It's common nowadays many people neglect and create breaches in their security and they don't realize how important it is, for example, with the emergence of the crypto space where crypto wallets are easily tracked, people easily let their financial information be verified by anyone on the network by using public cryptographic addresses! Without realizing it, they let everything that is vital for man as sensitive information to be accessed at any time, compromising one of the main fundamentals that humanity has as a right, the privacy of disclosing or not sensitive financial information with anyone who seeks to know!This right is fundamental and allows people to only divulge what is convenient, that is, provide what they should when requested, for example, by the authorities.
Financial information should not be for public nature, of course with the emergence of the crypto ecosystem, it becomes very difficult to turn private, as any address could be tracked and find out how much it has (in terms of financial assets), opening a big gap in what is fundamental right for humans making that no one can omit how much they has on their wallet addresses. It was, therefore, necessary to have a supporting anchor to create a currency that would ensure the rights for financial privacy and anonymous transactions on the network are fulfilled , it was inevitable that coins with those kind of foundations would appear, hence the appearance of Zcash.
Importance of $ZEC
If we noticed and delve deeper into the world of Bitcoin and other cryptocurrencies, we'll verify that it's possible that addresses which make up the ecosystem could be tracked anytime on the network and, as much as people don't know who it belongs to, it's clearly known how much it has, violating the fundamental principle of the human beings who has the right of privacy and to disclose or not, sensitive information. Privacy isn't a crime but people who violates it a commiting a crime against the people's right!
Love this thread by Zooko in Twitter:
Zcash allows anyone & everyone on the network to conduct private and anonymous transactions, except in cases where they want to let it known using addresses that allows them to track transactions (taddress) but, by default, the wallet is anonymous and private, which enhances security of whom use the Zcash blockchain. The coin was granted to fill this breach in privacy and provide people with attributes that would help them to defend themselves, for example, from intrusion of others into personal financial affairs.
Using a public address (like Bitcoin) where everyone can access financial information is often embarrassing, even traditional banks only allow the customer to be the one to access their account as well as the available balance in their, as this way they contribute so that the information is only known by them. But, unlike these entities, the individual with a $ZEC wallet address has increased privacy and conducts anonymous transactions, being only aware of everything he has saved and that he can use at any time, as each wallet is their private bank.
Zcash, in addition to being very private, is also a P2P currency that allows users to make transactions very cheaply, a foundation that also allows a lot of people to join the currency ecosystem because, as we know, the world lives below five dollars a day in many parts of the globe, this figure is reduced to one dollar and fifty cents in the extreme poorly regions surrounding the planet.
All to say, that in addition for being private, anonymous Zcash can still serve the world's purposes by giving people a powerful tool to use as a bank and when making payments for products and services pay much less than banks charge in transaction fees.
Summary,
With the evolution of the decentralized market, the crypto world will soon find itself on the verge of joining a currency that cares about the privacy of its users and Zcash has a technology that is at the forefront to welcome many of these people. I am not surprised, for example, to see Vitalik Buterin as a member of the Zcash committee, as he, in addition to being the founder of the largest blockchain computer that is Ethereum, also watches over to his privacy.
Zcash has fundamentals to be the next Bitcoin 2.0 and best of all is that no one will be able to snoop how much an address have, as it is shielded by default protecting its user.
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