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Zcash is a privacy-protecting, digital currency built on strong science. It is Bitcoin forked and uses zk-SNARKS (Zero-knowledge Succinct Non-Interactive Argument of Knowledge proofs for privacy.
Unique features of Zcash are
Low transaction fees
Optional privacy
Z-addr to t-addr transactions
t-addr to z-addr transactions
Hides the sender and receipt address and also the amount sent
Zero-knowledge proof is a method or process where one person (the prover) can prove to another party (the verifier) that something is true without revealing any information apart from the fact that this specific statement is true.
There are four types of transactions in the Zcash network
Public transactions - where all transactions and amounts are revealed.
Shielded Transactions - Zcash supports two types of addresses "t-addr" or transparent address and "Z- address "or shielded addresses. Transactions happen between "t addr " to "z-addr''.
Deshielded transactions - Private address to Public address, where the transaction amount is revealed through the deshielded transaction but the total balance in private address gets shielded.
Private Transactions - z to z-addr where both addresses and transaction amount get encrypted and not publicly visible.
Zcash Scalability and transaction costs:
Block time -150 seconds
Transaction per seconds 6 to 27
Transaction fees- 0.0001 ZEC
Zcash major update -( POW to POS transition)
Zcash is planning to transition from Proof-of-Work to Proof-of-Stake in early 2024. This change will increase the scalability and reduce transaction costs.
ZECUSD prices declined slightly after a more than 60% jump from Aug low of $21.70.It hit a high of 34.77 and is currently trading around $28.76. The pair is holding below the short-term (21 and 55-day EMA) and the long-term moving average (200-day EMA).
The near-term resistance is around $35, any indicative breach above will take the pair to $44/$50. On the lower side, immediate support is $27, and any violation below targets $21/$17.
Indicators ( Daily chart)
CCI(50)- Bearish
Directional movement index - Bearish
It is good to buy on dips around $26 with SL around $20 for TP of $50.
