Zcash is a cryptocurrency that’s open-sourced, decentralised and built on blockchain technology. The cryptocurrency is slowly gaining its popularity in the digital banking world, making it a go-to option for individuals that think they’re behind the race of Bitcoin. With its unique design and privacy, many people currently choose to mine, purchase, bet and play online casino games using this crypto.
Zcash was launched and introduced to the market in 2016. And since then, it has been gaining in popularity, especially in the gambling scene, thanks to its anonymous nature. Unlike Bitcoin and other popular cryptocurrencies, all transactions with Zcash crypto can be made private by hiding sensitive information such as the recipient and sender.
If you love gambling, then you should choose one of the best Zcash online gambling sites. Be sure that your site of choice has the highest ZEC casinos rating before you can sign up. Below are the things that you need to know before you can start using Zcash.
What Technology Does Zcash Use?
Zcash is a cryptocurrency that utilises a state-of-the-art form of zero-knowledge verification known as ZK-SNARKS. This technology was established by various researchers, including professors Alessandro Chiesa and Eli Ben-Sasson. As a cryptocurrency, Zcash allows for private and public transactions, with the users having the option to disclose details about their respective private transactions.
The optional transparency available in this cryptocurrency can be of great importance, especially in situations where a user needs to provide information for tax or any other purposes. Users can share a view key to allow transaction information to be optionally viewed by selected individuals. The view key is different from the spend key, that is used to spend funds.
These two different keys ensure that users can allow third-parties to view transaction details without allowing them to spend all of their funds. Using an example of an online banking platform, the login details needed to access your account is similar to the spend key while viewing or accessing a copy of your financial institution account statement is the same as the view key.
Additionally, Zcash provides several encrypted memo fields that give room for a secret message to be transferred from the sender to the receiver. This can easily be compared to composing a note on a check. However, instead of any individual handling the check being in a position to see it, only the view key holder is able to do that. This can be used for various purposes like sending a message or a payment code to the recipient.
The Future Work on this Technology
Zcash’s technology is not without a few limitations. Future enhancements need to address two major limitations of the ZK-SNARKS technology, which include computation and set up. The trade-off to this technology is that it requires the generation of public parameters where individuals need to perform multi-party computations as part of the initial creation of the cryptocurrency.
To maintain the accurate total of the monetary base of Zcash, you need to be sure that at least one individual has successfully executed the task and completed it without compromising anything. The best part is that this parameter doesn’t affect the privacy of Zcash. Given this trade-off, there’s already serious research happening with the latest technology known as ZK-STARKS that allows for privacy but does not require any trusted setup.
In Zcash, generating shielded transactions requires a relatively huge amount of device memory as well as time, making it inconvenient for regular use. And due to this, not all transactions are shielded, affecting fungibility in Zcash. This simply means that some coins are more valuable compared to others since they do not have a tainted history that is associated with it.
The best part is that the research, as well as the development team, primarily focuses on performance enhancements in future updates, which will massively reduce the amount of memory and time. This also means that even mobile devices will be in a position to generate proofs. Additionally, it means that a large percentage of transactions will be heavily shielded, providing much-needed privacy.
What Problem Does Zcash Solve?
Zcash attempts to solve one main problem, which is privacy. When crypto was introduced in the market, many individuals wrongly assumed that all of their transactions were private. Instead, the opposite was true.
A few years after the introduction of cryptocurrency, blockchain forensic companies shed light on this issue. Zcash provides its users with the ability and freedom to make anonymous transactions through the network’s special systems.
What Are the Benefits of Using Zcash?
Zcash offers some benefits to its users as well as the market. With Zcash, you can make purchases, donations, and investments with lots of confidence since the cryptocurrency provides its users with confidential and transparent transactions. Below are more details about the benefits that ZEC offers.
Zcash (ZEC) is all about user privacy. It utilises zero-knowledge proofs when it comes to encrypting all the information of its users. This is one of the best and first privacy approaches in the market, and it has helped the Zcash crypto to remain a favourite for many individuals from across the world.
Compared to other cryptocurrencies, including Bitcoin, Zcash processes all of its transactions quicker. Also, it is more scalable. Scalability issues remain to be the main concern for users of Bitcoin, Bitcoin Cash and other digital currencies.
When the market is busy, delays and fees nullify the cash-like characteristics. The Zcash crypto alters some of its systems to help improve other cryptocurrencies’ performance massively.
Fungibility only occurs when you have crypto that can be interchanged for another, and it’s possible to decrypt from each other. The good news is that Zcash is fungible. The fiat currency is a perfect example of fungibility. Every Pound or Euro holds the same value, meaning it falls short of true fungibility since the fiat currency has unique serial numbers that allow for tracking the funds.
The Zcash crypto accomplishes this task without the use of serial numbers. Notably, Zcash works without having to bind coins to the chain history, allowing for interchangeability of crypto. Also, it makes it difficult to track with the blockchain explorers.
Scarcity and Security
For Zcash investors, scarcity is another plus. The Zcash network shares the scarcity of Bitcoin when it comes to total coin issuance. There’ll only ever be twenty-one million Zcash coins issued across the life of the project.
When it comes to security, ZEC has earned a good reputation, thanks to its peer-viewed scientific approach. This approach has made ZEC one of the most secure digital currencies ever to enter the industry and market.
The Most Popular Uses of Zcash
Zcash can be used in different industries and ways. You can use Zcash to pay for goods and services and make purchases. Making deposits and withdrawals to online casino accounts is one of the main uses of Zcash. Currently, there are many online casinos out there that accept transactions made through this cryptocurrency. And below, you will find lots of useful information about gambling with Zcash.
Gambling with the Use of Zcash
Placing bets with Zcash is not only simple but also straight forward. Whether you have been using cryptocurrencies to place bets or you are new to crypto betting, using Zcash would prove to be easier in terms of understanding it. Similar to any other currency, Zcash has its own wallets and addresses that you’re able to connect to any betting platform that supports the coin.
If you are new to Zcash, you will need to sign up for a wallet via its main website. After that, you will have to purchase the coins from authorised dealers out there. When purchasing your Zcash coins, you should be sure that the site you are transacting with is legit, safe and reliable.
How to Get Zcash Coins for Gambling?
Whether you are a punter or any other user of Zcash crypto, you will need to have some coins in your wallet in order to complete your transactions. Getting the coins is easy, and the best way to do this is to utilise cryptocurrency exchange.
Currently, there’re very few crypto exchanges that sell ZEC for fiat currencies. Gemini is one of the most popular exchanges that you can also trust. If you do not have access to Zcash-Pound exchange, you can purchase Bitcoin at Coinbase and then send it to Binance. This will allow you to trade Bitcoin for Zcash.
Are Zcash Gambling Platforms Available for Mobile Use?
It is possible to access Zcash gambling platforms on all modern Android, Windows and iOS tablets and smartphones. However, there is only one main issue that you need to know before using Zcash to gamble on a mobile device. The number of user-friendly wallets is limited.
Zcash experts are working on this issue, and a mobile-friendly wallet should be available in the coming few months. The wallet is believed to be extremely mobile-friendly and includes all the security and privacy features of its desktop counterpart.
If you want to gamble with Zcash on your favourite mobile device, be sure that the funds are available in your casino account. And finally, you should pick online gaming sites with the best ZEC casinos rating.