Zcash (ZEC) is a form of digital currency, which dedicates protecting Zcash users’ privacy. It is the first digital currency to combine the immutability of the Blockchain with advanced cryptographic techniques- a way of writing codes that provides secure and completely confidential transactions. ZEC designed for everyone who’s interested in exercising their right to privacy. It is the first protocol of its kind. The Contract means a particular set of rules that use for communication. It is the product of years of scientific research advanced engineering and diligent security work.
ZEC is designed to provide the privacy critical to freedom so that every user of Zcash can safely transact with anyone in the world. According to ZEC developers, they believe that it is possible that Zcash may be used for economic collaboration what the Internet has been using for communication. The company run by a 41-year-old cryptographer named Zooko Wilcox.
How Does ZCash Work?
ZEC uses a secure network referred as the zk-snark- it the for allowing transactions safe without knowing the parties and the amount involved. It operates as a peer-to-peer to the network. Everyone who uses ZEC has a tiny fraction of the bank of Zcash.
Zcash Video Explanation
Origins of Zchash
Zcash is a decentralized cryptocurrency- this means that it does not have a central government that controls it. Rather, the control is in the people. With ZEC, miners use a particular mining software to solve math problems and computations, and if they are successful, they reward with ZEC coins in exchange. Miners refer to users who are mining Zcash coins- this relates to the process in which transactions are being verified and added to the public ledger called Blockchain.
Zcash provides a faster and smarter method to create incentives as a reward, so more people will mine and potentially make huge amount Zcash coins out of it. A mining software is used to track systems, uncover interesting facts and actionable information about software systems.
Since miners are required to approve ZEC transactions, more miners mean a more secure network. The first commercial Zcash mining product included chips that are reprogrammed for mining Zcash. These chips were fast but power-hungry. Now, ASIC (Application Specific Integrated Circuit Chips) are designed specifically for making mining Zcash much easier and quicker, while using less power, which makes it more profitable for miners to mine ZEC.
As its popularity continues to increase, more people joined the network, which makes harder for individuals to solve the math problems. According to ZEC’s developers, to overcome the problem, they have developed a way so, miners can work together in pools.
Pools of miners will find it easier to solve the problem than working individually and still each member will be rewarded proportionately to the amount of work he/she provides. In Zcash mining plays an important integral role of ZEC that helps in ensuring fairness while keeping the network run safe, secure, and stable.
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