The value of Bitcoin has withered in recent months albeit with small leaps here and there. A certain percentage of its decline came in the wake the raid on South Korean-based Bithumb on Friday. However, many other digital currencies stayed steady, even as Bitcoin fell to around $8,500 on Tuesday after its attempt to break the $9,000 threshold on Friday. And it looks as if Zcash (ZEC) is on the rise to overtake the cryptocurrency poster child that is Bitcoin.
Despite Bitcoin’s Decline, Zcash (ZEC) Surges Forward
Zcash’s unexpected jump came after Internet entrepreneurs Cameron Winklevoss and Tyler Winklevoss (twin brothers) gave ZEC their stamp of approval, with their Bitcoin exchange, Gemini, obtaining regulatory approval to add Zcash on the platform’s list of cryptocurrency products.
Cameron Winklevoss, the acting president of Gemini, explained in a letter: “Our approval makes Gemini the first licensed Zcash exchange in the world. It also makes the NYSDFS the first regulatory agency in the world to supervise Zcash.”
The price of Zcash has surged 47% to $364 since then, adding about $462.8 million to Zcash’s now $1.5 billion market capitalisation. Gemini, now the first licensed ZEC exchange, plans to allow Zcash trading is starting Tuesday, May 22 at 9:30 a.m. ET.
Winklevoss went on to explain that its most prominent feature and probably the most appealing is the fact that Zcash works on various blockchains. Additionally, it’s just as unfailing as Bitcoin blockchain technology but doesn’t require users to know each other’s public addresses.
ZK-Snarks Equals Zero-Knowledge
This added privacy means people can do business without knowing a single thing about the other. The technology used is called zk-snarks (having weird Pinky and the Brain flashbacks) – “z” for “zero” and “k” for “knowledge,” or “zero-knowledge.”
You might like to read about failed blockchains as well.
As stated in Forbes, “As a result, the cryptocurrency offers privacy to those in oppressed nations, criminals and privacy-focused individuals, drawing the attention of both supporters and detractors.
“In addition to ZEC having a $32.4 million daily trading volume, the zk-snark technology has been integrated into a number of open-source projects, most notably Quorum, originally developed by JPMorgan Chase & Co.”
It goes without saying that ZEC is the newest and best way to go for those of us who conduct business on the dark side of the internet. The author’s personal opinion is that Bitcoin will one day become obsolete as blockchain technologies become more and more sophisticated.
As I wrote this, an older film kept creeping to the forefront of my mind – a film that takes place in the future where hacking and cracking software has become a necessity for people to survive, yet be able to stay out from under governmental cyber control. If someone reading this knows the movie I’m talking about, please leave the answer in the comments below.
Anyway, we view these technological advances as novelties, but the cold hard fact is, it’s very likely technologies such as Zcash will be the last hints of freedom in a globalized future.