In this technologically-evolving world, everything is upgrading. Most real-life things are becoming virtual. Who would have thought that the currencies would become virtual too? These new times have blown human minds with their latest technological advancements. Nowadays, crypto products are a plaything for the world. Various types of crypto coins are available in the crypto market. You can even use them to buy real-life commodities too. How wonderful!
Crypto products work on blockchain technology. There are hefty transactions done each day, and these transactions are in voluminous amounts. Because of high volumes, these may lead to some illegal affairs. Alternatively, to put this in other words, illegal transactions might not be scrutinised from regular transactions. Hence, to maintain security, all the transactions related to crypto coins and from the crypto market are public. It means that anyone can find out anything related to you by accessing your transactional details. Bitcoin is a crypto product where all the transactions are visible and open to all. There is always an endangerment of your private life coming out in public in the crypto market, but only when you like to disclose your identity in the first place.
No one can invade your private space and transactions without your consent. For the same reason, privacy coins are launched in the market. If we use these coins for any buying or selling strategies, our transactional information will not be visible. They work on various methodologies that help them hide the transaction details and make the information anonymous. We will discuss two such coins that are masters in this crypto field: Zcash and Monero. We will discuss Zcash price, Monero price, their technical aspects, and everything about their fundamentals.
Unocoin is India’s first and the most secure bitcoin and other crypto trading and exchange platform. It was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and sell ETH in no time. With more than fifty-five coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can choose what cryptocurrency works best with the price ticker and notifications. The new android application makes Unocoin the best cryptocurrency app. The most popular cryptocurrencies like Bitcoin (BTC), Ethereum (Ether or ETH), Dogecoin (DOGE), Shiba INU, Ripple, Aave, 1inch, BUSD, USDT (tether) and other popular altcoins can be traded on the go. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and ethereum periodically. You can choose the frequency as either daily or weekly, or monthly. What more? You can start your crypto journey using SBP as small as INR 10. With another exciting feature of Crypto Basket, you can diversify your crypto portfolio based on market capitalisation ( Market Cap) or volume. These two excellent features make Unocoin the best cryptocurrency platform.
What is Zcash?
Zcash is a decentralised crypto product that focuses on the privacy and anonymity of the transaction and the users. It was founded on 28th October 2016 and developed by computer security expert and entrepreneur Zooko Wilcox-O’Hearn. He has more than 25 years of service in cryptography and information security. He has also founded the Electric Coin Company, which manages the development of Zcash. In the Zcash wallet, you can store the Zcash coins.
As of 4th April 2022, Zcash’s price is $172.42. The 24-hour trading volume of Zcash is $242,524,430. It has a circulating supply of 12,296,678 coins, and the maximum number of ZEC coins available is 21,000,000.
What is Monero?
Monero was founded by seven developers and launched in April 2014. Its origin can be traced back to Bytecoin, which focused on privacy and decentralisation concepts in 2012. After two years, Bytecoin relaunched under the name of Monero with some new changes. It is also called the real Bitcoin. Out of seven developers, five maintained their anonymity, and the rumours are that one of them is Satoshi Nakamoto. Satoshi Nakamoto is the inventor of Bitcoin. Monero wallet helps you to buy and store these coins.
The Monero price as of 4th April 2022 is $213.03. The market cap of XMR is $3,853,428,403. The circulating supply of XMR coins is 18,102,556.
Zcash vs Monero Based on Privacy
If we are talking about Zcash Vs Monero, the technical aspects behind these coins are necessary to know before we jump to conclusions. The main thing to bring to your attention is that these coins’ working mechanisms are entirely different.
Zcash works on the concept of zk-SNARKS (zero-knowledge succinct non-interactive arguments of knowledge). Zcash focuses on privacy, but its definition of privacy is different. Zcash gives you an option of whether to make the transaction transparent or shielded. The transparent optionality follows the bitcoin procedure. The transparent transactions are sent between public addresses and recorded on an immutable public ledger. However, the shielded transactions work on the zk-SNARKS is not the same as the transparent type concept. In this concept, the crypto transaction is visible, but the information related to the payment is not. The information like the address, amount, and memo field is encrypted, and thus not everybody can understand this cryptic language.
Monero works differently. Zcash gives you the option of choosing anonymity, but Monero does not give you that option. All of the transactions made with Monero are anonymous and completely private. Monero network uses three different technologies to make all the transactions private. They are:
- Use of Stealth addresses — With the help of this concept, a transaction is made with new addresses every time. The automatic one-time address destroys the link connection.
- Ring Signatures — Ring Signatures help to blur the transaction details. It is a group of cryptographic signatures, where all the signatures appear to be the same, but only one is real. Therefore, there is no way to figure out which is the real one, and thus the transactional details remain private.
- Ring CT — With this technology, the Monero network finds a way to hide the transactional amount in the payment.
Zcash vs Monero Based on Mining
Now, in the Zcash vs Monero battle comes the topic of mining. Zcash works on the Equihash Algorithm. Mining means extracting the coins without the use of actual money. The mining profitability depends upon three factors:
- Hardware costs
- The selling price of the coin
- Network Hashrate in the market
The XMR’s RandomX Algorithm is suitable for ASIC-Resistance and egalitarian CPU mining. A web miner could also mine the coins, but malware can infect the computer system. The mining of Monero’s coin is less intensive in terms of processing and power consumption.
The mining of Zcash coins was much more profitable in earlier times. However, with the rise of ASIC miners, it is not that profitable. Keeping in mind all the factors, mining Zcash coins is not economical in current times.
Which one, What for and When to?
In the above Zcash VS Monero clash, it is time to answer three questions that will lead to choosing the correct option.
Both of the coins increase anonymity by encrypting private data. H
owever, both of them use different methodologies. While Monero primarily focuses on full-fledged anonymity, Zcash gives you the option of shielding the transaction. Zcash focuses more on research, innovations, and development in cryptography. Zcash wallet and Monero wallet help you store the bought coins, respectively.
Monero is a community-run enterprise that depends upon volunteer developers and donations to subsidise it. Meanwhile, Zcash funds its development by taking 20% of miners’ rewards. Both of the coins are working perfectly well for the time being, but it would be impossible to say anything for the future.
You can easily trade your crypto products on Unocoin. It is one of the top websites for crypto transactions. One-stop for all crypto services and easy to use. You can get Zcash price and exchange rates here. You can choose the one for you from a variety of crypto coins available. A simple, secure, and easy way of trading crypto is here on Unocoin.
Zcash VS Monero: Conclusion
Both of the coins are impeccable and are doing wonderfully great in the market. In the coming years, they both have a bright future potential.
1. How is Zcash different from Bitcoin?
Zcash’s base code is similar to Bitcoin. However, all the transaction details are visible in Bitcoin, whereas Zcash gives you an option to hide all your transactional information.
2. How can I acquire Zcash (ZEC)?
The easiest way to acquire Zcash is through Unocoin. You can use your actual money for buying or exchanging it with Bitcoin (BTC) or Ethereum (ETH).
3. How big is the Monero blockchain?
The size of the Monero blockchain grows with time. The Monero blockchain in April 2022 is 63.75 GB.
Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.
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Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).