Zcash update: ZEC Live price, price chart, news and markets

The ZEC price update as of now is $34.85. In the previous 24 hours, its trading volume was $58,139,765, and its value has increased by 2.80%. As of now, ZEC's live market cap is $555,245,424, and it is ranked as the #125 on the Coincu. ZEC has a circulating supply of 15,935,351 and a maximum supply of 15,935,351.

If you are aware of someone's Bitcoin address, you can track their transactions and see all of their addresses and transaction amounts. All data is encrypted using Zcash.

What Is Zcash and How Does It Work?

Zcash ($ZEC) is a cryptocurrency that prioritizes user privacy by providing a blockchain-based payment network. It utilizes zero-knowledge proofs (ZKPs) to protect transaction data, ensuring that transaction details remain private even on a public blockchain.

Launched in 2016, Zcash offers users the ability to choose between transparent addresses (visible on the blockchain) and shielded addresses (not visible) to customize their level of anonymity. Additionally, users can send transactions between these two address types, further enhancing privacy.

How Does Zcash Work?

When using Zcash, there are two types of addresses available:

• Transparent addresses (t-addresses): These addresses are similar to Bitcoin addresses and can be traced on the Zcash blockchain.
• Shielded addresses (z-addresses): These addresses are encrypted using zk-SNARK transactions, making the data on the blockchain, including transactions and funds held, invisible.

There are four types of transactions between these address types.

A Z-to-Z transaction confirms its occurrence and payment of fees on the public blockchain. However, the addresses, transaction amount, and memo field are all encrypted and not publicly visible. Zero-knowledge proofs enable this encryption. Learn more: What are zk-SNARKs?

Address owners can disclose z-address and transaction details to trusted third parties for auditing and compliance using view keys and payment disclosure.

A T-to-T transaction functions similarly to Bitcoin, where the sender, receiver, and transaction value are publicly visible. While t-addresses are currently popular among wallets and exchanges, there is a growing shift towards using shielded addresses to enhance user privacy.

Zcash addresses (both transparent and shielded) are interoperable, allowing funds to be transferred between z-addresses and t-addresses. However, users should consider the privacy implications when shielding or de-shielding information through these transactions.

Zcash's Outstanding Features

Zcash Allows Low-Fee Transactions

Zcash enables faster transactions with a low transaction cost of 0.0001 ZEC. It is supported by numerous top-tier wallets and exchanges.

Address and Transaction Privacy in Zcash

Zcash offers two types of addresses: shielded and transparent. Transactions between shielded addresses do not reveal the addresses, transaction amount, or contents of the encrypted note field. Shielded addresses are utilized to safeguard sensitive information, such as credit card numbers. Publicly available Zcash addresses and their transactions are similar to publicly viewable Bitcoin addresses on the blockchain.

Encrypted Memos

In shielded transactions, a memo field is accessible. This allows users to include encrypted memos with their transactions for additional privacy.