The COVID-19 pandemic has had a domino effect on everything, from increased government surveillance, to global economics, climate change, protests, and financial markets.
Fears of government surveillance have strengthened around the world due to the many global events that have occurred and continue to happen, this year.
Therefore, concerns on protecting personal data have fueled the use of privacy-centric digital assets such as ZCash.
What you must know about ZCash: ZCash is a digital coin with a decentralized blockchain that looks to supply anonymity for the users that patronize it and their transactions. It protects users’ privacy efficiently by using the zero-knowledge proofs (zk-SNARKs) to execute transactions without revealing information that could expose a user’s privacy.
As a cryptocurrency, ZCash possesses comparable properties to Bitcoin. Like Bitcoin, it also includes an open-source code, but what sets them apart lies in the level of privacy and changeability that each provides.
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According to Coinmarketcap, ZCash is ranked as the 27th most valuable cryptocurrency, with a market capitalization of $477.5 million dollars.
Consequently, the amount of fully shielded ZCash (ZEC) transactions has been on a surge in the last three months. Between the periods of April and June, ZCash has been hovering around the $500 million market capitalization mark, higher than previous quarters where its market capitalization stood at $200-400 million.
At the time this report was drafted, ZCash was trading at $51.20.
This is an indicator that it will continue to strengthen as private transactions will be a key future feature on all major blockchains due to an increase in global demand for privacy.