Zcash, a new privacy-focused cryptocurrency, was only launched on Friday and is already available on a large number of exchanges including: Bitfinex, Bittrex, Bitnow, Bitsquare, Changelly, HitBTC, Kraken, Poloniex, ShapeShift and YUNBI. Despite being newly released, Zcash has some very well-known stakeholders, including Roger Ver, Barry Seibert and Pantera Capital.
Although operating as an open source project, Zcash is set up as company which gets 10% of the eventual monetary base. “Zcash is a group of scientists and techies who came up with a way to combine blockchains with data security. These two things are well understood, important, and widely used, but have never been put together before now,” said Zcash CEO Zooko Wilcox, “The launch of the Zash protocol is the first of its kind. It is the accumulation of years of academic research, hard engineering work, and diligent security work.”
The Zcash total coin supply is going to be 21 million, similar to Bitcoin, and the asset follows the same issue rate. However, instead of having 10 minute blocks, ZCash will have a 2.5 minute block average, and the number of ZEC created per Zcash block will be a quarter the number of BTC created per Bitcoin block. It is based on zero-knowledge proofs promising to guarantee better privacy and confidentiality than bitcoin.
“Zcash finally fulfills an early promise of Bitcoin technology – the ability to transact freely and privately with anyone in the world,” said ShapeShift founder and CEO Erik Voorhees, “This protects the right to privacy held by all individuals on Earth, and opens up new commercial use cases which were impossible without truly confidential transactions.”
$1 billion market cap?
Paul Clarkson, product manager at HitBTC, commented: “There’s always a particular reason for listing a specific cryptocurrency. In the case of Zcash, the crucial advantage is an outstanding professional dev team and a hefty board of known advisors and investors. Another point is a brand-new cryptographic scheme that significantly differs from existing privacy-centric solutions. Bringing liquidity for innovative technologies is our job, and Zcash certainly deserves attention.”
Clarkson continues: “An ‘open source company’ seems to be a new phenomenon, which is easy to imagine in the world of crypto, though. The open team and famous supporters should have a great positive impact on the Zcash adoption. I believe Zcash can surpass the market capitalization of $1 billion in couple of years from now.”
If you want to mine Zcash and hold it in a wallet, Decentral, the creator of the universal blockchain wallet Jaxx, announced today that its Zcash integration is officially complete. Anthony Di Iorio, founder and CEO of Jaxx, said: “There’s a lot of buzz and excitement around Zcash. Our team has worked hard to speed up the integration process, to test it appropriately, and to provide thousands of customers with access to this coin as soon as possible.”