No matter your experience with cryptocurrency, we support you to try entering on this type of market. Or if you already have some experience with this, we support you as well, to develop your skills in this specific area. And that is because we really consider cryptocurrency mining on clouds as a good and solid way of increasing your earnings, and even getting rich in some situations.
For that reasons, we want to present you with alternatives to the all famous cryptocurrency Bitcoin. This is not the only one on the cloud system mining cryptocurrency market. Moreover, you will discover that there are a lot of cryptocurrencies equally effective and profitable, or even some with advantages over Bitcoin in several areas.
Among these alternatives, there is ZCash (ZEC). It caught our attention with its many benefits and we are thoroughly reviewing it in the following lines. Here is why and how is advantageous to make money on ZCash.
Who is ZCash
ZEC is a crypto project that started with the idea of Zerocoin/Zerocash , which was first suggested in 2013. However Zcash was launched in october 2016, being a Bitcoin fork, meaning extracted from Bitcoin. This makes it fairly similar to Bitcoin system.
However ZCcash has two transaction types: public and private. This is exactly the feature that separates it from Bitcoin and brings it a big plus. The public transactions are based on the same technology system as Bitcoin. When you download the official ZEC wallet, you will immediately see that you get access to a public address (t-addr) and a private address (z-addr). You can choose between the two transactional types.
For the Bitcoin-like transactions, you will deal with fully transparent and public transactions.
The Zcash confidential feature becomes active only if you choose it on purpose.
ZEC is a fairly interesting cryptocurrency, and distinctive from so many others, even from Bitcoin. It has an interesting partnership with JPMorgan via the open source project called Quorum. Its top confidentiality technology might even be soon implemented for other cryptocurrencies’ networks and blockchains. And there is a general assessment from cryptocurrency system’s specialists that it will get a capitalization of 960 Million USD.
ZCash grants you full control over the information that you want to share. You can use payment disclosure and special viewing keys to share a certain transaction detail with third parties of your choice for compliance or audits.
How to Make Money on ZCash
Zcash is a decentralized currency. This transcribes in the fact that there is not a central point or a sole administrator for this cryptocurrency. You have numerous opportutinities and offer packages to mining on all the cloud services out there. All these cloud systems work similarly and your participation takes place, more or less in a similar way. As a miner you are the one to process and verify all the transactions, whereas the platform will rent you the computig power and security protocols. Your job is to focus on supervising markets and choose a pool where to mine on. Thus your own and each participation is of utmost importance.
As ZEC is a finite amount cryptocurrency, its market value will increase with the increase of transactions and nodes in the network. So yes, don’t be surprized that your participation to the mining community will reward both you and the entire mining community.
The blockchain and each respective network follow only the already protected amount of coins, and there is no interest for whomever reveals another number of coins. All coins enter at once, and whenever somebody extracts a small amount, there is no manner to correlate it with the initial quantity. This makes Zcash somewhat vulnerable.
Mining on Zcash will bring you rewards which equivalate to a certain amount of ZEC coins. You can use ZEC to purchase goods and services, you can exchange it for other type of currency, like EUR, USD, and other, with the special authorized exchange operators.
· ZCash uses a cryptographic tool which is called Zero-Knowledge Proof (zk-SNARK). This is how users are able to perform transactions without having an obligation to reaveal any of their identities or data to the transactional partner. This system makes the blockchains untraceable by hidding the addresses on both sides, as well as the amounts delivered. The data on blockchains are shielded so it’s almost impossible to go towards the real identity of the transaction. This is a major difference from Bitcoin, as well as from a lot other cryptocurrencies, which have public databases with transfers and addresses. The Zero-Knowledge Proof ensures the high degree of fungibility, and since the two parties involved are anonymous, nobody can reject the coin payment.
· Such a strict confidentiality is benefic especially for companies that want to hide their info from competition, as well as for the already rich miners that do not want their activity and strategy to be puiblicly exposed.
Will Zcash increase its value furthermore?
These days, Zcash amounts around 50,68 USD, and has a transaction volume within 24 hours of 359.444.265 USD. Its reserve in circulation amounts 9.1 Million coins. As all respectable cryptocurrencies, it reached its pick in 2017, to an amount of 800 USD for one ZEC. And then it stabilized. ZEC is currently in a decreasing trend, so this is a good period of time to invest in it, because the forecasts are that it will grow again on the long term. As the market includes a total number of 21 million ZEC, it is estimated that it will last untill 2032 to discover all the existing coins. So here is some very interesting data for you, that strongly indicates why ZEC is such a good investment option.
What is your future with Zcash?
Due to the high confidentiality level with ZCash, this has become and will continue to be strong in its specific niche, a very good asset for companies or individuals that want to protect their data, their trade secrets and tactics, and everything else of private importance. So, ZEC is a cryptocurrency that already proved its worth, and will continue to be a strong partner for you on the cryptocurrency market.