Wow - someone is continuing to pump ZCash hard - they just jumped above BCH with a 60% gain over 7 days. There’s nothing special about this coin, it had a pre-mine (like most coins) which went to the foundation / founder, no defi/tokens and doesn’t have much usage, has high fees. It’s only selling point is privacy - but it is optional, in the same way in which BCH has optional privacy today using CashFusion. There’s a lot of talk about privacy at the moment - and they somehow seem to have benefited from it.
So will be interesting to see what’s behind it. The mysterious rise was discussed on the BCH Podcast last weekend - so looking forward to an update. Might be a good shorting candidate - given usually sharp rises like this are followed by sharp falls.
ZCash is Proof of Work though, based on SHA256 so very similar to Bitcoin Cash (and BTC) so thumbs up for that. For the first time in absolutely ages, BCH has now fallen from 3rd to 4th in the league table of cryptocurrencies based on Proof of Work (1 BTC, 2 DOGE, 3 ZCash, 4 Bitcoin Cash).
ZCash’s Zero Knowledge protocol for it’s optional “shielded” transactions will soon be replicable on BCH (as well as that for XMR and any other privacy strategy you may design) - once the next upgrade is done which brings in cryptography functions, as well as loops and functions into the BCH VM, making such strategies available for deployment by anyone by simply writing covenants using CashScript. Don’t like the way Monero Full Membership Proofs work? Just copy it, and improve it, and deploy it yourself, no new chain required - do it on BCH without any fuss. If it doesn’t work, no harm done to the chain - just use tweak it again or change the design, or ditch it. The underlying BCH chain will not need to be changed in any way to support this, the hard work was mostly done last year, and with the Layla upgrade this will complete the puzzle allowing the power of BCH to start to be realised.
So I am cheering along with the rise of ZCash, because come next May, Bitcoin Cash will be able to canibalise the value of both the ZCash and Monero chains by simply replicating their functionality - so you can have equivalent privacy on BCH without having to switch to another chain.
Bitcoin Cash. Simply Amazing.
