10 Facts About ZCash

Zcash is a new cryptocurrency created by Matthew Green and Zooko Wilcox, they are worldwide recognized cryptographic experts, joined by numerous other scientists holding positions at John Hopkins University, MIT and Tel Aviv University.

1. When it was first introduced on Friday, October 28, 2016, it was the most expensive coin in the world. The high price was 3299 Bitcoin per Zcash.

2. The lowest price. As per Poloniex charts, It is on February 23, 2017 with a value of BTC 0.022.

3. Zcash is a fork of the bitcoin protocol.

Zcash is an implementation of the Zerocash cryptographic protocol operating over a block chain provided by a fork of the Bitcoin source code. Sitting between the two is the Zcash protocol itself.

4. The maximum number of ZCash is 21 million ZEC.

The 2.1m ZEC will all be distributed over the first four years, and up until the point where 10.5m ZEC will have been mined, thus representing a distribution of 20% to parties other than miners.

After the first four years, the further 10.5m coins to be mined will be rewarded solely to miners.

5. First 48 blocks were mined by the same miner t1KstPVzcNEK4ZeauQ6cogoqxQBMDSiRnGr19 in 5 minutes while difficulty was growing from 1 to 1.94, earning him 0.72 ZEC (worth more than 11 000$ at the moment).

After around an hour at around block #400 the real competition starts, as the difficulty increases to over 1000, and block times are around 1 minute. More miners come in, but first pool and last big miner still do many blocks.

6. They were first talked about bad guys. Check the FAQ.

Yes, but bad guys will use anything. Bad guys use cars, bad guys use the Internet, bad guys use cash, bad guys use the current banking system. Our goal is not to invent something that bad guys can’t use, it is to invent something that can empower and uplift the billions of good people on this planet.

7. Anonymous Transactions.

The zero-knowledge proof algorithm allows to hide the sums of transactions and other information that can identify the members of the agreement from the public blockchain. The users only prove that numbers match and they do not spend the sum which is transferred somewhere else./blockquote>

8. Starting a first business partnership.

The Zerocoin Electric Coin Company announces a partnership with JPMorgan Chase to add Zcash’s privacy technology to Quorum, an enterprise blockchain platform JPMorgan built on Ethereum, a network similar to bitcoin’s but focused on smart contracts.

9. The first post Zooko Wilcox about Bitcoin:

I’ve been spending a little bit of time thinking about how gaming services like World of Warcraft and (don’t-call-it-a-gaming-service) Second Life have succeeded where we at DigiCash failed — convenient, widely-used, programmable digital cash. A problem is that each of these new currencies are centrally controlled by one entity. This limits the scope of who will rely on that currency and how much value they will risk on that currency. There are ideas floating around about how to facilitate transactions between currencies, but this would not solve the problem. A plethora of competing centralized services is not the same as a decentralized service. Even if it were cheap and convenient to trade some LindenBucks for some WoW Gold, this would only lead us back to the equivalent of the modern nation-state currencies: mostly centralized (because of the Network Externality), heavily taxed/regulated/manipulated, and prone to disastrous failure. What I want is a currency which everyone can cheaply and conveniently use but which no-one has the power to manipulate. No-one has the power to inflate or deflate the currency supply, no-one has the power to monitor, tax, or prevent transactions. Truly the digital equivalent of gold, during the times and places when gold was the universal currency. See the BitGold idea by Nick Szabo and b-money idea by Wei Dai, and recent effort to actually implement something along these lines: BitCoin by Satoshi Nakamoto.

10. What is the difference between Zcash and Bitcoin?
Zcash actually answer this question in the FAQ section on there website, I think the explanation will help you. You can view at here: Frequently Asked Questions, alternatively I’ve detailed what they mention below:

Zcash is a fork of the bitcoin protocol, the first and most widely used blockchain cryptocurrency. This means it maintains its own blockchain and currency token. Zcash builds on the existing work from the Bitcoin core team to enable privacy preserving transaction data using zero-knowledge proofs (see FAQ: what is a zero-knowledge proof?). It also includes some non-privacy changes to bitcoin, including its proof of work algorithm (see FAQ: “What are you changing from Bitcoin’s Design? What parts of the Bitcoin network remain?” for more detail on technical differences).

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