Zcash
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Information about Zcash (ZEC)
Zcash is a decentralized cryptocurrency that addresses privacy and anonymity concerns. It was first released in 2016 and is based on the Bitcoin technical foundation.
The majority of cryptocurrencies on the market increase transparency by encoding user addresses and transaction details into a string of characters and making these codes publicly available so that anyone can look them up.
Zcash coin (ZEC) was created to improve the security and transparency of decentralized transactions by utilizing zk-SNARK’zero-knowledge proof technology to conceal sending and receiving addresses as well as the amount of money sent. As a result, Zcash allows users to trade ZEC in either a “private” or “public” state.
ZEC is an abbreviation for Zcash coin. ZEC can be used to pay for goods and services in places that accept this coin. ZEC is also involved in the following Custody services: Bitgo Custody, Coinbase Custody, and Digital Asset Custody. Furthermore, ZEC is used to compensate “miners” for their efforts.
News
Binance’s inclusion of ZCash (ZEC) in a delisting vote has raised alarms among privacy coin supporters, with Zooko, the founder, publicly resisting this decision.
Currently, ZEC is trading at 31.20 USD, amid low trading volumes but retains legacy asset status. Its trading liquidity relies significantly on Binance.
Despite challenges and previous delisting attempts, the ZCash community remains hopeful for the future, aiming to solidify ZEC’s status as a reliable privacy coin.
Bitcoin’s value dropped below 94,000 USD, marking a significant decline for the second consecutive day. After a sharp recovery close to 100,000 USD, it now struggles around 94,300 USD, having lost nearly 2% in the past 24 hours.
FTT and ZEC experienced significant declines, each dropping over 10% in the last 24 hours. Despite this, FTT ROSE by 16% and ZEC by 15% over the past week. These fluctuations illustrate the volatile nature of the crypto market.
US tech stocks saw significant declines, with the Dow Jones dropping by 333.59 points (0.77%), S&P 500 by 1.11%, and Nasdaq by 1.49%. This fall parallels the downturn in cryptocurrencies. Both markets are pressured by a 4,627% treasury yield.
BTC as a wealth protector: Bitcoin is considered essential for preserving wealth, serving as a stable store of value in the volatile crypto market. Its stability contrasts with other cryptocurrencies, making it a reliable asset in an otherwise unpredictable environment, aligning with Ravikant’s view of its primary function.
ETH for investment growth: Ethereum is viewed as an investment asset, offering potential for growth and innovation. Ravikant highlights its role within the blockchain sector, supporting developments and providing opportunities for investors seeking returns in a digital economy driven by technological advancements.
Zcash (ZEC)’s historic NU5 upgrade officially goes live
On Tuesday, at block height 1,687,104 (about 17:56 UTC), the NU5 upgrade with the Halo Arc product suite was activated on the mainnet, or live version of the network.
The NU5 is Zcash’s first major upgrade since November 2020, which includes the launch of the Orchard shielded payment protocol and the Halo Arc product suite to eliminate reliance on complex setup. The upgrade not only improves the platform’s future scalability but also, more importantly, the foundational way that it protects users’ privacy.
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