Zcash Basics
What is ZEC?
ZEC is a digital currency that is based on the Zcash blockchain. It is the closest approximation to cash on the web. While it shares many similar features to bitcoin, it solves bitcoin's biggest flaw by enabling users to run fully private monetary transactions.
Why is a private currency important?
ZEC gives people the opportunity to transfer data permissionlessly. Having a peer-to-peer, permissionless money system gives people the ability to store value, or transact with others, independent of centralized entities. ZEC enables people to choose when they want to disclose information about their finances with others.
Resources
What is Zcash?
Zcash is an implementation of the "Zerocash" protocol. It is an open-source, blockchain-based ledger that features a sophisticated zero knowledge proving system. Based on Bitcoin's code, it specializes in offering a higher standard of privacy through its proving system preserving confdentiality of transaction metadata. At its core, Zcash is private data ownership that is permissionlessly transferred when transactions are made.
Why does it matter?
Zcash solves Bitcoin's biggest flaw; private ownership and transfer of data. In a world where blockchain applications and cryptocurrencies are becoming more widely accepted, pseudonymous transactions are no longer a viable option to protect user privacy. Surveillance applications are becoming more widely used to analyze blockchain transactions.
