Why is ZEC crypto suddenly becoming popular?

Be the First to Comment Read

Why is ZEC crypto suddenly becoming popular?

ZEC crypto price
Image source: © Eamesbot/Megapixl.com

Highlights

  • ZEC crypto is decentralized and focuses on anonymity and privacy. Its price surged by about 27 per cent to US$ 255.39 per token.
  • Recently, the ECC announced that Zcash (ZEC) is set to transition to a proof-of-stake concept in the next three years.
  • The network is aiming to shift to the proof-of-stake concept to increase the utility of ZEC crypto

The Zcash (ZEC) cryptocurrency is attracting investors for the past few days, however, it witnessed increased investors' attention on Wednesday, November 24. In the last 24 hours, ZEC crypto's price surged by about 27 per cent to US$ 255.39 per token.

ZEC crypto is decentralized and focuses on anonymity and privacy. As data privacy is important, Zcash uses a technology where nodes verify the transactions without revealing any sensitive information.

Why is ZEC crypto suddenly becoming popular?

Zcash was started in 2016 by Zooko Wilcox-O'Hearn, who is an entrepreneur and a computer security expert. Before starting the ZEC crypto, Mr O'Hearn was the founder of Electronic Coin Company (ECC), which manages Zcash's development.

Also Read: Why is MANA crypto soaring & is it worth exploring?

Why is ZEC crypto gaining investors' attention?

Recently, the ECC announced that Zcash is set to transition to a proof-of-stake concept in the next three years. In addition, ECC plans to launch an official wallet to boost the network's cross-chain interoperability.

ZEC Crypto

© 2021 Kalkine Media Inc.

Due to this reason, the ZEC crypto could be gaining investors' attention. The Zcash network is currently based on the proof-of-work concept known as Equihash. Under this concept, the crypto miners compete to find new blocks on the network's blockchain.

Now, the network is aiming to shift to the proof-of-stake concept to increase the utility of ZEC crypto, which includes yielding tokens through staking. Notably, this concept could also lead Zcash's blockchain towards governance mechanisms.

Bottom line

As crypto-mining operations are often criticized for a negative impact on the environment, the Zcash network is looking to address climate change issues. By shifting to the proof-of-stake concept, Zcash claims that its blockchain will contribute to the reduction of the energy footprint.

Ever since the announcement, ZEC crypto is witnessing increased trading activity and its one-day volume has soared 59 per cent to $ 1.3 billion, according to CoinMarketCap data.

ZEC crypto has a total supply of 21 million tokens and its circulating supply has reached 11.8 million ZEC tokens.

On March 13, 2020, the ZEC crypto had dropped to an all-time low of US$ 19.75 apiece, and at the time of writing, it was up 1182.4 per cent, as per the data on CoinGecko.

Also Read: EverGrow crypto set to explode in 2022? Know price prediction

Disclaimer

Speak your Mind

Featured Articles

Ad
kalkine logo

GET A FREE STOCK REPORT

Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK