ZEC

Overview of ZEC

Zcash, or ZEC, is a type of DeFi cryptocurrency that was founded in 2016 by a team led by Zooko Wilcox-O'Hearn. The ZEC token is widely supported by several exchanges including but not limited to Binance, Coinbase, and Kraken. Users also have multiple options for storing their ZEC in wallets, with popular choices being Trezor and Ledger. Zcash is known for offering privacy and transparency for its users, providing the option of “shielded” transactions, which allow for content to be encrypted using advanced cryptographic techniques.

Pros and Cons

What Makes ZEC Unique？

ZEC, or Zcash, introduces notable innovation primarily in the form of its emphasis on privacy and confidentiality of transactions, which distinguishes it from many other cryptocurrencies. Unlike Bitcoin or Ethereum where transaction details are transparent and public on the blockchain, ZEC allows for “shielded” transactions. These transactions use a cryptographic method called zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) which shields the identities of the sender and receiver, and the transaction amount itself.

How Does ZEC Work？

Zcash is a cryptocurrency that offers privacy and security features that are not available in other cryptocurrencies, such as Bitcoin. Zcash uses a cryptographic technique called zero-knowledge proofs (ZKPs) to allow users to send and receive payments without revealing their identity or the amount of the transaction.

Zcash has two types of addresses: transparent and shielded. Transparent addresses are similar to Bitcoin addresses and can be used by anyone on the network to send or receive payments. Shielded addresses are intended for use between two parties where both parties want to keep their transaction private from other users on the network.

To send a shielded transaction, the sender must first generate a ZKP. This ZKP proves that the sender has the necessary funds to make the payment and that they are sending the funds to a valid shielded address. The sender then broadcasts the ZKP and the transaction to the network.

Exchanges to Buy ZEC

1. Binance: Supports ZEC/BTC, ZEC/ETH, ZEC/USDT, ZEC/BUSD, and ZEC/USDC trading pairs.

Buying Link: https://www.binance.com/en-NG/how-to-buy/zcash

2. Coinbase: Offers ZEC/USD, ZEC/BTC, ZEC/EUR, and ZEC/GBP pairs for trading.

Buying Link: https://www.coinbase.com/how-to-buy/zcash

3. Kraken: Users can trade with ZEC/USD, ZEC/EUR, ZEC/BTC, ZEC/ETH, ZEC/USDT, and ZEC/AUD.

4. Sideshift: Sideshift lists ZEC/USD, ZEC/BTC, and ZEC/ETH trading pairs.

5. Mercado bitcoin: Mercado bitcoin supports ZEC/USDT, ZEC/BTC, ZEC/ETH, ZEC/HUSD pairs.

How to Store ZEC？

Various wallets offer solid support for ZEC (Zcash) storage, each offering unique features.

1. YWallet: It's a privacy oriented wallet and messenger for Ycash and Zcash. It is noted for its user-friendly interface, YWallet caters particularly to those new to cryptocurrencies or those who prefer a straightforward, intuitive layout for managing their digital assets.

2. Nighthawk: This wallet is recognized for its robust privacy features, keeping in line with Zcash's emphasis on privacy.

3. Ledger & Trezor: These hardware wallets take security to the next level. Ideal for long-term storage, they store ZEC offline, protecting your digital assets from online attacks and threats.

Is It Safe？

Zcash is a safe and secure cryptocurrency that offers a number of privacy-enhancing features.

It is based on the Bitcoin protocol, but it uses zero-knowledge proofs to protect the privacy of transactions. This means that it is impossible to track the sender or receiver of a Zcash transaction, or the amount of Zcash that was sent.

Zcash is also a decentralized cryptocurrency, which means that it is not controlled by any bank or government. This makes it more resistant to censorship and confiscation than traditional fiat currencies.

How to Earn ZEC？

There are several ways to earn ZEC, the native cryptocurrency of the Zcash blockchain. Here are some of the most common methods:

1. Mining: ZEC can be earned by mining blocks on the Zcash blockchain. This involves using specialized hardware and software to solve complex mathematical problems. Miners are rewarded with ZEC for each block they successfully mine.

2. Staking: ZEC can also be earned by staking it on the Zcash network. This involves locking up your ZEC for a certain period of time to help secure the network. Stakers are rewarded with newly minted ZEC for their contributions.

3. Participating in liquidity pools: ZEC can also be earned by providing liquidity to liquidity pools on decentralized exchanges (DEXs). This involves locking up your ZEC and other cryptocurrencies in a pool that is used to facilitate trades. Liquidity providers are rewarded with fees from traders.

4. Airdrops: ZEC has been airdropped in the past, and there is always a possibility that more airdrops will occur in the future. An airdrop is when a cryptocurrency is distributed for free to existing users of another cryptocurrency or platform.

FAQs

Q: On which exchanges can I buy ZEC？

A: ZEC is available for purchase on several cryptocurrency exchanges, some of these include Binance, Coinbase, and Kraken.

Q: How can I store my ZEC tokens？

A: ZEC tokens can be stored in various forms of wallets like Trezor and Ledger,.

Q: Who is the typical buyer of ZEC？

A: Typical buyers of ZEC include privacy-focused users, tech enthusiasts, investors who want diversification in their portfolios, and high-risk traders.