by Rushali 
Cryptocurrency and blockchain technology’s world is always innovating and paving ways for evolution. The world’s first cryptocurrency bitcoin is also a result of innovation. Before that nobody has any idea about the digital currency, people were happily using the normal currency.
Then slowly it also starts innovating and evolving which leads to creating many other cryptocurrencies that are better in technology than bitcoin. And I believe that this basic nature of innovation is the main reason behind the interest of big market players.
Business tycoons like Elon Musk have not only invested in bitcoin but also been vocal supporters of it. Companies like MicroStrategy is a big investor in bitcoin, they are again planning to acquire more bitcoins. So, these business firms have obviously seen some potential in the cryptocurrency and the technology behind it that is called blockchain technology.
Everything has a good as well as a bad side. Same with bitcoin, it also has a bad side as well. It has many benefits and advantages but it has some limitations also. Some of the limitations are slow speed, security, privacy, etc. To overcome these limitations experts have developed other cryptocurrencies that have basic features like bitcoin but have better features overall. Some of them are Litecoin, Zcash, etc.
This article will guide you through all the details related to Zcash.
What is Zcash?
First of all, let’s start with the meaning of Zcash.
Zcash is a cryptocurrency that is based on the codebase of bitcoin. It aims to provide increased security and privacy to its users than any other cryptocurrency. It uses cryptography to provide enhanced privacy. Zcash is the first open-source digital asset based on blockchain. It was first mined on 28 October 2016. It was founded by Zooko Wilcox-O’Hearn in the year 2016. Zcash is completely based on bitcoin that’s why to have many things in common. It just has added features like privacy and fungibility. Fungibility means how easily can a commodity be substituted by another.
The biggest thing that is common between bitcoin and Zcash is that they both have a limited offer of 21 million units. And they are also built on a decentralized blockchain. Zcash works further to ensure more privacy to the traders. Zcash’s system is made to ensure the customer’s transaction and identity be kept anonymous.
We have heard many times that Zcash provides privacy and anonymity to the traders. But the question arises that how can it provide these features? So, now let’s move to the next part where we will answer these questions.
Also Read : Tron price prediction 2023
How can Zcash provide privacy?
Zcash’s framework is made to give crystal clear transparency and complete transaction confidentiality in the network. The transactions will be recorded in a general blockchain but nor the sender, the recipient will able to see it not even the amount transferred. It is based on cryptographic methods that work on zero-disclosure evidence, which automatically allows mathematical consistency of the transaction procedure, and after that, it is cross-checked without revealing any data or password to anybody.
Zcash also uses the zk-SNARK protocol, notes, JoinSplit descriptions, and others which are transaction block headers.
Many world-class scientists from premium institutes like MIT, University of Tel Aviv, Technion, University of California, Berkeley, have done a lot of hard work to make this digital currency that provides the traders utmost privacy and security. Because of their hard work, today hacking a Zcash is impossible.
Bitcoin and other cryptocurrencies lack this important feature and that’s why it is not a mainstream currency. There is no privacy or security in any other cryptocurrencies. We have seen so many cases of hacking digital wallets and stealing cryptocurrencies worth huge amounts. Another demerit of cryptocurrencies especially bitcoin is the time consumed for completing a transaction.
This problem is also solved by Zcash. It takes just 150 seconds to complete a transaction. Whereas bitcoin takes around 10 minutes. So, Zcash is four times faster than bitcoin.
Another plus point of Zcash is that it has regular upgrade schedules which makes it ready for tomorrow’s changing market as well as after 5 years market.
Zcash has fully structured governance that aligns the incentives of key stakeholders. With the new Canopy upgrade, a new community development fund is secured from 2020 to 2024.
Zcash Price Prediction
At the time of its launch in 2016, it has reached 4000 USD which was around 4 times more than bitcoins at that time. Then it gradually settled to 40-50 USD. In 2018, its price has reached around 700 USD but then fall to 60 USD in December due to a bearish phase in the market. In the same year, its market capitalization was around $2.8 billion.
Today Zcash was trading at $123 which is around 10% up.
Now let’s see some of the price predictions of Zcash.
- Price prediction for 2021
If we go by technical analysis then the price of Zcash can be up to $140 and on the downside, it will go to $110. In the year 2021, this will be a profitable investment.
- Price prediction for 2022
The price will be around $70-80 and on the downside, it can reach $50-60. The year 2022 will be great if used correct strategies.
- Price prediction for 2023
The Zcash price can see a downside this year. It will be around $30-40. And can reach $20 also. So, people should trade cautiously this year.
- Price predictions for 2024
Again an uptrend in this year, the price of Zcash will reach around $70-80 and on the downside, it can reach $60.
- Price predictions for 2025
The price of this cryptocurrency could see an upside of around $80-90 and a downside of around $70.
Zcash is a great investment from the future perspective. Its features make it a good investment and it is much cheaper than other cryptocurrencies. We have to see that the mining will get the government’s attention or not.
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