Coincheck has recently added Zcash to its illustrious family of coins, to join the ranks of top rated cryptocurrencies like Bitcoin and Ethereum in the Japanese markets. Coincheck understands the value of privacy and how a fully anonymous cryptocurrencies can not only help users retain their right to privacy, but also how it can help with one of the most critical issues in Bitcoin: Fungibility
Zcash is much like Bitcoin, in many aspects. The total supply and issuance rate is the same, meaning that only 21 million ZEC will ever be created. However, Zcash allows users to send normal (transparent) and private transactions. Transparent transactions behave like a normal Bitcoin transaction in mostly everyway, as it can be seen and inspected on the Blockchain. Private transactions, however, rely on Zero Knoweldge Proofs to ensure that all the relevant information, such as amount, sender, and reciever, remain hiden from the public records. The terms “Zero Knowldge Proofs” can seem somewhat vague to the casual observer, but it describes the cryptographic technology used perfectly. ZCash can encrypt transactions in such a way that their content remains hidden, while the transaction itself can be verified as legit and not a double-spend.
The demand for a fully anonymous cryptocurrency is evident when one looks ate the amazing hype that ZCash has recieved before and after its launch. On the first day of trading, Zcash actually reached 3000 BTC on the price charts, a feat that was never imagined possible. Other privacy-driven cryptocurrencies like Monero and DASH have also strived to provide an anonymous solution, by integrating Ring Signatures and built-in mixing services. These, however, pale in comparision to the underlying technology behind ZCash when it comes to untraceability. While transactions made using these blockchains can be traced back to a group of users that have participated in the mixing, Zcash’s transactions are 100% untraceable.
Zcash is also extremely popular among miners that value the decentralization of cryptocurrency mining, something that Zcash provides thanks to its memory hard algorithm, Equihash. Miners are heating up, not only their graphic cards, but also their CPUs, which is unusual in cryptocurrency mining, where most coins either rely on GPU (graphic cards) or ASIC miners.