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Zcash Price Chart

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Like bitcoin, Zcash is a form of cryptocurrency, but with a few key differences. It is based on a decentralised blockchain, but unlike bitcoin, all the information to do with transactions is encrypted, meaning that they can be done completely anonymously. It uses a special proof to secure the network which is knowns zk-snark.

Originally, Zcash was created as a fork of Bitcoin on 28 October 2017, and similarly has a hard limit of 21 million coins. Originally it was known as Zerocoin protocol, before being known as a the Zerocash system and then finally back to what it is known as today, Zcash.

It permits private exchanges in an open blockchain, meaning that organisations, buyers and new applications to control who sees things in their exchanged. In Zcash you are able to choose between two different types of exchanges, either the normal and transparent transaction that almost all blockchain platforms provide, or you are able to conduct a shielded, private transaction. If the second option is chosen, and if both the sender and receive want to use their shielded addresses, then all of the details of the transaction would remain private and confidential.

As mentioned previously, this privacy is achieved using zk-snark, a zero knowledge proof. Zk-snark stands for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge, which proves that steps have been taken in a smart contract without actually revealing what the steps are.

It has already caused a lot of controversy for its method of distributing its cryptocurrency, as the organisation is set up as more of a company than a community, setting it apart from other digital currencies. The maximum supply of Zcash are all expected to be mined by 2032, and every 4 years the block reward gets halved to ensure that the supply is kept in check.

Unlike many other crypto coins however, Zcash was not ICO foundered, nor was it pre-mined. Instead, it had a group of closed investors who funded its development. They were promised a 10% reward of the total supply over a 4 year period, which are known as ‘founders reward’.

Price fluctuations

Like most cryptocurrencies, the coins value has fluctuated dramatically over the months since its founding. After January 2018, where its recorded high was a value of $780.84, its value dropped dramatically after the 8th of the month. Following this drop, it continued to perform very poorly, dropping to the value of $180.77 USD on 11th April 2018. Since then, however, the situation began to improve, reaching around $357.43.

Events behind the price surge

Some major news events were behind this sudden price surge after such a dip. Things started to get back on track on April 30th when it was announced that Circle had added ZCash. Circle is an investment app, and although it has only been around for a few months, it has already got a strong user base. Integration into this app means that that ZCash is likely to attract even more users than it currently has.

Following this announcement, on the 11th May it was announced that the coin had reached an alliance with StawkWare, giving the coin a higher degree of trust and a positive effect on its overall reputation in the industry. It was around this time that the Gemini exchange, an exchange that is regarded highly in the industry, decided to add ZCash, which is expected to bring even more success to the project. Shortly after the news of its involvement with the Gemini exchange broke, it ZCash’s value noticeably rose from $263.03 on May 13th to a staggering $349.56 the very next day, just 24 hours later. Not only did the value rise, but as did the daily trading volume, going from $28,585,200 to $293,688,000 overnight.

The future of Zcash

Looking ahead, Zcash is definitely one of the most exiting coins out there right now, as since its incept into the market, it has been performing pretty well. This is hardly surprising, as people greatly value privacy in such an increasingly transparent world. It is clear from the 55% growth that it experienced on 14th May that the coin is now on the path to success.