The latest virtual currency launched seven months ago, Zcash is attracting many new users. It is gaining popularity by assuring privacy protection to its users like no other of the same type.
After entering into currency trading platforms in October 2016, the exchange rate hit $ 1000 giving a tough competition to the leading cryptocurrency and digital payment system, Bitcoin.
While its value became very low, most of the customers from Russia, China, Venezuela and South Africa are getting attracted to Zcash. Now, Brazilians are using Zcash to pay electricity bills and taxes.
To lead in the virtual currencies arena Zcash, with excessive pride, said that they are protecting the privacy of users and because of that guarantee they are not providing the details requested by the authorities to prevent money laundering, frauds, and financing of terrorism.
Also, know | JELLY: THE WORLD’S SMALLEST SMARTPHONE EVER
Zcash was developed by researchers at MIT and Johns Hopkins University in the US and Tel Aviv University and Technion-Israel Institute of Technology in Israel.
Zk-Snark is the technology used to develop Zcash, it allows transactions which can’t be traced. The cryptocurrency companies, Dash and Monero offer good privacy to its users, but Zcash managed by Zerocoin Electric Coin Company even hides the origin of a payment.
The virtual currencies are not authorized and maintained by any central banks, they can be created by anyone with a mere profound software knowledge.
Technology experts say, even though Zcash keeps details private, it can be used fraudulently and is vulnerable to hacking.
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