Guarda Wallet is a multicurrency non-custodial light wallet. We support the most popular coins and tokens, and Zcash is one of them! It is easy to use, you don’t even need to create an account and you can feel secure since we don’t store any user’s personal data. Guarda was designed as an interface where clients can manage, store, transfer and receive coins and tokens.
ZCash (ZEC) is an open-source cryptocurrency, developed by Zerocoin Electric Coin Company. ZEC provides complete privacy and selective transaction transparency. All ZEC transactions are published in the blockchain, but the sender, receiver, and transaction amount can remain completely private.
The progenitor of ZCash was the Zerocash project. Initially, Zerocoin protocol worked as Bitcoin Extension. A public Alpha version of the protocol was implemented in May 2013.
On November 16th, the developers announced an improved version of the protocol, which reduced the size of evidence by 98%, allowing direct, anonymous payments that hide the amount of payment. This new protocol was called Zerocash. Еру protocol is no longer an extension for bitcoin as it became an independent technology, still observing all the same basic principles. This technology was later implemented as an alternative cryptocurrency, ZCash.
From October 5th, 2015 until January the following year, the official Zerocash website noted that “the Zerocash protocol is turning into a full-fledged digital currency called Zcash”. ZCash cryptocurrency was officially launched on October 28th, 2016.
The total issue of ZEC tokens is 21 million coins, as is the case with bitcoin. According to preliminary estimates, all ZEC coins will be mined by 2032. Each new block is created once every two and a half minutes. The block reward is 12.5 ZEC tokens. Every four years the reward will be halved, also similar in principle to bitcoin.
The ZCash company receives part of the mined tokens, which are a source of funding. Each miner gives 10% of mined ZEC as a reward to the founders of the project. This is proceeded automatically, based on a special algorithm, which will change in October 2020 to allow miners to receive 100% of all profits.
ZСash uses a PoW (Proof-of-Work) consensus protocol for mining called Equihash. During creation, this protocol blocked the use of ASIC equipment, but mining device developers circumvented this limitation in 2018. The ZCash project did not conduct ICO. The developers immediately launched the finished product ZCash.
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What is Zcash?
Zcash is one of the cryptos that joined the top currency list one of the latest. However, it does not get in the way of ZEC coin.
In general terms, Zcash is a decentralised, open-source cryptocurrency. The company focuses on the user’s privacy and protection. Zcash is considered to be offering one of the strongest security features if compared to the other popular crypto coins and tokens. Let us explain everything in greater detail:
Zcash was developed out of a need to make transactions private. The fact that Bitcoin transactions are not private was bothersome for some of the crypto users – as they believe, the holders should have at least an option to hide the transactional data from the public eye. In 2016, the community’s expectations were finally met – after the Bitcoin blockchain fork, Zcash was created.
Every crypto has some distinct features to differ one coin from another (and hence, to sell the product). Well, ZEC is private. Zcash transactions are still posted on a public ledger. However, privacy is ensured with the use of zero-knowledge proofs. These proofs allow transactions to be verified without the personal data disclosure. If you have been asking yourself, whether Zcash can be traced, the answer would be “partially”. It is possible to view some of the info (only at the user’s will) through the so-called viewing keys.
The private Zcash address used for the extra-guarded transactions is called Z-address. In this case, the Zcash wallet address starts with a Z. There is one more type of Zcash address, the T-address. This type of wallet address is used to perform transparent transactions.
Besides, Zcash uses Equihash Proof-of-Work algorithm, which allows Zcash mining to stay decentralised. Due to this, ZEC mining requires more memory, but hey, everything for the sake of decentralisation, right?
Some features migrated from the Bitcoin blockchain, while others were added by the developers of the ZEC project. ZEC encrypts the contents of secure transactions and uses the zk-SNARK cryptographic protocol for validation. It was developed by cryptocurrency creators based on zero-knowledge proof.
Zk-SNARK technology is a way to verify transactions in ZCash. Information about all participants of the transfer, including the transfer amount is not stored in the blockchain. This means a transaction might be a fraud and it would be impossible to check.
Therefore, to avoid this scenario, the developers came up with an interesting verification mechanism. It is called zk-SNARK. Its working principle is difficult to understand.
The developers gave a simple explanation of the principles of this verification system. They offer a logical puzzle as an example:
- Imagine a ring-shaped room, pictured above.
- On the left is the entrance to the room. Near the entrance is an Observer (marked with the letter V).
- On the opposite side of the entrance is a locked door. The observer standing near the entrance does not see this door.
- The Verifiable enters the room (marked with the letter P). His task is to prove to the Observer that he is the owner of the door key.
- The Verifiable must go through the room around the entire circumference: enter from one side and exit from the other. Only the key holder can do this because the door is closed. There is no need to show the key to the observer.
Now the Observer can be sure that the Verifiable has the key. But he doesn’t need to see the key by itself because this is not necessary. This is how a zero-knowledge proof zk-SNARK algorithm works.
So, ZСash provides the highest level of transaction security. It is considered top security level and the most anonymous of all cryptocurrencies, even in comparison with competitors such as Monero, Beam, or Dash.
The first ZCash hardfork
As a result of Overwinter hardfork, an alternative blockchain development branch did not appear. The Overwinter update solved such problems as limited network scalability, large block sizes, etc. The main goal of the Overwinter hardfork was to prepare the blockchain for the Sapling update.
The second global ZCash hardfork (not to be confused with sappling!)
Sapling developers intended to improve the confidentiality of the system, speed up the transaction process, and facilitate the use of blockchain. The transaction rate increased up to ten times. The requirements for the system resources of the client platform decreased.
The Sapling update introduced additional mechanisms that didn’t allow the tracking and controlling of the amounts transferred. A new update is now in the pipeline — the Alchemy hardfork.
The Alchemy Project
The Alchemy Project is being developed to create an exchange platform between ZCash and Ethereum. The name of the project is a reference to medieval alchemists who wanted to create a philosopher's stone for turning lead into gold. In our case, ZEC tokens will turn into ETH tokens. The project is still under development.
Blossom is the third network upgrade for Zcash. Shorter Blocktimes
This feature increases the frequency of blocks, allowing transactions to resolve faster. This will improve Zcash’s usability and increase how many transactions per hour the network can sustain while keeping transaction fees low.
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Shielded Guarda for ZCash
The main advantage of the Shielded Guarda app are the benefits of privacy and transaction security. The app also gives you the opportunity to send private transactions, exchange, and store your ZEС directly on your Android device.
In collaboration with the ZCash Foundation, the Guarda Wallet team have created a lightweight, simple, open-source, and non-custodial Guarda Shielded Wallet especially for ZEC, supporting both t and z-addresses.
ZEC has two types of addresses: z-address and t-address. While the z-address uses Zero-knowledge proof and other ways to protect transfer data, the t-address is a public address (similar to the BTC address).
Guarda Wallet developers team were the first to receive a ZCash Foundation grant to create an open-source wallet. The Shielded Guarda application for android went live on the mainnet in June 2019, and has been tested and improved with the participation of the Zcash community and Guarda developers. You can now use the world's first mobile wallet designed especially for ZCash (ZEC) secure transactions.
Privacy is a human right. Guarda and ZEC break the stereotypes, offering our users the full experience of ZEC blockchain technology, and with our Shielded Guarda wallet you can be 100% sure of the security and privacy of your ZEC transactions. Shielded Guarda is a non-custodial, single-currency, unique wallet allowing the secure sending, receiving, exchanging, and storing of ZEC.
The Shielded Guarda interface has been designed to be as simple as possible because it was made specifically for working with ZEC and was approved by the creators of the cryptocurrency. Running a full-node is not needed.
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