Zcash (ZEC) Achieves Market Capitalization of $1.01 Billion

Zcash (ZEC) traded up 1% against the U.S. dollar during the 24 hour period ending at 12:00 PM Eastern on August 6th. During the last seven days, Zcash has traded up 0.4% against the U.S. dollar. Zcash has a total market cap of $1.01 billion and $66.60 million worth of Zcash was traded on exchanges in the last 24 hours. One Zcash coin can now be bought for approximately $67.64 or 0.00291275 BTC on exchanges.

Here is how similar cryptocurrencies have performed during the last 24 hours:

  • Bitcoin Gold (BTG) traded 0.4% lower against the dollar and now trades at $29.21 or 0.00125802 BTC.
  • Horizen (ZEN) traded 5.3% higher against the dollar and now trades at $18.97 or 0.00081711 BTC.
  • Pirate Chain (ARRR) traded 0.5% lower against the dollar and now trades at $0.51 or 0.00002199 BTC.
  • Alchemy Pay (ACH) traded 0.6% lower against the dollar and now trades at $0.0160 or 0.00000069 BTC.
  • Bitcoin Private (BTCP) traded 0.9% higher against the dollar and now trades at $0.78 or 0.00003370 BTC.
  • BitcoinZ (BTCZ) traded 0.1% higher against the dollar and now trades at $0.0002 or 0.00000001 BTC.
  • Hush (HUSH) traded 3.8% lower against the dollar and now trades at $0.0698 or 0.00000301 BTC.
  • ZClassic (ZCL) traded down 2.8% against the dollar and now trades at $0.0490 or 0.00000211 BTC.
  • Bit Hotel (BTH) traded 0.3% higher against the dollar and now trades at $0.0071 or 0.00000031 BTC.
  • Zero (ZER) traded down 7.8% against the dollar and now trades at $0.0171 or 0.00000074 BTC.

Zcash Coin Profile

Zcash (ZEC) is a proof-of-work (PoW) coin that uses the Equihash hashing algorithm. Its launch date was October 28th, 2016. Zcash’s total supply is 14,983,738 coins. Zcash’s official Twitter account is @zcashco and its Facebook page is accessible here. Zcash’s official message board is forum.z.cash. The Reddit community for Zcash is https://reddit.com/r/zec and the currency’s Github account can be viewed here. Zcash’s official website is z.cash.

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. “

Zcash Coin Trading

It is usually not currently possible to buy alternative cryptocurrencies such as Zcash directly using US dollars. Investors seeking to trade Zcash should first buy Bitcoin or Ethereum using an exchange that deals in US dollars such as Changelly, GDAX or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Zcash using one of the exchanges listed above.

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