Bitcoin or BTC may actually be the alpha blockchain in the crypto chain – but, how can you solve a problem, such as anonymity? Besides everything, a coin such as Bitcoin is pseudonymous. The investors in crypto look for security and transactional privacy in digital blockchain-based transactions. Said otherwise, lack of anonymity actually means cyber hackers could expose social details in data breaches, anything from true identity to address. Following the Cambridge Analytica data harvesting scandal of Facebook or FB, investors face an era in which the protection of data matters more than ever and then everything else.
So, that is the place where the top 20 privacy altcoin ZCash takes its responsibility. ZCash actually delivers a compelling way to anonymize transactions for the new, as well as old crypto enthusiasts. The anonymity when making crypto transactions actually stands storing here and cryptographically-proven. The coin of the founder and CEO of ZCash, named Zooko Wilcox, fills a much-needed privacy gap in the crypto verse.
ZCash ranked on the #19 place.
With the use of the screener platform at Coinwatch.com, there were scooped some real-time stats on the volatile crypto market. Let’s take a closer picture at the coin which has hooked the attention of the bank giant J.P. Morgan (JPM).
Now, ZCash is ranked with the #19 place, with a market cap of $961.21 million. In the last 24 hours or more, were positive for ZCash: the valuation of it has risen almost 21%, and transaction volume boils down to a cool $15.13 million overnight. Currently, the privacy-driven crypto coin hits a price of $207.17. So, are you supposed to invest in this underdog?
Why should you invest? The cryptography of ZCash means absolute anonymity for its users. One cryptography professor at the University Johns Hopkins, named Matthew Green, is also a founding scientist behind ZCash. He has fired shots at Bitcoin, as being the least private financial system that was ever invented.
The team of computer scientists and cryptographers of ZCash came up with a protocol which was called zk-SNARK, which is an acronym for “zero-knowledge, Succinct, Non-Interactive, Argument of Knowledge.” Such zero-knowledge proofs eliminate a need for interaction between the prover and the verifier.
The excellent team of scientists and research cryptographers that were behind the protocol start from Johns Hopkins, as well as the Massachusetts Institute of Technology (MIT), Technion-Israel Institute of Technology and end with Tel Aviv University. The zero-knowledge proofs first came from the minds of the researchers of MIT in the 1980s.
Even the creator of Ethereum, named Vitalik Buterin was left impressed with zk-SNARKs, and he called the technology “hugely important” and “absolutely game-changing.” To put it bluntly, Buterin praised to Fortune that they are the single most under-hyped thing in cryptography right now.
J.P. Morgan joined forces with ZCash
The former National Security Agency white blower Edward Snowden tweeted in response that he is with Vitalik. He also said that zero-knowledge proofs may also be the future of private trade and that it is no wonder that in September last year, Snowden cheered ZCash on Twitter as the most interesting Bitcoin alternative.
The proofs are not the only keystone of ZCash and blockchain data privacy, but ZCash also marks the first widespread app of the cryptography technology. Even the second biggest crypto coin Ethereum set free a Metropolis upgrade to the table in 2017, integrating ZCash-trailblazed z-SNARKs.
By May last year, the biggest bank giant in the world, known as J.P. Morgan, chose to join forces with the developers of ZCash, integrating the privacy technology into its blockchain platform Quorum. Primarily, this partnership has been forged between the banking giant and the company behind ZCash: the Zerocoin Electric Coin Company or ZECC.
The scientist at the University of Cornell, named Emin Gun Sirer, saw the alliance as an organic move, particularly considering the finance industry thrives on privacy.
Ironically, Wicox is not a fan when his coin is actually pigeonholed into a box for privacy. As far as the CEO of ZCash is concerned, it is a mistake to think about the privacy as a limitation, a specialization or a niche. He argues that privacy is actually something which is necessary for business, consumers, and decentralization.
The goal actually is for ZCash to deliver the benefits of an open financial system to everyone, and Winox also wants to offer a safe economic fabric to the world boasting some universal access, as well as recognition.
Sapling, a new protocol upgrade
There is a new protocol upgrade which comes in October, and it is called Sapling, primed to boost the scalability of private transactions of ZCash meaningfully. Green, who is the founding scientist is ready to unleash the new privacy technology, which is effectively the same construction but much more efficient, bring proving times down to a second or maybe two.
While Green is actually a fan of fancy crypto, he also looks forward to the upgrade.
A first hard fork is going to go underway beforehand, which is called Overwinter, which ZCash believes is going to strengthen the protocol for future network upgrades, paving the way for the ZCash Sapling network upgrade later in 2018.
The investor, as well as founder of crypto hedge fund firm Scalar Capital Linda Xie, believes that privacy is vastly undervalued and misunderstood in the crypto world. Xie also notes that she is bullish on the crypto coin. Grayscale Investments financial analyst Matthew Beck wagers: hypothetically, the ZEC value could push past a colossal $62,000 by 2025.
That will only happen if the assumed value of the coin takes a 10% slice of all offshore wealth in seven years period. Still, the “what if,” even hypothetically is one to track. This crypto privacy leader could one day race to the top.
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