Zcash (ZEC) Trading Up 8.8% This Week

Zcash (ZEC) traded 1.6% higher against the US dollar during the 1-day period ending at 18:00 PM E.T. on June 23rd. One Zcash coin can now be purchased for about $65.19 or 0.00309586 BTC on cryptocurrency exchanges. During the last seven days, Zcash has traded up 8.8% against the US dollar. Zcash has a total market cap of $956.31 million and approximately $91.72 million worth of Zcash was traded on exchanges in the last 24 hours.

Here’s how related cryptocurrencies have performed during the last 24 hours:

  • Bitcoin Gold (BTG) traded up 4% against the dollar and now trades at $17.01 or 0.00080771 BTC.
  • Horizen (ZEN) traded up 3.1% against the dollar and now trades at $14.41 or 0.00068415 BTC.
  • Pirate Chain (ARRR) traded 6% higher against the dollar and now trades at $0.44 or 0.00002081 BTC.
  • Alchemy Pay (ACH) traded up 0.5% against the dollar and now trades at $0.0123 or 0.00000058 BTC.
  • Bitcoin Private (BTCP) traded up 6.2% against the dollar and now trades at $0.95 or 0.00004493 BTC.
  • BitcoinZ (BTCZ) traded up 1.3% against the dollar and now trades at $0.0001 or 0.00000001 BTC.
  • Hush (HUSH) traded up 7.5% against the dollar and now trades at $0.0506 or 0.00000240 BTC.
  • Bit Hotel (BTH) traded 3.9% lower against the dollar and now trades at $0.0131 or 0.00000062 BTC.
  • ZClassic (ZCL) traded 3.8% higher against the dollar and now trades at $0.0274 or 0.00000130 BTC.
  • Zero (ZER) traded 8.7% lower against the dollar and now trades at $0.0147 or 0.00000070 BTC.

About Zcash

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 14,670,388 coins. Zcash’s official message board is forum.z.cash. Zcash’s official website is z.cash. Zcash’s official Twitter account is @zcashco and its Facebook page is accessible here. The Reddit community for Zcash is https://reddit.com/r/zec and the currency’s Github account can be viewed 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 purchase alternative cryptocurrencies such as Zcash directly using US dollars. Investors seeking to trade Zcash should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Coinbase, Gemini or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Zcash using one of the aforementioned exchanges.

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