Zcash (ZEC) vs ZClassic (ZCL) – comparison by an expert
Have you ever wanted to make a proper Zcash vs. ZClassic comparison? Are you a huge fan of the crypto industry and blockchain technology, with a big aim to gain profits from the chosen cryptocurrencies? And, ultimately, why is the zcash vs. zclassic differences so popular among the cryptocurrency community nowadays?
If you are generally interested in cryptocurrency comparison, you’d be happy to know what are the main similarities and differences between zcash and zclassic digital currencies. But before we provide you with the long-awaited comparison of their cryptocurrency features and benefits, let’s look at each crypto individually and what to expect from them!
Let’s start with the first one, the ZEC coin, shall we?
What is Zcash?
Zcash, more commonly known as ZEC, refers to a privacy-focused cryptocurrency. It is established on the codebase of Bitcoin, with a general supply of 21 million units. Just like Bitcoin transactions, it’s transactions are also transparent, with a possibility to also be shielded.
These shielded transactions would utilize a zero-knowledge proof, which, in cryptography, is known as a particular protocol and method by which a prover is able to prove the verifier if a particular statement is true once the prover doesn’t convey anything but the true statement.
With that proof, the transactions’ anonymity is provided, and we can tell that ZAC cons could be in one of the following two places:
Providing private transactions
Another benefit that ZEC coin provides is private transactions. It does so by offering a specific option, “selective disclosure.” With those options, individuals are able to demonstrate their payment for auditing motives. Among these reasons is the one that enables private transactors to.
One such reason is to make it easier for private transactors to act in accordance comply with two following things:
Regulation of taxes
Anti-money laundering laws.
For those wondering about the zcash vs. zclassic crypto comparison, I would like to know more about the main use of each of these cryptocurrencies. Let’s see more about it! Zcash is primarily used for private transactions, while Zclassic is a Bitcoin fork focusing on decentralizing the mining process.
It also offers a unique feature known as “shielded transactions,” which allows users to encrypt the content of their transactions to prevent third parties from seeing the details. Zclassic, on the other hand, focuses on eliminating the “founder’s reward,” a 20% bonus that goes to the founders of the Zcash project.
Both cryptocurrencies are based on the same technology, but their main use cases and features differ.
The main use of the Zcash
Zcash offers two types of transactions: transparent and shielded. Transparent transactions use “t-addr” for control, similar to Bitcoin, while shielded transactions use “z-addr” and employ zero-knowledge proofs (zk-SNARK) for enhanced anonymity.
Zcash coins reside in transparent or shielded pools, with only 4% in the shielded pool by December 2017. At that time, most wallets did not support z-address. Miners receive 80% of the block reward, while the remaining 20% goes to the Zcash cryptocurrency development fund, distributed among Zcash Open Major Grants, Electric Coin Co., and The Zcash Foundation.
A brief history of the Zcash Coin
Zcash development began in 2013 with Matthew Green and students.
Over $3 million was raised by Zcash Company in October 2016.
Zcash cryptocurrency mining started in late October 2016 with high demand.
10% of initial coins were allocated to Zcash Company, employees, investors, and the Zcash Foundation.
“The Ceremony” ensured a trusted setup for the private key.
A critical bug was fixed in October 2018 with the Sapling network upgrade.
Zcash Company became the Electric Coin Company (ECC) in February 2019.
A May 2020 research paper raised concerns about Zcash’s privacy guarantees.
Chainalysis added Zcash support in June 2020, tracing over 99% of activity.
ECC announced the Bootstrap Project in October 2020, with owners donating shares.
Current Zcash statistics and analysis
Zcash (ZEC) is currently valued at USD 25.61, reflecting a 5.60% increase in the last 24 hours. The trading volume for ZEC during this period reached USD 19,234,190. We continuously update the ZEC to the USD cryptocurrency price in real time.
With a live market cap of USD 418,201,923, Zcash holds the #82 ranking on CoinMarketCap. The circulating supply of ZEC coins stands at 16,328,269, while the maximum supply is capped at 21,000,000 ZEC coins.
For those interested in acquiring Zcash at the current rate, leading cryptocurrency exchanges such as Binance, OKX, Deepcoin, CoinW, and Bitrue offer opportunities for trading ZEC stock. Additional options can be found on our dedicated crypto exchanges page.
Zcash is a notable cryptocurrency that incorporates privacy features into its transactions. Its value and trading volume can fluctuate in response to market conditions, making it an intriguing asset for investors and traders. Stay updated with the latest Zcash price movements and trends to make informed decisions in the ever-evolving cryptocurrency landscape.
What is ZClassic?
ZClassic forked from Zcash coin originally. Its unique symbol is ZCL, for which this cryptocurrency is also well-known. They both utilize the same source code.
It refers to a decentralized, private, and community-driven coin. It was developed to provide two following things for transactions:
It stands for the open-source digital currency established on the famous protocol/method known as “Zero-knowledge.” ZClassic enables traders and investors to enjoy the scheme technology and the lack of a middleman, i.e., the censorship/governing body involved.
The maximum supply of the ZClassic coin is 11, and you can exchange it on the following exchanges:
Current Zclassic statistics and analysis
ZClassic enables users to acquire ZCL by engaging in the mining process. The current supply of ZClassic stands at 9,287,024.33. As for its market performance, the last known price of ZClassic is 0.03548501 USD, reflecting a 0.92% increase in the past 24 hours.
This cryptocurrency is actively traded on 7 markets, with a total trading volume of $15.79 in the last 24 hours. For additional details, please visit the official website at https://zclassic.org.
A unique cryptocurrency fully PoW mined
Zclassic is a unique cryptocurrency fully PoW mined without coin sale, ICO, pre-mine, or tax. Its Genesis Block was mined on November 6, 2016. Operating on a protocol similar to Zcash but without the founder’s reward, Zclassic provides a decentralized infrastructure through its full node implementation on GitHub.
Users can explore its blockchain transactions using block explorers like Zelcore and Tokenview. Engage with the Zclassic community on Bitcointalk and Telegram, and gain insights from the project’s whitepaper. Zclassic offers a distinct approach to mining and embraces decentralization.
The Ultimate Zcash vs. ZClassic Comparison
If you are in the cryptocurrency market and looking for profitable cryptocurrency investment opportunities, you’re here for the comparison! Here is the required comparison table that will enable you to visually see the main similarities and differences between these two major cryptocurrencies!
ZCash vs Zclassic Comparison table
$3,192 on October 29th, 2016
$231 on January 7th, 2018
Proof Of Work
Proof Of Work
ZEC to USD Price Converter
ZCL to USD Price Converter
What is the main difference between ZCash and ZClassic?
We’ve come to a specific conclusion if you’ve wondered what was considered the main difference in the Zcash vs. Zclassic clash. Namely, Zclassic (ZCL) originated as a fork from ZCash (ZEC) due to a significant divergence in their fee structures.
While ZEC automatically designates 35% of its coins to developers for the first four years, ZCL eliminates these developer fees. This key distinction reflects the primary difference between the two cryptocurrencies.
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