Zcash is an alternative cryptocurrency which is looking to displace Bitcoin as the main medium of exchange and a store of value in the cryptocurrency world. Its uniqueness lies in its advanced privacy technology, that uses zero-knowledge proofs to verify transactions without having to reveal the amounts or parties involved with outside parties. Very recently Zcash surged as Bitmain's Z11 miner brings more hash power to the network, wherein Z11 is thrice as powerful as Z9.
Zcash started with a very high price when it was first released in 2017 and was one of the greatest winners in the cryptocurrency rally at the beginning of this year. Zcash (ZEC) is a proof-of-work cryptocurrency built with a focus on anonymity and privacy. Using a form of zero-knowledge cryptography, known as zk-SNARKS, Zcash is mainly designed to provide completely anonymous transactions.
Zcash price for today is 81.79 USD. Its current circulating supply is 6,701,144 ZEC with a market cap of $548,068,808.
Zcash was started as a fork of the bitcoin blockchain on October 28, 2016, by Zooko Wilcox. Earlier it was known as the Zerocoin protocol before it was transformed into the Zerocash system and then finally into, Zcash. Like Bitcoin, it is also based on a decentralized blockchain but allows anonymity behind transaction amounts and parties involved. In Bitcoin, if you know someone's address, you can follow their transactions and you can even see their transaction amounts but with Zcash all the information is encrypted.
Zcash claims to even out Zerocoin's drawbacks using zk-SNARK, a zero-knowledge proof that is succinct or short and easy to verify, which in turn enables the transaction to occur without divulging its contents. Another important property of Zcash is the fungibility of its tokens, which means that all parties within the transacting system treat Zcash tokens as equal, irrespective of what the transaction history is.
Zcash is one of the fastest growing cryptocurrencies, which has managed to secure the 21st position, as per market capitalization, that too, in such a short span. Predicting cryptocurrency price is as difficult as predicting the stock market, maybe more than that as the market is influenced by certain factors. But, because of ZEC’s past and present achievements, investors and enthusiasts are holding onto it, where some of them have given some predictions as well. Let us check some of the predictions:
Crypto Ground predicts that Zcash price might reach around $135.7029 by the end of this year, which is around 129% increase in the price if compared to the current price. They even predicted that ZEC might reach around $1358.8187 by 2023, which if happens, would be an increase of $2197.24.
Wallet Investor believes that the value of Zcash might depreciate and can reach around $9.972 by the end of 2019 which is a very pessimistic and conservative prediction.
Trading Beasts speculated that Zcash might soon be around 3X of the current price. They predicted that ZEC might soar up as high as $146.24 by the end of 2019. They added that Zcash might increase gradually, and may fall down to $100 by the end of 2020.
Matthew Beck, an analyst at the investment firm behind the Bitcoin Investment Trust predicted that the Zcash price might reach $60,000 by 2025 if investors begin to use it in place of traditional offshore banking services.CCN ‘s Josh Williams added that if Zcash can manage to occupy 1% of the global offshore wealth, it might reach $6,289. If Zcash can manage to capture 10 % of the offshore wealth, it could surge as high as $62,893.
Being Crypto has given a detailed price prediction for Zcash and believes that ZEC might reach $380 by the end of 2019 and in 5 years it might reach more than $760.
Among all the coins shooting into the stratosphere only to come crashing down, Zcash has remained surprisingly stable throughout this year. Zcash is solving the problem of anonymity faced by the Bitcoin community and its enhanced privacy feature is winning the hearts. Zcash value increased significantly as there were rumors that it will be enlisted on the Gemini exchange which is based in New York and owned by Cameron and Tyler Winklevoss (they have invested heavily on Zcash). Zcash's partnership with Ethereum helped to introduce ZK-snarks to the larger platform as part of the Byzantium upgrade. It also partnered with JPMorgan to introduce a zero-knowledge security layer (ZSL) into JPMorgan’s Quorum blockchain. These advancements led to Zcash’s appreciation in value, which can cross $500 mark by the end of 2019.
Read more: Top Zcash wallets in 2019
The Zcash community is planning to include scalability improvements to allow practically unlimited numbers of transactions, novel consensus algorithms such as Proof-of-Stake, and private and scalable smart contracts. These developments might have a positive effect on the valuation of Zcash and it might rise to reach the $500 mark. There’s no doubting that Zcash has some impressive features, most notably the ability to combine privacy with fungibility. Its relationship with Ethereum proves that it has been backed by a strong and committed development team.
Zcash community might introduce many developments in the year 2020, which includes enhanced privacy system, which might attract many Bitcoin users over to Zcash, raising the demand for the coin. After the recently conducted vote at the Zcash Foundation, it was decided not to close the mining protocol for ASIC devices. Additionally, the governing board of the platform decided to change it later on and disclose it to potential equipment producers, so as to receive support from miners from various sides. Zcash may choose to change for multiple mining algorithms by 2020, this way the coin’s community will not be dependent only on GPU miners, even though they make up a significant part of the network. This advancement might lead to an establishment of a milestone for the Zcash community as the price might plunge high to around $867, which is almost 8X its current price.
In a period of 5 years, Zcash might become globally popular, and its use case might populate as well. By 2020, Zcash could prove to be the “first globally accessible ‘offshore’ investment opportunity” as it has the ability to not only fill the void left by the declining offshore banking sector but even expand this opportunity to everyone — not just wealthy elites. This engagement might alleviate the Zcash price significantly if the asset can capture even a small percentage of the wealth which is currently stored in offshore accounts. As this is going to be a big stepping stone for Zcash to grab the top 10 spots in the ranking system, it might outsmart its fellow-altcoins. By 2023, Zcash price might exponentially increase to around $1242. You can convert ZEC to BTC from CoinSwitch at the best rates.
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2019-04-04 09:44:45.948911 | 2 min