Buy ZCash (ZEC) in Nigeria
What is ZCash: A History of Cryptocurrency
ZCash was created in October 2016 by a developer named Zuko Wilcox. Wilcox liked Bitcoin's capabilities, but he disagreed with the transparency of transactions and their visibility to everyone. So he decided to create a blockchain that would allow people to send and receive funds truly anonymously - which is what ZCash allows!
He conducted a "fork" for the original Bitcoin code to realise his dream. As a result, Wilcox made some awe-inspiring changes to its code, making ZCash not only private but also faster!
When a blockchain goes through "fork", it means copying the original code with changes made to it. Another well-known fork of Bitcoin is Bitcoin Cash.
One of the biggest fans of ZCash was famous whistleblower Edward Snowden, who recently called it the most exciting alternative to Bitcoin. The cryptocurrency project has also received private investment from cryptocurrency world legend Roger Vera and former banker Barry Silbert.
The ZCash blockchain has its cryptocurrency, commonly called ZCash or simply ZEC. However, only 21 million ZEC coins can exist, which is equal to the maximum number of Bitcoins. The maximum is predicted to be reached by 2032.
For those who want to buy ZCash in Nigeria, there are several ways to buy ZCash: buying coins from online exchangers or exchanges that support ZCash. You can pay with any e-money or other cryptocurrency. However, we recommend to buy ZEC on reliable exchanges such as:
Providing services and selling goods
E-commerce users can accept coin payments. Therefore, the use of the coin as a payment system is the direct purpose of the Zcash cryptocurrency.
How to start investing in ZCash
There is an incredible way for those planning to invest in ZCash in Nigeria - CFD trading. This way of investing is suitable for people who know or are learning how to identify demand zones, trend formation and build patterns.
To make CFD trading effective, investors often use expert publications, analyse information, and of course, use their own experience. All this allows you to buy and sell coins at the right time, and high volatility gives you a chance to make good profits on fluctuations. The main thing in this business is to want to learn and earn.
Differences between ZCash and Bitcoin
It is clear that the cryptocurrency Bitcoin inspired the creators of Zcash. However, there are some remarkable differences. For example, the ZCash blockchain can conduct transactions much faster than Bitcoin and scalability. Scalability is essential and means the ability of the blockchain to conduct many transactions in a given amount of time. We will have time to talk about this later.
ZCash is a cryptocurrency that can send and receive funds anonymously through its blockchain. Basically, the blockchain only shows the time and date of the transaction, hiding all other information from users' eyes!
Also, like Bitcoin, ZCash does not have a single company or person to control it - it is decentralised! Instead of running on a single central server, multiple miners maintain its blockchain, who receive ZCash Coins for using their processing power.
So, if you want to buy ZEC or invest in ZCash, now you know what it is and how it was created. And that's not insignificant for making such a decision.
What does the project provide?
While most cryptocurrencies show your entire payment history in the public ledger, Zcash aims to provide privacy to users. It is the first available and opens cryptocurrency to protect transaction privacy through zero-knowledge cryptography fully. As a result, Zcash is an open and decentralised cryptocurrency with robust privacy protections. That is what motivates many users to buy ZEC.
The project used peer-reviewed cryptographic research and was created by an engineering team specialising in security. It uses an open-source platform based on the Bitcoin Core code, thoroughly tested.
How does Zcash improve security?
The project has secure transactions, so the blockchain does not show the sender, recipient or value of the transaction. The developers explain it this way: think of bitcoin as HTTP for money, in which case Zcash is HTTPS, a secure transport layer.
For cryptocurrency blocks to be equally interchangeable, they have to give up their particular history, ensuring that any unit has the same value as others. The project allows this interchangeability in cryptocurrency. It happens through its ability to disable shielded coins, separating them from their history shown on the blockchain.
The project essentially combines the benefits of anonymity and privacy from around the world to digital currency with all the advantages associated with a public blockchain.
It is important to note that because the project uses an open-source protocol, even Zcash cannot control its distribution, mining, or access information in secure or private transactions. This adds another layer of security for users, keeping personal information and transactions genuinely confidential.
How do you use Zcash?
To use Zcash, you first need to make sure you have a wallet that:
- supports the ZEC cryptocurrency.
- comfortable in usage.
Such wallets are:
1. Iq Wallet
Choose the most suitable wallet for you and be safe with your funds.
You can also get Zcash by purchasing, exchanging, or mining.
Features of the ZCash
Mining is based on the Equihash algorithm. The mining principle is similar to Bitcoin. Solving mathematical problems with the help of software and computing equipment ensures the emergence of new coins. The miners work with a Proof-Of-Work algorithm used in BTC mining.
Equihash is not compatible with all types of ASIC (Integrated Circuit that performs a specific set of tasks). In addition, it does not support Bitcoin mining machines. Therefore, custom hardware has been developed for this crypto coin.
Efficient models that users often use to mine ZEC: Antminer Z9, Antminer Z9 mini and their analogues. Since the arrival of such equipment in 2019, ASICs have shifted the hash rate to themselves. Therefore, mining on multiple GPUs in solo mode has lost its former relevance.
Principle of operation
On the technical side, the protocol used by the ZEC cryptocurrency contains complex mathematical formulas. However, the principle can be understood from the following simple example: User1 has two balls of different colours, e.g. red and blue. User2 is blind, but she needs to get confirmation of this.
How does this process work?
- User2 asks User1 to show which balloon is red.
- User2 then shuffles them behind her back.
- User2 asks User1 to show the red ball without User2 knowing where it is, as she has not let it out of her hand.
- User2 gets the correct answer, but the chance of a random guess is 50/50, either yes or no. So the procedure is repeated many times.
- If User1 is not blind and has not lied to User2, he points to the same ball each time.
The zk-SNARK automatic confirmation follows the same principle, but the check is repeated millions of times, so cheating is ruled out. With high reliability, no disclosure of translation data is required. Such proof is called probabilistic proof.
What new technology is Zcash using?
Earlier, we mentioned Zk-SNARK. So, let's uncover this topic and understand what it is.
To better serve customers, the project uses new applications, pioneering the world of cryptocurrency. This innovation is especially true for zero-knowledge proofs. The project uses existing blockchain technology and then applies the latest cryptography. As a result, zero-knowledge proofs allow fully encrypted transactions to still receive confirmation as valid. In addition, this property enables the creation of new blockchain application classes.
One of the most critical technologies in the project is zk-SNARKs, and Zcash is the first widely distributed application. Zk-SNARK is a new type of cryptography with zero knowledge. Zk-SNARK is an opaque non-reactive Zero-Knowledge argument. It is a proof construction that allows a system to prove that it possesses information (a secret key) without actually mapping it. It also requires no interaction between verifier and verification.
Speed of transactions
Transfers take no more than 15 minutes to complete, four times less than Bitcoin. The transaction is completed after three confirmations. However, many resources and online shops accept the asset after just one time. This makes the Coin well suited to paying for services or buying goods online.
The developers are confident that this cryptocurrency will become a global payment system. As its popularity grows, so does its value. In fact, like Bitcoin, it is subject to high volatility, which leads to solid rate hikes. Nevertheless, it provides suitable conditions for trading and earning in the short term. What fuels interest in the coins is the high demand for anonymous transfers.
ZEC's future and prospects
Some factors could slow down the development of cryptocurrency. These include various government agencies, which are already giving up on cryptocurrencies because of the untraceability and anonymity of transactions.
The creator of Zcash, on the other hand, points out that such technologies cannot harm.
The company is contracting with various banks to provide complete confidentiality and security for all transactions involving digital assets.
Prominent organisations, major financial institutions, including JPMorgan Chase, have expressed interest in cryptocurrency.
The creators are improving the network, making it faster and able to conduct an unlimited number of transactions. Its active development could be a boost to its popularity. The only thing is that much depends on the developers' measures to decentralise the network's capacity.
For those who appreciate the convenience of cryptocurrencies like bitcoin but would like some extra privacy, Zcash offers a great alternative. As it provides all the same features as bitcoin, with the option of shielded addresses, it can easily be used similarly without sacrificing user privacy.
Thus, it should have a bright future and expand. Furthermore, innovative technology also shows that these methods are expanding, and Zcash is growing in popularity.
You are left to decide whether to invest in Zcash or not. However, don't forget to learn and expand your options. If you do, you are sure to succeed!