ZCash (ZEC) Cloud Mining Services
Review of Zcash Cryptocurrency
Zcash is one of its kind cryptocurrency that lets users transact the altcoin without leaving any traceable information. It is based on own blockchain platform and works very similar to the Bitcoin’s infrastructure. Thus Zcash cryptocurrency added new features along with its Blockchain network.
Launched in October 2016, Zcash aimed to provide 21 million ZEC (an acronym for Zcash cryptocurrency) throughout its network. Which is very similar to Bitcoin’s platform. Following Bitcoin ZEC will also issue the entire value for more than 131 years. But it differs from Bitcoin’s blocks size, instead of having 10-minute block Zcash will record information in a 2.5-minute block. The block reward also increases by 4X in every four years.
A team of engineers, scientists and developers created the Zcash. The cryptocurrency was originated from its successor Zerocoin Project. Zcash will be run by a company which clearly indicates it will not be fully decentralized. As the company has to pay taxes and payments, Zcash will split some revenue for company’s sole purposes. The founder and CEO of Zcash are Zooko Wilcox-O’Hearn, a 41 years old cryptographer.
Zero-knowledge proof (Aka ‘zk-snark’ or ‘proof of construction’) lets traders mask the identity and amount involved in a transaction. By ensuring that nobody can obtain the traders’ information, Zcash has gained popularity among Cryptocurrency investors. The privacy feature is optional and by not using it one’s trading information will always be public.
Cryptocurrencies including Bitcoin, Ethereum or Litecoin conducts a transaction by verifying PrivateKey and PublicKey match. The process makes it possible to identify any traders buying trend and in some case a traceback. Zcash’s innovative privacy feature encrypts the credential information attached to any transaction.
Technical and Market Review
zk-SNARKs (or “zero-knowledge succinct non-interactive arguments of knowledge”): While a sender requests a transaction over Zcash network, the zk-SNARKs encrypts the value and sender address associated with the transaction. The receiver information also hidden with a cryptographical order and to provide valid ownership the encrypted string must match to the receiver key.
Privacy Option: Zcash’s privacy option is available when the trade occurs within its blockchain network. But when the transaction is made to exchange coin over other blockchain platforms the required information (including the amount, address and comment) are delivered. It is advised on their website that exchanging through Tor network will reduce the possibility of privacy leak.
Backdoor: No back door is available for the blockchain network.
Features: Zcash decided to make a number of relatively conservative changes to Bitcoin’s consensus rules:
- Zcash adopted a “smooth” difficulty adjustment algorithm, based on DigiShield v3.
- Zcash adopted a memory-hard proof of work, Equihash, which involves adding a memory-hard problem to be solved in valid blocks.
- Zcash changed the block interval target from 10 minutes to 2.5 minutes, and modified other constants in order to preserve the monetary base of roughly 21 million coins and halving interval of 4 years.
- Zcash increased the block size limit to 2MB.
- We require coinbase transactions to contain an output to our Founders’ Reward P2SH address during the first 4 years before the first halving.
- We require transactions spending coinbase outputs to contain no “transparent” outputs (vout should be empty).
- Zcash removed activation rules for softforks in Bitcoin and made them enabled by default.
A total 21 million ZEC will be distributed in Zcash blockchain through mining process. Since the Zcash is a company, it will take a 20% of the mining rewards for the first four years for its improvement. This “Founders Reward” will result in 10% of total supply of ZEC. More than 900 million USD market cap is recorded in 2017. The investors who funded the creation of Zcash will collectively receive 1.65% of the ultimate Zcash monetary base. The founders, employees, and advisors will collectively get 5.72%. The two biggest single beneficiaries of the Founders’ Reward are the “Zcash Company strategic reserve” receiving 1.19% and the non-profit Zcash Foundation receiving 1.44%.
Zcash mining profitability is relatively higher than most other altcoins available on the market. As it uses Equihash as an hashing algorithm, which is an asymmetric memory-hard PoW algorithm based on the generalized birthday problem. It relies on high RAM requirements to bottleneck the generation of proofs and making ASIC development unfeasible, much like Ethereum. In order to avoid Instamine ZCash will have a slow mining start, where block rewards will be issued slower than normal.
Advantages Of Zcash Mining
Zcash creates 4 times more blocks than Bitcoin, as return miners get more reward. Each block currently contains 12 ZEC (approximately). To date, Zcash is the 25th most valued cryptocurrency, in terms of market cap (exceeded 1 Billion USD), and it shows a relatively high volume ($70 million a day).
Although Zcash is already a mature coin, it is still not coming close to the load and size of Bitcoin’s and Ethereum’s chains, so, in most cases, mining it is more profitable. In 2016 when Zcash came into the world, it was very profitable to mine it. Due to the fact that there were only 12 Zcash coins in circulation, the price went up to the astronomical price of 3000 Bitcoins for one Zcash coin!
Best Zcash Cloud Mining Service
Among the Zcash cloud mining services available on the cloud, the following services are described as best by the their features.
Genesis Mining is one of the best cryptocurrency mining sites in the market today. They are a cloud mining service that takes away the worry of costly hardware, installation, and associated operational logistics. They take care of the hardware and leave miners to concentrate on growing their investment. Starting at Genesis Mining and growing fast is very easy because of their rich features and great support.
- Supported Coins: Bitcoin, Unobtanium, Litecoin, Dash, Zetacoin, Darkcoin, Monero, Dash, Startcoin, Dogecoin, Bitcoin Dark, Peercoin, Namecoin, Ethereum, ZCash, Ethereum Classic
- Company Location: Hong Kong.
- Founded: 2013.
Minergate is a multicurrency mining pool with easy-to-use GUI miner. MinerGate allows users to mine coins through a smart-mining option or choosing your favorite cryptocurrency manually. Merged-mining is available for FCN and MCN, allowing you to mine two currencies at once without the loss of hashrate for the main coin. Join our vibrant community of more than a million clients.
- Supported Coins: Aeoncoin, Bitcoin, Bytecoin, Dashcoin, DigitalNote, Ethereum, Ethereum Classic, Fantomcoin, Infinium-8, Litecoin, Monero, MonetaVerde, Quazarcoin, Zcash.
- Company Location: N/A.
- Founded: 2014.
Hashflare offers Bitcoin, Ethereum, Dash, Zcash mining online and takes the process to the next level by clearing all the obstacles for miners so that they can concentrate on the core task. Unlike the conventional CPU/GPU mining, Hashflare reduces the mining process and time that investors start getting returns. When you sign up and make the initial investment, the first payment can hit your wallet in 24 hours. Besides, Hashflare also allows users to select the preferred mining pools to maximize ROI.
- Supported Coins: Bitcoin, Litecoin, Ethereum, Zcash, Dash.
- Company Location: Estonia.
- Founded: 2014.