What Is Zcash and Why Zcash Is a Good Investment Opportunity
The key objective of cryptocurrencies was to provide transparency to individuals and businesses. However, not everyone is comfortable with so much openness. Some people require the need of privacy-based cryptocurrencies for transactions, a feature that is not provided by the traditional banks and financial institutions as well as other cryptocurrencies.
Zcash was developed to solve this conundrum.
What Is Zcash?
Zcash’s founder realized in 2013 that Bitcoin was not solving all the problems in the payment industry. As Bitcoin’s ledger is public, hence all the transactions going from one user to another user are also public. Thus, Zcash was developed to provide much-needed privacy. With Zcash, the transactions of users cannot be monitored and hence businesses in Dubai can now use a cryptocurrency that can help them to transfer funds securely.
Users in Zcash’s network are hidden due to a mechanism called zero-knowledge proof that is used by its feature zkSNARKs. Through this feature, miners cannot view the details inside a transaction while validating them.
Why Zcash Is a Good Investment Opportunity
If you are thinking to purchase a cryptocurrency in Dubai, then Zcash is a worthy investment for the following reasons.
Adopting Bitcoin’s Best Features
Bitcoin was created with the vision to make transactions easier and convenient. However, it is not a complete solution due to a number of issues. Zcash has made sure to adopt Bitcoin’s best features and added its own features to develop a complete payment method. This includes having a limited supply as well as being disinflationary. Thus, Zcash can be seen as an asset of considerable value.
It is important for cryptocurrencies to work with reputable brands to not only gain the trust of the public, but also work on real world applications to advance their projects.
Zcash can take pride for being one of those cryptocurrencies. Zcash has a partnership with one of the biggest banks in the world, JP Morgan. JP Morgan is working with Zcash to design infrastructure that can help transfer Zcash securely. Moreover, it has also partnered with StarkWare Industries, a popular cryptography company.
Traditional currencies like Dirham are fungible. This means that they are easily replaced and transferred between individuals and businesses. Cryptocurrencies are also trying to be fungible, though not every cryptocurrency so far has been truly fungible.
For example, suppose a cryptocurrency is given to a cashier to pay for goods. If the cashier can check the history of that cryptocurrency, right from its creation to the various owners it has gone through, then it can create problems and encourage discrimination.
However, Zcash is designed in such a way that it can be easily traded as no one can see the history of a token.
As a business or individual residing in Dubai and desiring a privacy-based cryptocurrency, you should have a look at Zcash. It not only provides you with a valuable asset, but can also be useful for you to conduct your transactions without having to be uncomfortable about privacy.