When Bitcoin entered the market nine years ago, many early adopters thought it will offer all solutions crypto. However, it missed on several by being a pseudonymous coin. The creators forgot that finances require privacy and that is where Altcoin Zcash (ZEC) comes in. Online transactions and more so blockchain based need to protect users from and security lapses.
Data harvesting instances are becoming very common and hackers are also upping their game. This is an era where the investors are keen the protection of their asset and Zcash tops in the list of top 20 privacy coins. The platforms cryptography capabilities and strengths have been tested and Zooko Wilcox, the platform CEO says the coin has filled the privacy void in the crypto-sphere.
Why Zcash Stands Out from Other Privacy Coins?
According to Mathew Green from John Hopkins University, Zcash (ZEC) is an absolute privacy platform compared to Bitcoin that is “the least private financial system ever invented.” Green, the brain behind Zcash assures users that the outfit is secure and fully private. As he founder-scientist at Zcash, the community has a lot of admiration for his input.
With the Zcash ecosystem, there is no duplicating the role of a proof and verification; these are taken care by the zero-knowledge-proof. This concept as drawn the admiration of the founder of Ethereum, Vitalik Buterin who on a tween has termed the concept as “hugely important” and “absolutely an game changer” adding that “the single most under-hyped thing in cryptography right now,” in reference to zk-SNARKs.
Byzantium has also been impressed by the technology Zcash is deploying and has seen it as the best option compared to from Ethereum. The technology captured the eyes of J.P Morgan in a partnership that will see both teams work together and come up with real world banking solutions. Once actualized, the project will be the biggest breakthrough in the financial sector that deserves privacy in their transactions.
Wilcox adds that, “it’s a mistake to think about privacy as a limitation, a specialization or a niche.” but an aspect that is “necessary for business, consumers, as well as actually necessary for decentralization.” The goal is to “deliver the benefits of an open financial system to everyone, a safe financial fabric” to the world boasting universal access and recognition.
“There will be a very long stretch of decades of coexistence. But in the long run, the open and decentralized things will subsume the closed, centralized things, which are too vulnerable to corruption and exploitation,” added Wilcox.
Zcash (ZEC) Anticipated Upgrade
To improve on the scalability and privacy, the Zcash protocol is set for major upgrade to usher in Sapling. This is a new privacy technology that will see Zcash remain the leader in the market. This will also lower the time it takes to prove to 1-2 seconds, according to Green.
With these features, users will stop to undervalue and misunderstand Zcash and this will culminated in mass adoption. At the time of reporting, Zcash (ZEC) was trading on the double digit zone after gaining 10.72% against the dollar and a paltry 1.95% to Bitcoin. The con price stands at $214.29 and set to hit the $220 mark in the coming days.
The demand for Privacy in banking and other online transactions will soon transform this sleeping giant to a household name and this could be the reason why those who are crypto aware are buying into the ecosystem as it prepares to take off. With the price rising, getting onboard now seems more logical than waiting.