Zcash transactions per day continue to increase as the total number breached the 10-month highs as we are reading further in the Zcash latest news.
The Zcash transactions per day on average, down from the levels seen in mid-2019 but above these levels seen in mid-2019 above the levels seen in late 2018. Zcash is a privacy-based fork of the Bitcoin protocol which is ranked on the 25th place on the Brave New Coin market cap table. The market cap stands at $471 million with $138 million traded over the past 24 hours. The ZEC spot price is down by 95% from the all-time high set back in 2018. A quick comparison between the coins with privacy functions shows that ZEC is leading the total daily transaction volume by a wide margin.
Some of the other coins with privacy features include Monero, Dash, PIVX, and Grin. However, both GRIN and XMR obscure blockchain transaction values and addresses. The ZEC protocol is based on the Zerocoin protocol which was developed in 2013 and later turned into Zerocash with a difficulty adjustment algorithm adopted from the DigiShield v3. The ZEC cryptocurrency went live in 2016 and started trading in later October 2016. The total supply will grow to a final number of 21 million with a current inflation rate of 28%. The inflation rate is among the highest of any cryptocurrency.
ZEC also uses the Founders to Reward for funding development. The reward will eventually account for 10% of the minted ZEC which was initially agreed to be distributed as the following: 5.72% for founders, advisors, employees, 1.65% to initial investors, 1.44% donated to the foundation and 1.19% to the Electric Coin Company. The reward is now set to end after the block reward halving in November 2020.
About 20% of the mining rewards are distributed to the founders or developers to promote the ZEC ecosystem. The incentive was designed to encourage a dedicated team to provide more development for the project in the upcoming years. According to the Q3 2019 report, the Electric Coin Company operated at a deficit of 30% in Q1 2019. In order for the ECC to maintain a balanced budget through 2020 as the Founders reward and the ZEC foundation donation was reduced in order to increase the ECC compensation.
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