Zcash
About Zcash
The price of Zcash (ZEC) is $29.11 today, as of Sep 16 08:28 p.m., with a 24-hour trading volume of $64.14M. Over the last 24 hours, the price has decreased by -2.28%. Zcash currently has a circulating supply of 15.12M and a market cap of $440.07M.
The Zcash network (ZEC), which was launched in 2016, aims to offer more privacy for transactions than Bitcoin does. With the help of a cryptographic technology called zk-SNARKS, Zcash provides users with the option to shield information about the sender, receiver and balance of a transaction.
Zcash’s native token is referred to as lowercase zcash. The total possible supply of zcash is 21 million coins. Like with Bitcoin, the amount of zcash minted each block will decrease over time.
Similar to the way Bitcoin operates, “miners” are responsible for securing the network. With each block of transactions that they successfully “mine,” the winning miner receives a reward in zcash, and 20% of those rewards traditionally goes to the founders. At first, Zcash split that “founders’ reward” so that 15% went to the founders and 5% to the Electric Coin Co., which founded Zcash and continues to fuel development of the cryptographic project.
The founders’ reward has always been controversial. At the behest of Zcash’s community, Zcash changed the allotment of the founders’ reward with its Canopy hard fork upgrade in November 2020. The upgrade changed the 20% founders reward so that 8% goes to new “major grants funds” that fund projects that advance the usability and privacy of Zcash, 7% goes to Electric Coin Co., and 5% goes to the nonprofit Zcash Foundation.
ZEC hit an all-time high of $1,624.58 the day after it was launched in October 2016, according to data market provider CoinMarketCap. But by the following month, ZEC’s price plunged to as low as $54.02. ZEC’s price surged again to $800 in January 2018 at the peak of the crypto-wide bull run. Since then, the highest price ZEC has seen is $318.92 in 2020.