Zcash Market Cap Hits $1.20 Billion (ZEC)

Zcash (ZEC) traded 1.6% higher against the dollar during the 24-hour period ending at 16:00 PM E.T. on May 12th. Zcash has a market cap of $1.20 billion and $330.96 million worth of Zcash was traded on exchanges in the last 24 hours. One Zcash coin can now be purchased for $83.41 or 0.00292439 BTC on popular cryptocurrency exchanges. Over the last seven days, Zcash has traded down 32.2% against the dollar.

Here is how similar cryptocurrencies have performed over the last 24 hours:

  • Bitcoin Gold (BTG) traded 9.7% lower against the dollar and now trades at $17.44 or 0.00061129 BTC.
  • Horizen (ZEN) traded 7.2% lower against the dollar and now trades at $18.57 or 0.00065113 BTC.
  • Pirate Chain (ARRR) traded down 14.5% against the dollar and now trades at $0.81 or 0.00002845 BTC.
  • Alchemy Pay (ACH) traded down 2.4% against the dollar and now trades at $0.0151 or 0.00000053 BTC.
  • Bitcoin Private (BTCP) traded 18.8% higher against the dollar and now trades at $1.71 or 0.00006009 BTC.
  • BitcoinZ (BTCZ) traded down 8.1% against the dollar and now trades at $0.0002 or 0.00000001 BTC.
  • Hush (HUSH) traded up 8.6% against the dollar and now trades at $0.0987 or 0.00000346 BTC.
  • Bitlocus (BTL) traded down 17.3% against the dollar and now trades at $0.0122 or 0.00000043 BTC.
  • Bit Hotel (BTH) traded 8% lower against the dollar and now trades at $0.0215 or 0.00000075 BTC.
  • ZClassic (ZCL) traded down 10.1% against the dollar and now trades at $0.0451 or 0.00000158 BTC.

Zcash Profile

Zcash (CRYPTO:ZEC) is a proof-of-work (PoW) coin that uses the Equihash hashing algorithm. It was first traded on October 28th, 2016. Zcash’s total supply is 14,369,069 coins. The Reddit community for Zcash is https://reddit.com/r/zec and the currency’s Github account can be viewed here. The official website for Zcash is z.cash. Zcash’s official message board is forum.z.cash. Zcash’s official Twitter account is @zcashco and its Facebook page is accessible here.

According to CryptoCompare, “zk-SNARKsThe BasicZcash is the first widespread application of zk-SNARKs, a novel form of zero-knowledge cryptography. The strong privacy guarantee of Zcash is derived from the fact that shielded transactions in Zcash can be fully encrypted on the blockchain, yet still be verified as valid under the network’s consensus rules by using zk-SNARK proofs. The acronym zk-SNARK stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” and refers to a proof construction where one can prove possession of certain information, e.g. a secret key, without revealing that information, and without any interaction between the prover and verifier. “Zero-knowledge” proofs allow one party (the prover) to prove to another (the verifier) that a statement is true, without revealing any information beyond the validity of the statement itself. For example, given the hash of a random number, the prover could convince the verifier that there indeed exists a number with this hash value, without revealing what it is.   Application to ZCASHIn order to have zero-knowledge privacy in Zcash, the function determining the validity of a transaction according to the network’s consensus rules must return the answer of whether the transaction is valid or not, without revealing any of the information it performed the calculations on. This is done by encoding some of the network's consensus rules in zk-SNARKs. At a high level, zk-SNARKs work by first turning what you want to prove into an equivalent form about knowing a solution to some algebraic equations. In the following section, we give a brief overview of how the rules for determining a valid transaction get transformed into equations that can then be evaluated on a candidate solution without revealing any sensitive information to the parties verifying the equations. “

Buying and Selling Zcash

It is usually not presently possible to buy alternative cryptocurrencies such as Zcash directly using US dollars. Investors seeking to acquire Zcash should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Changelly, GDAX or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Zcash using one of the aforementioned exchanges.

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