The virtual currency ZCash was created by the Electric Coin Company, which is officially named as the ZCash Company. Another introduction of the ZCash is ‘privacy coin’. The transfers with conventional virtual currencies like BTC or LTC are not done of private scale. And the information of the users of the virtual currencies is easily accessible for anyone.
The private coin such as ZCash provides the solution to this problem with the further developing the blockchain technology. ZCash is the first of its kind crypto to merge zk-SNARKs with the blockchain technology. And this type of merging provides consumers to choose among private secure address or unsecure address. The coins which work this way are such as Monero (XMR), Zcoin (XZC), Grin (GRIN), Beam (BEAM), Verge (XVG) and etc.
Current status of the price of ZCash (ZEC): The current trading price of the ZEC is $59.62 USD with a market capitalization of $381,599,297 USD. The coin is having the 24hours volume of $298,609,561 USD and Circulating Supply of 6,400,469 ZEC. The coin is holding 24th number position in the cryptocurrency market.
The coin was the initial combined function of the blockchain and zk-SNARKs into the cryptocurrency ecosystem. And it does hold its positive impact on the market and in the total development of the coin. It was third numbered virtual currency that was registered on Gemini exchange and recently it was adopted for the Wikileaks Founder Julian Assange’s Legal Protection.
But the problem is there are several other private coins and they have features that ZEC doesn’t have and that coins also have new privacy-based regulations such as Mimblewimble are rising. As well as the famous virtual currency Ethereum has also conducted its experiment with the zn-SNARKs launch. It looks like the other emerging technologies and currencies are giving a solid challenge to the ZEC.
zk-SNARKs: The acronym zk-SNARKs stands for “zero-knowledge succinct non-interactive argument of knowledge” and this means that the consumers have the option to shield their private information.
The money transfer type’s consumers can make on the ZCash system:
- Fully Private Transfer: In this type of transfer consumer have P2P transaction happens among two privacy protected addresses through the utilization of the zk-SNARKs.
- Partially Private Transfer: In this type of transfer, it happens among one private protected and another unprotected address, which discloses the real address of the buyer or seller.
- Non-Private Transfer: In this type of transfer, the transfer of currency happens between two unprotected networks.
The time consuming and RAM consuming is the one that utilizes fully private transfer than the non-private transfer.
The ZCash launched the zk-SNARKs technology with blockchain technology in the market is a plus point for it and thus how it is proving itself strong competitors of the other cryptos such as Bitcoin and Litecoin etc. This competitive gain has not supposedly stay forever. As such Ethereum is also examining the similar technology. The virtual currencies perhaps are also thinking about working on it. And if this happened the competitive progress ZCash has made be no longer stay.
The ZCash stands on the third position on the Gemini crypto exchange after the Bitcoin and Ethereum. The ZCash gained its license from the NY Department of the Financial Services. Succeeding the Bitcoin Cash and Litecoin get their license.
The Founder Reward: As per the Founder’s Reward, 10% of total ZCash coins will go to the founders, workers, experts, and workers of the Electric Coin Firm. Same as Bitcoin, 21 million are hoped to be mined. This means that the 2.1 million coins should be given to the Founder’s reward.
Attackers and Assistance: The Founder’s rewards get critical comments from many people. The few people such as dward Snowden applause the activities of ZCash Foundation. He stated that it “a tax that enables the Electric Coin Company to discover vulnerabilities and prevent their exploitation.”
The CEO of the Electric Coin Firm Zoko Wilcox defined the meaning of the Founder’s Reward, “The founders are incentivized to support ZCash for the long haul (at least for four years), and they have limited ability to pump-and-dump.”
Further, in the process, ZCash currency has become aligned with Julian Assange and his company Wikileaks. Creating good terms with Assange and Snowden, it emerges as a positive signal of liberty and government resistance against administrative regimes and social injustice.
Technical Analysis: Three years back on the 30 October 2016, ZEC started at $950 before gaining an increase of $2616 the following day. They had experienced a major drop back just after a year and made the lowest of its price at $26.3 on Feb 23, 2017.
The coin gets an upsurge in short time with the price of $779.26 on Jan 7, 2018. But after that, it’s been on the verge of decreasing. The patterns through which ZCash has gone are:
- RSI makes a decrease. This happens close to the time the price makes a slight back.
- The value makes the lowest decrease. This is merged with an increased low in the RSI.
- In the end, an upsurge followed after a short time thereafter.
The decrease of $15.52 on March 4, 2019, is accepted as unnoticeable since it did not happen in other exchanges.
ZEC value prediction:
- 2019: On Apr 9, 2017, just after the 45 days of the price value at $26.3, the price gained an increase of $78. Counting from the $26.3 decrease, this is 197% rate of gain. Therefore, utilizing the 7.2 rates for time trend and 2–07 rate of value trend, we will utilize a 408% gain from the $46 decrease on Feb 6, 2019. The price will be around $175 by the end of the year.
- 2020: For analyzing the value figure of 2020, we utilize 2.07 rate of time and 2.07 rate of value trend and after applying to the date back in the 2017 uptrend step to get the figures of Dec 31, 2020. On the date of 28 May 2017 just after 96 days of the $26.3 decrease, the value gained an increased of $203. Calculating percent will be 667%. After utilizing our rate movements, we utilize the 1380% high from the $46 decrease on Feb 6, 2019. The price ZEC will around by the end of the year 2020 maybe $685.
- 5 years of Value Forecast: Stepping in 2020 in an increase, we hope that ZEC will starts to calm down its succeeding years as the project stands, strengthening watch ZEC dived back to the low of $685 as other more competitors cryptos get the pace.
The ZCash firm has currently been working out exploring proof-of-stake, showing a change from its present proof-of-work data system may be on the tables. Nonetheless, with many other important virtual currencies considering the similar, we can say this alter will impact on the ZEC price notably.