What Is Zcash (ZEC)?
Zcash is a class of cryptocurrencies called a privacy coin. It uses a zero-knowledge proof called zk-SNARKs to enhance transaction privacy. It is a pure cryptocurrency meant to be spent, transferred, and used as a store of value.
Who Is Zcash?
Zcash was created in 2016 by the Zcash Company. Its founder is Zooko Wilcox-O’Hearn, and it was initially dubbed Zerocoin.
Use Cases of Zcash
Zcash is meant for financial transactions. Because these transactions can occur in a secure, private manner, it is believed by law enforcement to be used for illegal activity. This is not always the case, although it is likely sometimes true.
How to Mine ZEC
ZEC is mined using a Proof-of-Work (PoW) mining scheme. It currently uses the Equihash mining algorithm, although this may change in the future. Equihash ASIC mining rigs were completed in late 2018, so it’s no longer feasible to mine ZEC without one, unless you join a mining pool. You are unlikely to ever mine ZEC using a home device.
Learn More About Zcash
If you want to learn more about Zcash, I wrote a full coin intro guide at Crypto Briefing. Or you can learn more about other cryptocurrencies across Thought for Your Penny.