Draper’s Picks: Week 2 : Zcash
Have you ever seen the movie Van Wilder? Starring Ryan Reynolds? If your answer isn’t 1000 times yes, then we aren’t best friends. We could still be good friends, just not besties. Now, what does this have to do with my pick of the week? Absolutely nothing, just reminiscing about my favorite movies.
My pick this week is in the Bitcoin genre, it is Zcash. Now one of the things I want to highlight is that I believe that as exciting as Zcash is, the opportunities that Zcash will be used for are yet to be discovered.
Zcash (ZEC) is another Crypto currency like bitcoin but with a few different features. Like Bitcoin it is based on a decentralised blockchain but allows for anonymity behind transaction amounts and parties involved.
I was on a panel around 5 months ago discussing the Blockchain to a room full of fintech investors, and Kathleen Breitman who is now the COO of Tezos (another crypto currency), brought up Zcash. This was the first time I had heard of Zcash. I have heard a lot of different alt-coin based pitches in the past, and this one was no different to me : “Bitcoin, but _________”. Zcash is Bitcoin but anonymous.
A bunch of you just gasped, “Wait, I thought that Bitcoin was anonymous.” It’s not, so I’m sorry if you bought some illegal goods with Bitcoin, because it is something we in the “biz” like to call pseudo-anonymous. Basically, I don’t know it was you, but I know a transaction happened. Which gives me a clue in the witch hunt of data diving through the blockchain.
Zcash went public recently and now you have the ability to mine it, And the crypto community is super pumped. Now, I’m starting to see that Zcash has some real opportunity, and not only in the deep dark underworld of anonymous illegal transactions.
- Data transfer purchases
- EMR type transactions for medical purposes
- Large transactions
I’m excited about this next evolution of the digital asset space. Bitcoin has been used as a strong infrastructure for these other currencies to be created in parallel and it shows the strength of decentralized networks. I believe the use cases are yet to be seen, created or even imagined.