Zcash, the new cryptocurrency that claims to be the equivalent of HTTPS in terms of cryptocurrency security, is celebrating its achievements since its launch in October 2016.
The open-source and decentralized cryptocurrency initiative was founded by Zooko Wilcox, with the aim for the cryptocurrency to act as a more private and secure means to perform transactions that will be protected by zero-knowledge cryptography.
The company behind Zcash is also not new to the block. While its founder has been in the industry for more than 20 years, Zerocoin Electric Coin Company itself has partnered with the likes of J. P. Morgan in recent past to help install its Zero-knowledge Security Technology into the institution’s enterprise blockchain platform system. It is important to note that this is the same technology that Zcash is based on and takes great pride in.
It could become a major player in the cryptocurrency field
While the very element of transparency has been one of the most positive aspects of cryptocurrency transactions, concerns have been raised on protecting consumers’ personal data that is attached to the transactions posted on the blockchain of bitcoin and numerous other cryptocurrencies.
Zcash claims to work towards the resolution of this very issue by ensuring the protection of consumer data while processing such transactions. It assures its consumers that the technology it uses will make sure that private data is protected, all with the comfort of knowing that it will still go through the transparent transaction verification process that the cryptocurrency industry has been praised for in the past.
In addition to the protection of data, the company has also introduced new methodologies that could open doors to the integration of such solutions into other cryptocurrencies. One such feature of Zcash is its ability to uphold zero-knowledge proofs, which allow for the verification of fully-encrypted transactions to be valid.
It seems to be delivering on prior promises
Back in February 2017, Zcash had shared a roadmap for the future technological innovations that it wished to implement within its system.
Some of these planned features were:
Payment Disclosure – This was meant to allow a consumer to disclose the confidential information pertaining to a transaction to any specific party (this included the encrypted information fields).
Payment Off-loading – This was meant to allow consumers of light wallets to send Zcash to shielded addresses. All with the comfort of knowing that no funds are being placed at risk.
Cross-Chain Atomic Transactions (“XCAT”) – A part of the company’s Project Alchemy Initiative, this was meant to allow transactions that span multiple blockchains, essentially meaning that consumers could trade Zcash, Bitcoin, and Ethereum tokens without relying on an intermediary.
The “Sapling” Upgrade – This was their first planned upgrade to the core Zcash protocol, meant to introduce efficiency improvements along with allowing new types of core protocol features.
In a recent publication by the company, it was revealed that they were able to successfully deploy the aforementioned functionalities. This goes on to suggest that Zcash is serious in meeting the needs and expectations of its consumers and that it strives to improve itself with consistent efforts and time.
Zcash could emerge as being an innovation to the cryptocurrency industry
With events such as its recent launch of the Zcash Investment Trust, it seems that Zcash could have the potential to grow as a reliable source. However, it will take some time before it could be determined if Zcash has a shot to stand in line with cryptocurrencies as popular as Bitcoin and Ethereum.
Zcash urges its users to download and utilize its open-source application to see the technology at work on its own. It would be interesting to see how the industry reacts to the features that the company behind it markets as being its core advantages.