| Full Currency Name | 大零币/ZEC |
| Currency Code | ZEC |
| Coin Intro | "ZEC, also known as Zcash, is a privacy-focused cryptographic digital currency. The total supply is 21 million ZEC. Similar to Bitcoin, the 21 million ZEC coins are obtained through mining. Currently, while Bitcoin creates a new block every 10 minutes, the average time for ZEC to generate a block is 2.5 minutes. Both systems are similar but have their differences. As a decentralized, open-source cryptographic currency project, Zcash is the first blockchain system to use the zero-knowledge proof mechanism (Zero-Knowledge Proof). In Zcash transactions, details such as the sender, receiver, and transaction amount remain confidential. Only those with the secret key can access the relevant information, and they have the autonomy to share this key with others if they choose. It provides complete payment confidentiality while utilizing a public blockchain to maintain a decentralized network. About the ZEC Founding Team: The Zcash project was officially launched by Zooko Wilcox, the executive director of the Zerocoin development team, on January 20, 2016. It evolved from the existing Zerocoin project. With the emergence of a new protocol, an independent cryptocurrency, Zcash (ZEC), was born, no longer just a complement to Bitcoin. The current price of ZEC is $17.00, with a 24-hour trading volume of $48.9076 million. ZEC has decreased by 13.75% in the past 24 hours. It currently ranks 54th on BeeChecker with a market cap of $277.636 million USD. Its circulating supply is 16.3282 million ZEC, out of a total supply of 21 million ZEC." |
| Issue Date | 1477612800000 |
| All-Time High | $5941.8 |
| All-Time Low | $16.299088 |
| Total Supply | 21000000 |
| Circulating Supply | 16328268.75 |
| Circulating Supply Percentage | 0.7775366071428571 |
| Market Cap | 1972876260753.0002 |
| Fully Diluted Market Cap | $8.096875238095238e-7 |
| Mkt Cap (Float) | $277636705 |
| Circulating Market Cap % of Global Total | 0.00014072687199045755 |
| Listed on Exchanges | 29 |
| Official Link | https://z.cash/ |
| Whitepaper | https://github.com/zcash/zips/blob/master/protocol/protocol.pdf |
| Blockchain Explorer | "https://explorer.zcha.in/", "https://zcash.tokenview.com/", "https://zecblockexplorer.com/" |
| Telegram | "https://t.me/ZCashcohttps://t.me/zcash" |
| Github | https://github.com/zcash/zcash |
| https://twitter.com/electriccoinco | |
| https://www.facebook.com/zcashco | |
| https://www.reddit.com/r/zec/ |
Zcash is the first blockchain system to utilize zero-knowledge proof mechanisms, providing complete payment confidentiality while still leveraging a public blockchain to maintain a decentralized network. Similar to Bitcoin, the total supply of Zcash tokens (ZEC) is capped at 21 million; however, Zcash transactions automatically conceal the sender, recipient, and amount on the blockchain. Only those with a viewing key can see the contents of the transactions. Users have full control and can choose to provide their viewing keys to others.
ZCash is a fork of Bitcoin, preserving its original model and based on the Bitcoin 0.11.2 codebase. ZCash wallets contain two types of funds: transparent funds, similar to Bitcoin, and private funds, which enhance privacy. Transactions involving private funds are confidential and untraceable, whereas transactions between transparent funds are publicly visible.
Compared to Bitcoin, Zcashs most significant feature is its anonymity, as transactions automatically hide both parties and the amount involved in the blockchain. Only those holding the viewing keys can see the specific transaction details. Of course, users can choose who has this permission.
Why does Zcash achieve true anonymity and privacy protection? Simply put, Zcash employs two technologies:
The zk-SNARK zero-knowledge proof technology: Even with completely confidential source and destination information, zero-knowledge proof technology can verify that the spending user indeed possesses the currency.
Public blockchain: Zcash uses a public blockchain for displaying transactions but automatically hides the transaction amounts. Holders of ZEC (the token within the Zcash system) can use viewing keys to observe associated information.
Figure 1: High-level view of Zcash transfers
As shown in Figure 1, Zcash can facilitate four types of transfers. The most common and simplest type currently on the network is transfers between public addresses, which operate identically to Bitcoin transfers. Combined with zero-knowledge proof technology, public addresses can transfer funds to hidden addresses, and fully anonymous transfers where both sending and receiving addresses are concealed can also be achieved.
• zk-SNARK Zero-Knowledge Proofs
zk-SNARK stands for "zero-knowledge Succinct Non-interactive Argument of Knowledge." In this framework, zero-knowledge proofs do not require interaction between the prover and verifier. To achieve non-interactivity, zk-SNARK technology requires an initial trusted setup, setting up a series of public parameters to help provers construct zero-knowledge proofs, enabling fully private transfers. These parameters are used to build RSA public-key encryption accumulators in Zcash, with the corresponding parameters being the product N = p·q of two large prime numbers. If the generator destroys all records of p and q, the system is considered secure (assuming the infeasibility of factoring the product of large primes). If anyone knows p or q, they could easily construct zero-knowledge proofs and perform double-spending on anonymous transfers, inflating the money supply in the anonymous system.
Therefore, these secret parameters need to be securely destroyed immediately after generating the public parameters. Zcash conducted a Parameter Generation Ceremony specifically for this purpose, designing a multi-party computation protocol to allow multiple independent organizations to collaboratively build the parameters. Zcashs Sapling series public parameters, Powers of Tau, were generated in early 2018 using radiation data from Chernobyl nuclear waste at 3,000 meters altitude. To ensure the privacy of this event, it was conducted in a private aircraft flying at 3,000 feet above Illinois and Wisconsin in the United States.
• Mining Structure
Unlike most Proof-of-Work mining projects, Zcash allocates 10% of the token rewards to the team, but these tokens are not pre-mined but rather released gradually during the first phase of mining. The specific rules are as follows:
1. One block every 2.5 minutes, each block rewarding 12.5 ZEC (thus, like Bitcoin, initially 50 per 10 minutes)
2. During the first four years, 20% of mining rewards go to the team reward (so miners receive only 10 ZEC per block during the first phase)
3. At the start of mining, block rewards begin at 0.000625 ZEC and linearly increase to 12.5 ZEC (gradual mining start)
Figure 2: Distribution of Zcash mining rewards
ZEC will undergo its first halving at block height 850,000, reducing the reward by 50%, with the post-halving block reward being 6.25 ZEC. The predicted halving time is October 2020.
Related Links:
https://baike.baidu.com/item/%E5%A4%A7%E9%9B%B6%E5%B8%81/22415313
https://z.cash/the-basics/
https://www.dprating.com/rating/report/115
