Zcash (ZEC) Tops 24 Hour Volume of $182.63 Million

Zcash (CURRENCY:ZEC) traded 2.1% higher against the US dollar during the twenty-four hour period ending at 21:00 PM Eastern on October 13th. During the last week, Zcash has traded 2.5% lower against the US dollar. Zcash has a total market capitalization of $1.54 billion and approximately $182.63 million worth of Zcash was traded on exchanges in the last day. One Zcash coin can currently be bought for about $119.60 or 0.00205093 BTC on cryptocurrency exchanges.

Here’s how similar cryptocurrencies have performed during the last day:

  • Bitcoin Gold (BTG) traded 0.8% lower against the dollar and now trades at $70.01 or 0.00120059 BTC.
  • Horizen (ZEN) traded down 0.1% against the dollar and now trades at $72.97 or 0.00125132 BTC.
  • Pirate Chain (ARRR) traded down 1.3% against the dollar and now trades at $2.16 or 0.00003701 BTC.
  • Alchemy Pay (ACH) traded 0.7% lower against the dollar and now trades at $0.0608 or 0.00000104 BTC.
  • Bitcoin Private (BTCP) traded 16.1% higher against the dollar and now trades at $1.43 or 0.00002447 BTC.
  • BitcoinZ (BTCZ) traded 15.8% higher against the dollar and now trades at $0.0006 or 0.00000001 BTC.
  • Zero (ZER) traded 0% higher against the dollar and now trades at $0.21 or 0.00000359 BTC.
  • ZClassic (ZCL) traded up 2.3% against the dollar and now trades at $0.18 or 0.00000315 BTC.
  • Hush (HUSH) traded 1.3% higher against the dollar and now trades at $0.0856 or 0.00000147 BTC.
  • Bitcoin Interest (BCI) traded up 3.4% against the dollar and now trades at $0.0169 or 0.00000029 BTC.

About Zcash

Zcash is a proof-of-work (PoW) coin that uses the Equihash hashing algorithm. It launched on October 28th, 2016. Zcash’s total supply is 12,858,994 coins. Zcash’s official Twitter account is @zcashco and its Facebook page is accessible here. Zcash’s official website is z.cash. The Reddit community for Zcash is https://reddit.com/r/zec and the currency’s Github account can be viewed here. The official message board for Zcash is forum.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. “

Buying and Selling Zcash

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

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