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ZCash (ZEC) Journey in May 2018

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ZCash (ZEC) has been observing an upward trend recently even when the price of Bitcoin (BTC) had fallen due to the raid of Upbit, a South Korean cryptocurrency exchange. At the time of writing, according to coinmarketcap.com, the price of ZEC shows $361.07 USD (3.74%) approximately. The market cap shows nearly $1,420,442,610 USD while volume (24h) is over $265,000,000 USD. (As of 17th May 2018) Currently, as per coinmarketcap.com, ZCash holds onto the 22nd position. There are quite a number of reasons for the price surge of ZCash (ZEC).

Gemini Thumbs Up

Tyler and Cameron Winklevoss, the co-founders of Gemini, the US-based cryptocurrency exchange had recently announced that ZCash will also be included in their list. As Gemini has received approval from the New York Department of Financial Services (NYDFS), it became the first cryptocurrency exchange with a license to trade ZCash. After this announcement, the price of ZCash (ZEC) had surged significantly and the market cap had reached approx. $1.5 billion. The users can start trading ZCash from 22nd May 2018 at 9:30 a.m. ET.

The focus for the Gemini team is on co-existence of Bitcoin and ZCash on the platform. One reason for adding ZCash as Tyler Winklevoss says, “Zcash picks up where Bitcoin left off.” …“Bitcoin has many strengths, but privacy is not one of them.” Privacy protection features of ZCash are another reason for the Winklevoss brothers to choose the crypto coin. In the beginning, the traders can choose three pairs of ZCash—ZEC/USD, ZEC/BTC, and ZEC/ETH.

ZCash uses both shielded addresses (z-address) and unshielded addresses (t-address). At first, Gemini will allow the users to make deposits from both but, in the case of withdrawals, it can be done through t-addresses only. They also plan to make shielded addresses to support withdrawals.

ASIC Mining

ZCash allowing ASIC mining can take ZEC to new heights and even has the power to decrease the weight of this cryptocurrency. This is because there are many who had predicted that ZCash will follow the direction of Monero and would choose a lower hashrate. But, the effect of ASIC mining did not go this way. Rather, the price action of ZCash (ZEC) had shown an uptrend. Even as the projects of the ZCash network had been criticised by the Monero community, the rest of the cryptocurrency world including Vitalik Buterin and Saleem Rashid (hardware wallet expert) had praised ZCash’s moves. From the official announcement of ZCash, “In the short term, we consider it critical to protect the community members who are building the ecosystem with us. If it’s necessary based on our evaluation of the ASICs on the network, we will hire a developer to construct and submit a ZIP to mitigate its effect on the network. If the Zcash core development team and community approves, it will ideally be deployed by late 2018.”

Even as these discussions within the ZCash community had caused a little slide in the market, the crypto coin did not see a drastic fall. Its appeal lies in solid technology and this may be one of the reasons for the improvement in price action.

Vitalik Buterin Support

A plus point for ZCash is that Vitalik Buterin had supported the cryptocurrency during the arguments regarding its centralized nature. Vitalik Buterin had argued over Twitter that if a person was looking for a ‘high-privacy-demanding use case’ then decentralization would be a ‘luxury’ to him. It is sufficient to have ‘right cryptography’ centralized systems for transactions. He continues to say, “ZCash’s confidentiality guarantees are stronger than its survival guarantees.”

StarkWare Partnership

The developers had recently revealed that they will partner up with StarkWare Industries. STARK technology from StarkWare Industries is expected to increase the privacy features and scalability of the ZCash network.

Eli Ben-Sasson and Alessandro Chiesa, the founders of StarkWare Industries were also a part of the ZCash development team. They will again join ZCash but as consultants and partners with the objective of implementing STARK technology that will enhance privacy and scalability. Currently, the zero-knowledge proof system (ZK) in the form of the zk-SNARK Protocol is utilized for preserving the anonymity of the users. StarkWare with its STARK technology is expected to bring in a new angle to anonymity. It is also to be noted that StarkWare Industries had accumulated $6 million investments in its seed round of financing from Bitmain, Pantera Capital as well as Vitalik Buterin (creator of Ethereum) and Fred Ersam (co-founder of Coinbase).

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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