What are the economics of Zcash?
Zcash's monetary base is the same as Bitcoin's — a fixed supply of 21 million Zcash currency units (ZEC). Every 75 seconds, a new block is mined to the Zcash blockchain and a block reward of 3.125 ZEC comes into circulation. The amount of the block reward cuts in half about every four years until all 21 million ZEC are in circulation. Zcash inflation almost precisely mimics that of Bitcoin. It’s important to note that as new coins are created inflation goes down, and at each halvening the rate drops significantly. As of the Canopy activation, 20% of the Zcash block reward is distributed to a Community Development Fund. For more information about distribution, see the Funding, Incentives, and Governance blog post.
How can we determine the amount of ZEC in circulation within transparent and shielded pools? How does Zcash prevent counterfeiting?
Zcash miners validate every on-chain transaction. Transactions that involve a shielded address (either sending or receiving) come with a zero-knowledge proof. The zero-knowledge proof ensures that the transaction doesn't violate the "conservation-of-money" rule (i.e. a proof that the money coming out of the transaction is less than or equal to the money going into the transaction). ECC uses Turnstiles as a method of auditing the monetary base in Zcash’s shielded pools.
Is Zcash protected against quantum computers?
Zcash is better-protected against future (hypothetical) quantum computers than almost any alternative, primarily due to the fact that Zcash addresses ("public keys") do not get posted on the blockchain. Scientists at the Electric Coin Co., and in academia, are actively researching postquantum-secure alternatives to any affected cryptographic components. Members of the community plan to monitor developments in postquantum-secure components, and if/when they are mature and practical, update the Zcash protocol to use them.
What is a zero-knowledge proof? How does Zcash integrate it?
Zero knowledge proofs are a scientific breakthrough in the field of cryptography: they allow you to prove that a statement is true without revealing the statement itself. Think about this example: if you want to prove you are old enough to drink alcohol, you generally have to show your ID card which reveals a lot of information about you beyond just your age. Your ID card can reveal your address, your face, your height - all of that has nothing to do with your age. A zero-knowledge proof could let you prove that you are old enough to enjoy a cold beer and only that. Zcash uses a particular type of zero-knowledge proof called zk-SNARKs (or "zero-knowledge succinct non-interactive arguments of knowledge"). These zk-SNARKs are used in any transactions that involve shielded addresses. Dive deeper into zk-SNARKs and how they work in Zcash on the explainer page.
What mining algorithm does Zcash use?
Zcash currently uses Equihash as the proof-of-work for block mining in Zcash. Equihash is a proof-of-work algorithm devised by Alex Biryukov and Dmitry Khovratovich. It is based on a computer science and cryptography concept called the Generalized Birthday Problem. As of May 2018, Zcash's Equihash parameters have been implemented in custom hardware ("ASIC") miners. ECC is closely monitoring the effectiveness of alternative consensus algorithms such as PoS and will continue to evaluate as part of our long-term roadmap to increase scalability and sustainability.
What are the general characteristics of a Zcash block?
Average block time: 1.25 minutes (75 seconds)
Maximum block size: 2MB
Block Reward: currently 6.25, 3.125 after November 18, 2020
Each 4 year period, the ZEC creation amount will halve (from 12.5 to 6.25 to 3.125 to 1.5625 and so on).
Zcash's monetary base is the same as Bitcoin's — a fixed supply of 21 million Zcash currency units (ZEC). Every 75 seconds, a new block is mined to the Zcash blockchain and a block reward of 3.125 ZEC comes into circulation. The amount of the block reward cuts in half about every four years until all 21 million ZEC are in circulation. Zcash inflation almost precisely mimics that of Bitcoin. It’s important to note that as new coins are created inflation goes down, and at each halvening the rate drops significantly. As of the Canopy activation, 20% of the Zcash block reward is distributed to a Community Development Fund. For more information about distribution, see the Funding, Incentives, and Governance blog post.
How can we determine the amount of ZEC in circulation within transparent and shielded pools? How does Zcash prevent counterfeiting?
Zcash miners validate every on-chain transaction. Transactions that involve a shielded address (either sending or receiving) come with a zero-knowledge proof. The zero-knowledge proof ensures that the transaction doesn't violate the "conservation-of-money" rule (i.e. a proof that the money coming out of the transaction is less than or equal to the money going into the transaction). ECC uses Turnstiles as a method of auditing the monetary base in Zcash’s shielded pools.
Is Zcash protected against quantum computers?
Zcash is better-protected against future (hypothetical) quantum computers than almost any alternative, primarily due to the fact that Zcash addresses ("public keys") do not get posted on the blockchain. Scientists at the Electric Coin Co., and in academia, are actively researching postquantum-secure alternatives to any affected cryptographic components. Members of the community plan to monitor developments in postquantum-secure components, and if/when they are mature and practical, update the Zcash protocol to use them.
What is a zero-knowledge proof? How does Zcash integrate it?
Zero knowledge proofs are a scientific breakthrough in the field of cryptography: they allow you to prove that a statement is true without revealing the statement itself. Think about this example: if you want to prove you are old enough to drink alcohol, you generally have to show your ID card which reveals a lot of information about you beyond just your age. Your ID card can reveal your address, your face, your height - all of that has nothing to do with your age. A zero-knowledge proof could let you prove that you are old enough to enjoy a cold beer and only that. Zcash uses a particular type of zero-knowledge proof called zk-SNARKs (or "zero-knowledge succinct non-interactive arguments of knowledge"). These zk-SNARKs are used in any transactions that involve shielded addresses. Dive deeper into zk-SNARKs and how they work in Zcash on the explainer page.
What mining algorithm does Zcash use?
Zcash currently uses Equihash as the proof-of-work for block mining in Zcash. Equihash is a proof-of-work algorithm devised by Alex Biryukov and Dmitry Khovratovich. It is based on a computer science and cryptography concept called the Generalized Birthday Problem. As of May 2018, Zcash's Equihash parameters have been implemented in custom hardware ("ASIC") miners. ECC is closely monitoring the effectiveness of alternative consensus algorithms such as PoS and will continue to evaluate as part of our long-term roadmap to increase scalability and sustainability.
What are the general characteristics of a Zcash block?
Average block time: 1.25 minutes (75 seconds)
Maximum block size: 2MB
Block Reward: currently 6.25, 3.125 after November 18, 2020
Each 4 year period, the ZEC creation amount will halve (from 12.5 to 6.25 to 3.125 to 1.5625 and so on).
Comment:
weekly candle getting uglier, however volume traded is low. this is a recovery opportunity if weekend bulls sweep the lows tonight and tomorrow.
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Trade finally attempting to build momentum. $125 now, with resistance at $135 to break. if we go above $135 its a sprint to $155
Network Upgrade deployment has a countdown, and sleek new informational page.
Check it out at: halo.electriccoin.co
“There is a contradiction between market liberalism and political liberalism. The market liberals (e.g., social conservatives) of today want family values, less government, and maintain the traditions of society (at least in America's case). However, we must face the cultural contradiction of capitalism: the progress of capitalism, which necessitates a consumer culture, undermines the values which render capitalism possible”
Network Upgrade deployment has a countdown, and sleek new informational page.
Check it out at: halo.electriccoin.co
“There is a contradiction between market liberalism and political liberalism. The market liberals (e.g., social conservatives) of today want family values, less government, and maintain the traditions of society (at least in America's case). However, we must face the cultural contradiction of capitalism: the progress of capitalism, which necessitates a consumer culture, undermines the values which render capitalism possible”
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Moving nice in advance of the Halo Network Upgrade next month.
Liquidity flows are massive bullish right now, Privacy narrative is building
Liquidity flows are massive bullish right now, Privacy narrative is building
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25/27 days remaining!
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May 31st is formal target date for Halo NU5 activation on the mainnet Zcash. macro conditions need to shift and allow a relief rally. that context is where we may experience a rapid ZEC pump
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Things look bad now that Zcash Halo delivered and it did not make an upward catalyst
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NU5 Halo is formally delivered:
electriccoin.co/blog...a-new-era-for-zcash/
electriccoin.co/blog...a-new-era-for-zcash/
