Great news for Zcash: ranked by eToro as best privacy coin, project with Parity and Bitmain new miner
- By Pierre-Alexandre
March 20th, 2019
Zcash is privacy-focused cryptocurrency that was designed to tackle some of the flaws of Bitcoin and give total anonymity to crypto users. The digital currency uses a similar algorithm as Bitcoin but improves upon that with the implementation of semi-transparent processing. In this algorithm, user transaction data are only revealed selectively.
The cryptocurrency was launched on the backbone of Zerocoin. However, Zcash is better than Zerocoin due to its zk-SNARK, a zero-knowledge cryptocurrency that is easy and fast to verify. The zk-SNARK proof enables transactions to be carried out without the contents being revealed. This essentially fulfills the currency function of Bitcoin without giving up its anonymity.
Zcash privacy protection is the best
According to research carried out by trading platform eToro, the privacy protection provided by Zcash is currently the best compared to every other cryptocurrency presently available. Zcash ensures that the identity of both the sender and the receiver remained concealed, while also hiding the client exchanges involved in a transaction.
Crypto brings freedom to finance!— Mati Greenspan (@MatiGreenspan) March 15, 2019
Yet, a big part of freedom is something most blockchains don't offer: Personal Privacy
Zcash is making great progress and changing the way people think about Internet money.
Our latest research paper explains how: https://t.co/S0DTo9KTZ7
Zcash is a unique cryptocurrency in the sense that it allows users to choose privacy when they want to carry out a transaction. The token holders can choose to conduct transparent transactions or completely private ones. The clients are given the keys to their exchange history, which implies that only the user has the power to choose those who can have access to their transaction information.
On Tuesday, March 19, Parity technologies announced that it would be collaborating with the Zcash Foundation to develop the first alternative client for the cryptocurrency. According to the announcement, the new client will be written in the Rust programming language.
“Our collaboration w/ @ZcashFoundation will bolster the cryptocurrency as a tool for financial privacy. We’re excited to leverage the expertise we’ve invested in Parity @Bitcoin while building a foundation for a @polkadotnetwork #Zcash bridge.”—@fredhrson https://t.co/pgJBn1B5iy— Parity Technologies (@ParityTech) March 19, 2019
Zcash is excited about this latest partnership. The executive director of the Zcash Foundation, Josh Cincinnati, stated that the integration of an independent node would provide their miners and users with more options, which would lead to a better decentralization of the Zcash protocol as it matures. Parity on its part is excited to help bolster cryptocurrency as a tool that could lead to financial privacy.
Want to know more about Zcash? Watch Josh Cincinnati's recent talk at MIT Bitcoin Club on Zcash Governance:
Bitmain launches new Zcash miner
Cryptocurrency mining hardware giant, Bitmain, announced the launch of its new Zcash miner which it claims to have triple the hashing power of its predecessor, the Antminer Z9. Bitmain pointed out that the Antminer Z11 is designed to mine cryptos such as Zcash that are built using the Equihash algorithm.
While revealing the full specs of the miner, Bitmain noted that Antminer Z11 has a 12-nanometer chip, with the new internal circuit structure making it more energy-efficient, allowing miners to save up to 60 percent of the electricity cost spent on Z9.
The Zcash had been embroiled in an argument regarding whether to change its algorithm to prevent ASIC miners from mining the cryptocurrency. However, the community voted against pursuing that goal as they have other pressing priorities.
Our Sentscore (general sentiment indicator) for Zcash is still oscillating in the neutral zone,
while News sentiment indicator is heading to a very positive score (7.6).