ZCash is a proof-of-work (PoW) blockchain network that relies on miners for consensus.
The most important value proposition of ZCash is privacy. Specifically, ZCash relies on optional anonymity called ‘shielded transactions’ where users generate a specific form of encryption, called zk-SNARKs, that completely masks the transaction details at the blockchain level.
The use of zk-SNARKs has positioned ZCash as one of the most scientifically-driven and advanced projects at the edge of digital privacy.
zk-SNARKs and Shielded Transactions
The Electric Coin Company is comprised of a large group of computer scientists, cryptographers, research scientists, and prominent crypto industry advisors. ZCash draws its identity as a scientifically-driven project, and its unique underlying technology is what separates it from other cryptocurrencies.
When using ZCash, users have two options to transfer ZEC, the native token of the network. They can send a standard transaction, which uses standard public key encryption like Bitcoin. Alternatively, they can select shielded transactions, which exercise the powerful cryptographic technology zk-SNARKs.