or auditing. The owner has the choice to disclose all incoming transactions and the memo field, but does not have access to the sender address unless identifying information is included in the memo field. Zcash is supposed to support full viewing keys that reveal all transaction values in and out of the address in near future.
At the option of either the sender or receiver of a transaction may disclose transaction – specific details to 3rd parties as may be needed for visibility, compliance or auditing. The receiver may reveal a transaction value and memo but does not have access to the sender’s address. This is presently an experimental feature.
Zcash supports transaction expiration to minimalize the impact of a non – mined transaction. By default, a transaction will expire and funds unencumbered if the transaction is not mined after 50 minutes (20 blocks).
Zcash supports transactions that require multiple signatures. This implies that a transaction may require two or more parties to agree to the transaction before funds are sent. However, multi – signature transactions are transparent and cannot be made private.
Having discussed all the features of Zcash, it is completely clear that it is the cryptocurrency just like the ace crypto Bitcoin, but in addition it provides a considerable distinct feature. Also, it is tradable in the same way as other cryptocurrencies. You can buy Zcash with credit card or any other fiat currency. Additionally, you can visit CoinSwitch to check the current ZEC to BTC rate.