Is ZCash right for your business model?
We know. The night is young on crypto planets.
You probably haven’t yet implemented Bitcoin (BTC) into your business model and don’t know how your customers will respond to that wild animal.
And now what? This article is bringing you into a more exotic land of Zcash (ZEC)?
No worries.
Bitcoin is popular but it doesn’t mean this crypto will generate healthy cash flow for your niche. Even though everybody is talking about it!
Instead, you might want to keep up with the progress using another technology that would meet the particular standards of your business.
Do you want to start using crypto for your transactions and still mask such details as origin, destination and sum exchanged?
This quick and simple overview will help you understand if Zcash is the right component for your profit generation formula.
Data Privacy
The team of cryptographers together with CEO of Zcash, Zooko Wilcox, were working for three years to create technology with a heavy emphasis in privacy.
The cutting-edge mechanism behind Zcash is called zk-SNARKs, it enables everyone on the network to verify transactions and keeps their privacy low key.
Thus, the only information you sent to the public blockchain is the date and time of your transaction.
This transaction type is called Z-Private.
But if you want to be 100% transparent, like with Bitcoin, go and use T-Transparent option because, with Zcash, this kind of performance is also possible!
OK, you’re thinking. Why Zcash, then? Not Bitcoin? Because Zcash is faster!
Price history
Curiously, within a week after its release in October 2016, Zcash hit the exchanges with the peak price of $5, 841.
The reason for this buzz was the initially low supply of ZEC.
Around 1000 coins were minted during the first seven days, but the price rallied back to $1,000 quite quickly.
As of writing this review and in this bearish market, ZEC costs around $52.
It’s interesting to mention, though, that recently the company has agreed on integrating the technology into JP Morgan Quorum blockchain, which crowns zk-SNARKs as a trustworthy solution for an enterprise.
Competitors
Bitcoin
Zcash is a fork of Bitcoin, thus, we can observe multiple similarities. Such as a max supply of 21 million coins. Plus, both coins are open source and mineable.
Yet, Zcash block size is two times bigger, which improves scalability and speed of the newer network.
On top of that, Bitcoin mining rigs built on ASIC are more expansive.
Monero
Monero, being a privacy-focused cryptocurrency as well, uses stealth addresses and ring confidential transactions (ringCTs), which is itself a topic for another conversation.
But what you need to know now is that Monero, just like Zcash, allows transactors to reveal their balances if you provide your view key.
Conclusion
As promised, you now have got an overall picture of Zcash, a crypto that was built to protect your data from an excessive online presence.
But how can you use this cryptocurrency to bring your business to the moon?
The answers to this question and many others you can get first-hand from the Zcash COO, Jack Gavigan at the Blockchain Blueprint Course for startups, businessmen and CEOs.
Start building a competitive advantage and implement Zcash into your buisness now! 👉 https://blockchainblueprintcourse.com/