Quick Overview: Zcash (ZEC)
The Zcash network
Zcash is a decentralized protocol for financial transactions based on an innovative system. The Zcash system is based on a very efficient process, called zk-SNARK. This advanced technology guarantees total anonymity of each transaction. Like Bitcoin, the Zcash protocol uses blockchain as the transaction log. However, in Zcash, there are two types of addresses: t-addresses (transparent) and z-addresses (protected).
T-addresses allow you to carry out classic transactions, registered in the blockchain and available for consultation. However, transactions made from z-addresses are kept only in the form of encryption. No information is known about the sender, the recipient, or the amount of the transaction. How can we then validate a transaction in this scenario? This is where the zk-SNARK process comes in. It makes it possible to verify that the transaction is valid, without knowing any element of it. This process is called "Proof Zero-Knowledge".
ZEC tokens
In October 2016, the network issued its first tokens, the ZECs. The total supply of tokens is fixed and amounts to 21 million units. For mining, Zcash uses the Equihash algorithm, which mainly relies on the amount of RAM on a machine. A block of Zcash can be generated every 2 and a half minutes.
Unlike Bitcoin or Ethereum, Zcash is a business. Zcash levies a 10% tax on the awards given to miners to compensate investors and the entire team.
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