Although ZCash (ZEC) was beaten by Dogecoin (DOGE) in one of DOGE's most recent series of bulls in terms of market capitalization, ZEC easily recovers one of the rare encrypted among the best that is actually showing some progress in the market the September 25thth.
ZCash earned the top spot in the top 20 by virtue of its strong reputation for private money with an almost impeccable reputation of ZEC's ZAK-SNARKS technology, which could help with the scalability issues of Ethereum.
One of the possible reasons why the ZEC is seen in a resistance wave on 25 SeptemberthDespite the fact that most currencies are falling, Vitalik Buterin, CEO of Ethereum, said that ZC-SNARKS of ZCash could easily increase the number of transactions per second per ETH from 15 transactions that the Ethereum network is currently in degree to support, to amaze 500.
Also, if you are looking for a solid currency for privacy, should ZCash become your preferred private currency?
ZCash brings "P" to privacy: Is ZCash the best currency for privacy?
If you're looking for a way to hide the address of your wallet and make sure no one can track your transaction data, the most practical way to do it, and possibly the only way to make sure all your data is private on the blockchain, it is to turn to a private currency.
The first generation of cryptos has come up with the idea of moving money at the same speed with which we are moving information today on the Internet, however, with Bitcoin, just as with most currencies, including Ethereum, it is not possible to hide Transaction data like all information regarding your transactions is completely transparent.
What private coins like Monero and ZCash are offering is the ability to keep records of totally private transactions.
But how do you know what the secret money is?
While Monero (XMR) is currently taking the place of the tenth currency by market capitalization with a cap of over $ 1.8 billion, there are some indicators that underline the fact that ZCash, ranked as 21st, could have more value as a currency for privacy than perhaps the most popular privacy coin on the market, XMR.
For example, Monero is related to a number of mining pools that are known to have exploited the computing power of visitors to various Web sites without them actually giving consent.
In addition, during the 51% attack crisis in which more than a few currencies were hit in addition to disclosing the much-unknown vulnerability to these notorious attacks, Monero suffered more than a single 51% attack, demonstrating his own vulnerability in that way.
Apart from the vulnerability of Monero that has been brought to light during these attacks, ZCash poses itself as a serious competition to the currency of privacy established using a technology far superior when it comes to establishing privacy.
While Vitalik Buterin recently reminded the krypton community of the importance and, more importantly, the functionality of zk-SNARKS which was also proposed as one of the answers to the scalability problems of Ethereum, zk-SNARKS also talks about ZCash as perhaps one of the most functional coins with privacy.
The value of zk-SNARKS for ZCash and its privacy
To try to answer the question about whether ZCash could be anyone's choice when it comes to using private currencies, we must reflect on the most important aspect of its technology.
What makes ZCash completely private and above all safe is its zk-SNARKS technology. Based on zero knowledge encryption, zk-SNARKS not only hides transaction data from curious eyes, but also removes any potential vulnerabilities from the system as it validates transactions without any otherwise crucial data.
This is why information about your transactions is actually hidden, which is not the case with Monero and its RingCT technology. Although RingCT is doing its job of hiding transaction data from the public, it works in a way that allows the system to confuse the data received from both the recipient and the sender, so that it appears that one has established absolute privacy.
However, fragments of that crucial information that Monero is said to be hiding can actually be tracked by a motivated individual, which is not the case with Zk-SNARKS and ZCash.
This makes ZEC the best solution to keep the privacy and security updated in the blockchain space thanks to the unique and secure structure of zk-SNARKS, also having ZCash alone in the last rebound against the FIAT and due to the latest momentum concerning the Buterin proposal.