We developed the Blockchains.My (BCMY) mobile wallet as a platform that would simplify the payment-making process, trading, and exchanging of cryptocurrencies and gold among users. To facilitate this, we developed it through the combination of blockchain technology, mobile devices, and advanced security of biometric identification systems. By doing so, we created an extremely versatile and seamless digital currency wallet that could be used by anyone in the world. Security was top on the list of our priorities. Therefore, we integrated biometric features into our mobile wallet to enable facial recognition through the Microsoft Azure API. Along with this, we added OTP verification to maximize our wallet’s security. Our goal was to not only provide cryptocurrency services to the crypto-community but to also bridge the gap between financial services and the unbanked population of the world.   

Our initial target audience was worldwide cryptocurrency owners, especially those holding more than one type of digital currency. The Blockchains.My wallet allows users to store multiple types of cryptocurrencies on one single mobile device with only one app. These currencies are directly connected to their blockchain systems from our wallet. Integration with NFC Smart Card technology, debit cards, and other payment gateway platforms enables users to utilize their digital currencies in day-to-day activities either as customers or as merchants. We’re proud to be able to let our users use 6 different cryptocurrencies at the moment, including Bitcoin, Ethereum, Ripple, DinarCoins, Gold Smart Contracts, and Zcash. Our main focus today will be on Zcash.

History of Zcash

Zcash started back in 2013 as a project named Zerocoin. This project was the work of Matthew Green, Ian Miers, Christina Garman, and Aviel D. Rubin. The Zerocoin project was initially created to address the major problem of Bitcoin, the lack of privacy. During that time, the press had covered the project as an ‘add-on’ to Bitcoin and was viewed as a solution to the privacy issue. In 2014, the initial Zerocoin project was improved upon making it even more anonymous and efficient. This led to the development of a new coin that would not be an ‘add-on’ to Bitcoin but an independent existing digital currency known as Zerocash.

Later on, the Zerocash team collaborated with Zooko Wilcox’s team from Least Authority and transitioned their system from Zerocash to Zcash. Details are a little bit fuzzy on when this exactly happened but the first issue listed on Zcash GitHub dates back to November 2014. Zooko Wilcox’s first public mention of the collaboration dates back to May 2015. However, the collaboration between the two teams to give birth to Zcash took place in 2016. Zcash was launched in October 2016 as a proof-of-work cryptocurrency with Zooko Wilcox as its founder and CEO.

How Zcash Works

Zcash is a digital currency that offers privacy and selective transparency of transactions. Just like Bitcoin, Zcash payments are published on the blockchain. However, information about the sender, the recipient, and the amount of the transaction remain private. Zcash’s major improvement over Bitcoin is privacy. It uses advanced cryptographic techniques known as zero-knowledge proofs to verify the validity of transactions without necessarily revealing details about them. It does so by encrypting the content of shielded transactions. To verify the validity of a transaction, it makes use of proof constructions known as zk-SNARKs.

These constructions enable the network to keep a secure ledger of transactions without disclosing the parties or the amounts involved. Instead of publicly displaying transaction values, the transaction data is encrypted and zk-SNARKs are used to verify that no one is stealing or cheating. It also offers support for both shielded and transparent addresses whereby users can choose to either send Zcash privately or publicly. Once a user sends some Zcash from a shielded address to a transparent address, the received balance is revealed. However, if Zcash is sent from a transparent address to a shielded address, the received value of the transaction is protected.   

Zcash Price Analysis

At the time of writing this article, the 10th of July, 2018, Zcash had a market price of $163.79 with a 24-hour trading volume of $45,247,900 and a market cap of $707,763,550. At the beginning of the month, the 1st of July, the price of Zcash opened the market at a price of $169.39. During the same day, the price of Zcash hit a high of $171.64 and a low of $161.09. It eventually closed the day at a price of $167.62 with a 24-hour trading volume of $41,191,400 and a market cap of $720,631,000.  

Zcash broke a record by being one of the most valuable cryptocurrencies at its launch. Within 40 minutes of trading on Poloinex, on the 28th of October, 2016, Zcash had managed to hit a high of 3,299.99 Bitcoins to one ZEC or about $2.3 million for one ZEC at the time. The reason for the high price at that moment was because demand was greater than the supply. As supply continued to steadily increase, the price of ZEC continued to significantly drop. The price fell below the $50 for the first time since its launch on the 6th of December, 2016. The lowest price for the cryptocurrency was about $46 for one coin.

Conclusion

Cryptocurrencies could quite possibly be the currency of the future. Their underlying technology, blockchain technology, has led to the development of significant technological innovations that have and will likely continue to change the technology industry. With governments launching research into how the technology can be harnessed and used as a tool, it’s seems clear that cryptocurrencies are likely here to stay. While they may have a while before they can be globally accepted, they have certainly made a mark in the history books as the first decentralized digital currencies to ever exist and operate.

As long as there are individuals in the crypto-community that want privacy and freedom from centralized control, most cryptocurrencies will remain relevant and in demand. We remain hopeful on the future of Zcash and the rest of the cryptocurrencies supported in our wallet. We encourage you to check out our website to learn more about our advanced and secure, multi-asset, digital wallet app.