When the king of secrecy singles out an altcoin, you have to know that it will be good. Say hello to Zcash -- the best kept secret in the world of cryptocurrencies!
With the initial aim to improve the anonymity functions of Bitcoin, Zcash was born in 2016. It was first known as the Zerocoin project to be later renamed to Zerocash. Amongst its team are Roger Ver, Matthew Green, and Wilcox-O'Hearn. What makes this alternative coin (altcoin) unique is that investors/traders can choose "selective disclosure."
This means one can choose if he wants to disclose the transaction, beneficiary, and amount or not, for tax purposes or to comply with the rules and regulations set out by various organizations and entities. Just like its big brother, there is a 21 million unit supply of Zcash. It should be noted that founder Wilcox has made various public appearances stating that the aim of the coin is not to encourage criminal activities.
Zcash became one of the top 10 cryptocurrencies due to its market cap in 2017.
Alternative to Bitcoin?
Whilst so many coins refer to themselves as Bitcoin's alternative in terms of privacy and security, it can get quite confusing whom to believe and whom to avoid. Zcash, thus far takes the prize when it comes to truly being Bitcoin's alternative in the abovementioned regards. It makes it impossible to follow someone's crypto transactions thanks to Zcash's encryption technology or zk-SNARK.
The random number that is being used to estimate a hash value becomes unnecessary and one can basically prove a secret without giving away any information about it. In layman's terms it means that all the transactions are fully encrypted in the Zcash blockchain. The same applies to the history of the transaction on the blockchain. But don't take our word for it.
NSA whistle-blower Edward Snowden has recently taken to social media and hailed Zcash as the "most interesting alternative to bitcoin." He...