In 2013, Matthew Green, Ian Miers, and Christina Garman from Johns Hopkins University produced the Zerocoin by Zcash.
The crew invited security-specialized experts to research cryptographic graphs to analyze the system of Bitcoin.
They produced the same platform as the Bitcoin Core’s battle-tested codebase had. The Zerocoin Electric Coin Company, now known as the Electric Coin Company, came up with the idea of Zcash.
Released in 2017, The ZCASH foundation and the immediate success of Zcoin could not have been possible without the help of the seven founding scientists named Alessandro Chiesa, Christina Garman, Eli Ben-Sasson, Eran Tromer, Ian Miers, Madars Virza, and Matthew Green.
Zcash is a private, secure cryptocurrency built on solid knowledge. When trading on Zcash, people can perform operations professionally and securely at a low cost.
It is a decentralized and open-source computerized asset that offers two types of addresses. One is transparent addresses, which allow some of the selective information to be made public.
Zcashis Likely Bound for Brief Correction
The week before, Zcash made news when engineers revealed that the network would switch from Proof-of-Work to Proof-of-Stake consensus. Despite the fact that the transition could take up to three years, ZEC has garnered tremendous bullish momentum as a result of the revelation.
Zcash is Back in the Green
Zcash is rising in value after its creators, Electric Coin Company, announced their intention to switch to a Proof-of-Stake consensus mechanism.
In a recent blog post, ECC CEO Zooko Wilcox made the argument for transitioning the network to Proof-of-Stake. He emphasized the importance of reducing the descending pressure on prices of ZEC from miners while also increasing the token’s utility. PoS will make Zcash more decentralized, attack- and capture-resistant, and egalitarian, as well as improve performance and security, according to Wilcox.
As per ECC, the switch to Proof-of-Stake could be achievable within three years. On the other hand, Cryptocurrency fans seem to have reacted positively to the news. Ever since the revelation on Nov. 19, Zcash’s market price has gone up by more than 80%, rising from $146 on Nov. 18 to a new high of $265 today.
Before actually moving forward, the privacy-coin may need to make a minor correction. As prices ceased to overcome resistance, the Tom DeMark Sequential indicator gave a sell signal on ZEC’s 4-hour chart. A surge in selling pressure around current price levels might help confirm the bearish formation, culminating in a pullback to the $227 support level before the uptrend begins.
Considering the mounting excitement surrounding Zcash, a definitive 4-hour candlestick close above $262 would be wise. Breaking through such a critical barrier might instill investors’ confidence and continue the upswing to new highs. The ZEC could then rise to $304 or even retest the $373 peak set in mid-May.
“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”
