The thing about most cryptocurrencies, including Bitcoin (BTC), is that despite the promise of privacy there is hardly a user of these big-name tokens that can boast absolute privacy. Obviously that’s a major problem in a world where the average digital buyer wants to leave no trace of what they are doing. Certainly this is the case for hardcore users of digital tokens.
This is where ZCASH (ZEC) really shines. By using zero-knowledge cryptography, the developers of ZEC have managed to create the first open and fully permissionless digital token that guarantees privacy previously unheard of on the blockchain. ZEC has the usual core architecture as most digital tokens. It is fully decentralized and open-source which allows it to deliver the robust privacy promise that is a built-in part of its development ethos. Using its privacy controls, ZEC shields transactions between the sender and recipient while also keeping the value of the blockchain in the realm of privacy. ZEC takes the process deeper by creating a fungible digital token. This strong built-in fungibility allows each token to retain its interchangeable nature all the time. This is done by actually unlinking each unit of digital currency that is used – nothing remains linked, so that all underlying history of a token is seen as good as any other unit. This unlinking of shield coins on the blockchain is the major advantage that developers of ZEC have managed without compromising the efficacy and true nature of the blockchain.
Another area where ZEC has actually pioneered a new way of looking at and dealing with the blockchain is the area of application enabling. ZEC’s developers have pioneered what they call zero-knowledge proofs. This sort of proofing is industry beating, allowing fully encrypted transactions on the blockchain to be recorded and data-handled as valid transactions. By doing this, ZEC ensures a platform is maintained where new applications on the blockchain can be deployed with the built-in levels of privacy, security and uniqueness that elude so many developers on other blockchain tokens. This believes developers, will allow for a whole new class of blockchain applications to come into being through the developmental efforts of savvy and diligent digital token builders.
But perhaps the biggest advantage that ZEC has shown to possess so far ahead of the competition is its manner in which it can create trust with users. The token developers have placed privacy and confidentiality at the top of its list. It’s the core offering for a digital token that isn’t shy about its ambitions. This ambitious push to unseat other players in the digital token space has allowed developers to promise users that they can transact business on the very public blockchain.
Developers of ZEC have gone long the robust architecture and a very cool promise, but how has it feared in the wide open sea of actual competition? Well, currently ZEC is trading for around $259 but it has done very well in the past. Over the last 12 months the digital token has hit pivotal milestones, including a big jump to around $410 on June 19, 2017. A lull in interest precipitated a slight pullback which saw the token dip to a low of $160 the following month. But since then, however, ZEC has managed to show a good side of its upside to investors and traders. The best trading came between December and early January – the same boom period for most digital tokens. Traders and investors made sure they got the most out of the token and helped to push valuation to a high of $820. What will be interesting to see now is if investors and traders have what it takes to make another push.