Author: changehero
September 26, 2019

We live in a world where every movement of ours is under surveillance and the issue has been debated over the past few years. Zcash is a cryptocurrency that paid unconditional importance to the privacy of the users and gained traction in the community. The hype around this private cryptocurrency pose a few questions: How did Zcash […]

We live in a world where every movement of ours is under surveillance and the issue has been debated over the past few years. Zcash is a cryptocurrency that paid unconditional importance to the privacy of the users and gained traction in the community.

The hype around this private cryptocurrency pose a few questions: How did Zcash perform in the past? How would it perform in the near future? And what factors might affect ZEC?

ChangeHero delved into Zcash and got all the answers for you.

Zcash and its Unique Features

ZEC was designed to offer exceptional privacy for cryptocurrency users. Created by the Electric Coin Company in 2016, the coin was fast to become one of the favourites of the crypto community. Zcash differs from other cryptos in many ways. The private coin provides the solution to Bitcoin’s drawbacks by enhancing privacy. It avoids the total transparency of Bitcoin’s blockchain and provides its customers to keep the details of their operation in private with the ability to send money whatever the user wants.

Zcash is the first of its kind to merge ZK-SNARKs, a zero-knowledge proof construction, with the blockchain technology. Zk-SNARK is an acronym for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” and referring to a proof construction where the user can prove possession of certain information. It allows the transaction between two parties to be verified with a specific set of information, without revealing completely what that information is.

Zcash website
Source: Zcash

Zcash users have the convenience of choosing among private shielded addresses or unshielded addresses. So the user’s transaction amount, address and memo are all securely hidden. With the help of the viewing key, the owner of a shielded address can disclose the transaction details for confirmations but doesn’t have access to the sender’s address and details only if the identifying information is included in the memo. The payment disclosure feature enables the users to disclose the transaction information to the third parties for auditing and references. All of these features including ZK- proofs and multi-signature transactions make the coin very suitable for safe digital transactions. In addition, Zcash supports fast transactions with a low fee of 0.0001 Zcash on a large number of top wallets and exchanges. And that makes Zcash a really valuable coin in the modern crypto market.

Historical Analysis

Three years ago on October 27, right before the launch of Zcash, Arthur Hayes, described the enthusiasm for Zcash to CoinDesk. He said:

“No one wants to miss the next bitcoin or ether. Everyone is trying to get their hands on ZEC.”

After two days, Zcash’s price reached $5941.80 and remained to be its all-time high since then. The numbers show how the launch of the coin was met with a lot of hype in the crypto community. Despite the initial hype, ZEC price dropped after it’s peak and remained stable throughout the year trading under a hundred dollars.

Zcash price chart 2017-2018
Source: CoinMarketCap

In 2017 the ZEC remained considerably stable during the first quarter and the crypto has performed fairly well during the year in the successive months despite some fluctuations. In the same year, ZCash also partnered with JPMorgan to present a zero-knowledge security layer (ZSL) into JPMorgan’s Quorum blockchain and also with Ethereum. The capacity of Zcash privacy of transactions has attracted numerous customers and later established partnerships with major wallets like Jaxx and Coinomi. These collaborations must have fuelled the growth of the coin’s price and traded at around $600 in December.

Digital coins that allow privacy and anonymity also gain popularity amongst criminals which makes it easier for them to hide the identity and use it for unlawful acts. In 2017, Internet Organized Crime Threat Assessment (IOCTA), Europol mentioned that Zcash is gaining popularity within the digital underground. Undoubtedly, such references to criminal activities could influence the public perception of the coin.

Zcash price chart 2019
Source: CoinMarketCap

During the year, 2018 Zcash witnessed a drop in its price in the first half and did not go through any major fluctuations the rest of the year. Zcash announced two major upgrades — Overwinter and Sapling in the same year. In 2019, Zcash opened at a price $56.01 and remained almost stable for the next few months. In the mid-2019, the price has crossed a hundred dollars due to the increase in the number of locations where ZEC was accepted.

At the moment of writing the article Zcash is being traded at $36.83 with a total market cap of $276,163,274 according to CoinMarketCap.

Expert Opinion

Most crypto experts and analysts have mixed opinions on the Zcash value. One of Deloitte’s blockchain experts, Tim Davis, said that it would be hard for Zcash to grow, due to the problem of the chain and the fact that a private transaction can be very expensive. WalletInvestor implies that there will be a negative trend in the future for Zcash, which makes the coin, not an ideal investment for making a fortune.

Edward snowden about Zcash
Source: Twitter
Most prominent people are positive about ZCash. Edward Snowden himself applauded the coin’s architecture because of its high-privacy protection many times which influence the price growth. And Zk-SNARKs proofs have also been directly promoted by Edward Snowden in his tweet a couple of years ago.

Matthew Beck, an analyst from Grayscale Investment, is positive about ZEC-coin. The coin will be widely used by investors, and it might hit $60,000 in the long-term, says the expert. Sounds quite promising for the coin’s future. Zcash price growth may be driven by the coin’s integration into mobile wallets, as smartphone payments are gradually becoming popular.

ChangeHero’s Verdict

ChangeHero believes, in Q4 2019 the coin will likely grow and the upcoming upgrades slated for release in the near future will have an impact on the price. Moreover, Zcash’s technical advantages like anonymity, improved usability, payment disclosure might help the currency gain a more stable position in 2019 and 2020 as well. According to the most crypto analysts authorities mentioned before, Zcash is a promising cryptocurrency with lots of capacity for growth and offers a greater level of privacy. These benefits make the coin more attractive to users and can be an excellent tool for private transactions for crypto enthusiasts. In conclusion, ZCash might be a solid crypto ground for digital investments.

What are your opinions about ZCash price prediction? Let us know in the comments.

Stay informed with ChangeHero, one of the most reliable instant cryptocurrency exchange platforms for more interesting news and price forecasts.

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