What currency is ZEC? What does ZEC coin mean?

ZEC's privacy-centric features, such as zero-knowledge proofs and shielded transactions, make it a preferred choice for individuals and entities seeking confidentiality and anonymity in their financial dealings.

Oct 28, 2024 at 03:44 pm

1. What is ZEC?

ZEC, also known as Zcash, is a decentralized and open-source cryptocurrency that focuses on privacy and anonymity. It was launched in October 2016 by the Zerocoin Electric Coin Company (ZECC).

2. Key Features of ZEC:

• Privacy: ZEC transactions utilize zero-knowledge proofs to hide the sender, receiver, and transaction amount from public view.
• Confidentiality: Transactions can be completely shielded, making them virtually untraceable and immutable.
• Fungibility: All ZEC coins are indistinguishable from one another, ensuring their privacy and anonymity.

3. ZEC Technology:

• Proof-of-Work Consensus: ZEC utilizes the Equihash algorithm to secure its blockchain and validate transactions.
• Sapling Protocol: This updated privacy protocol enhances transaction efficiency and reduces transaction sizes.
• Tor and VPN Integration: ZEC supports optional integration with Tor and VPN services to further enhance privacy.

4. Use Cases of ZEC:

• Private Transactions: Individuals and entities can send and receive ZEC without revealing their identities.
• Confidential Business Transactions: Businesses can use ZEC to conduct transactions securely and privately, protecting sensitive information.
• Cybersecurity and Privacy Protection: Journalists, activists, and whistleblowers can use ZEC to safeguard their communication and financial transactions.

5. Symbol and Issuances:

• The ticker symbol for ZEC is ZEC.
• The total supply of ZEC is capped at 21 million coins.
• Blocks are mined approximately every 2.5 minutes, and miners receive a block reward of 2.5 ZEC.

6. Market Performance:

• ZEC has a market capitalization of approximately $3 billion as of February 2023.
• Its price is highly volatile, like other cryptocurrencies.