Zcash, the New Cryptocurrency, Makes “Deafening” Entry, Threatens Bitcoin, Ethereum
A new electronic money made its debut in the digital currency arena yesterday, posing threat to the heavyweights like Bitcoin and Ethereum.
Called Zcash, the new player on the block promises total anonymity, getting the attention of forex investors, for doing business on the internet and creating a lot of hype in some financial sectors.
One way to describe the warm welcome is “Deafening”, at least to market strategist Arthur Hayes, regarding the entry of Zcash.
The media frenzy is proof in the huge price advance that Zcash futures contracts have registered prior to its launch. The contracts, which trade against the price of bitcoin, have rallied from a low of $18 (0.027 BTC) on September 15, to a high of $261 (0.379 BTC) as of Friday noon, a shift that shows a surge of almost 1,300 pct.
Zcash is a sub-type of virtual money which integrates complex cryptography to safeguard the privacy of buyers, sellers and traders.
What makes Zcash very attractive for users of electronic money is that it incorporates a new feature that protects not only the privacy of the buyer and seller, but the sensitive information of the online transaction itself — the blockchain that functions as a form of ledger for digital currency to move around.
This anonymity is very crucial to banks and other users in that blockchains can reveal trade techniques and data with regards clients. Market watchers disclose this new type of technology gives Zcash an advantage over its rivals.
Hayes stressed that the positive embrace for Zcash tokens is so strong, he believes the price of 1 ZEC would beat the price of 1 Bitcoin before the year ends. The reason? Investors want to make sure they get their hands on the new digital currency before anybody else does.
“No one wants to miss the next bitcoin or ether. Everyone is trying to get their hands on ZEC,” Hayes said.
During its initial crowdsale, the price of 1 ethereum token was approximately $0.30. As of Friday, it was pegged at $11.93, or almost 4,000 pct rise. A similar appreciation has been noted in bitcoin, which soared from $0 to $685, and Augur’s reputation toke (REP), which rallied from approximately $0.50 to over $6 on the same day.
With Zcash, users now have the capacity to share their view key with others if they so wish. As a result, they may soon have the ability to make selective transparency on the Zcash blockchain.