Convert ZEC to CNY

Zcash is the first blockchain system to use a zero-knowledge proof mechanism, which provides complete Payment confidentiality while still being able to use a public blockchain to maintain a decentralized network. Like Bitcoin, the total amount of Zcash Tokens (ZEC) is also 21 million, the difference is that Zcash transactions automatically hide the sender, receiver and amount of all transactions on the blockchain. Only those with the viewing key can see the contents of the transaction. Users have full control, and they can choose to provide viewing keys to others.

ZCash is a fork of bitcoin, retains the original mode of bitcoin, based on bit, the code of the currency version 0.11.2 was modified. There are two types of ZCash wallet funds: transparent funds and private funds. Transparent funds are similar to Bitcoin funds; private funds enhance privacy, and transactions involving private funds are confidential and untraceable, while transactions involving transparent funds and transparent funds are publicly available. of.

Zcash Project Features

Compared with Bitcoin, the biggest feature of Zcash is its anonymity. Transactions can automatically hide both parties and amounts of blockchain transactions. The key holder can see the specific transaction information. Of course, the user can choose who has this permission.

Why Zcash can achieve true anonymity and privacy protection? Simple understanding, Zcash Two techniques are used:

Zk-SNARK zero-knowledge proof technique: even if The source and flow of the currency is completely confidential, and zero-knowledge proof technology can still verify that the user who spends the money actually owns the currency.

Public Blockchain: Zcash uses a public blockchain for the presentation of transactions , but it automatically hides the amount of the transaction, and holders of ZEC (the token in the Zcash system) can observe the associated information by viewing the key.

Types of transfer for Zcash

Zcash can implement four types of transfers. At present, the most common and simplest transfer between public addresses is the transfer between public addresses, which is no different from Bitcoin transfer. Combined with zero-knowledge proof technology, public addresses can be transferred to and from hidden addresses, and transfers in which the sending and receiving addresses are completely hidden can also be realized.

zk-SNARKs zero-knowledge proof

zk-SNARK is called zero-knowledge Succinct Non-interactive Argument of Knowledge (non-interactive concise zero-knowledge proof), in The zero-knowledge proof under this technical framework does not require the prover (Prover) and the verifier (Verifier) to communicate. In order to achieve non-interactive functions, zk-SNARKs technology needs to perform an initial trusted setup (Initial trusted setup), setting a series of public parameters to help the prover build zero-knowledge proofs, so as to achieve completely private transfers. This series of parameters is actually used to establish a series of RSA public key encryption accumulators (RSA accumulators) in Zcash, and the corresponding parameters are the product of two large prime numbers N = p q. The parameter generator needs to destroy any records about p and q, and the system will be considered safe (which effectively defaults to the assumption that large prime products cannot be cracked). If anyone knows p or q, he will be able to easily build a zero-knowledge proof to double-spend anonymous transfers, enabling additional issuance of currency in an anonymous system.

Thus, these secret parameters need to be secured immediately after generating public parameters destroyed. Zcash held a Parameter Generation Ceremony for this purpose, and designed a multi-party computing protocol to allow multiple independent organizations to cooperate to build parameters. Zcash's Sapling series of public parameters, Powers of Tau, was generated in early 2018 at an altitude of 3,000 meters using radiation data from the Chernobyl nuclear waste. To ensure the privacy of this event. They celebrated in a small private jet at an altitude of 3,000 feet in the US states of Illinois and Wisconsin.

Mining structure of Zcash

Unlike most PoW mining projects, Zcash allocates 10% of the token revenue to the team, but these tokens are not pre-mined , but gradually released in the first stage of mining. The specific rules are as follows:

1. 2.5 minutes a block, each block Rewards 12.5 ZEC (so just start mining 50 every 10 minutes like Bitcoin)

2. In the first four years, 20% of the mining revenue goes into the team reward (so in the first stage miners can only get 10ZEC per block)

3. In the first month of mining, the block reward starts from 0.000625ZEC and increases linearly to 12.5ZEC (mining Mine starts slowly)

Zcash project big event

ZEC will be halved for the first time at the block height of 850000, and the reward will be reduced by 50%. The block reward is 6.25ZEC, and the predicted halving time is June 2020.

How to store Zcash?

You can store your Zcash tokens on their official Zecwallet Lite. It is available on the mobile phone and desktop. If you want to store your Zcash token in a safer place, you can try to store them in a hardware wallet that supports it. It would be a more secure solution and greatly reduce risk of being compromised.

Chinese Yuan RMB (CNY)

The Chinese yuan is the official currency of Mainland China. Technically, the yuan is the base unit of the renminbi currency (RMB), but it is sometimes referred to interchangeably with the renminbi.

Origins of Chinese Currency

Dating back over 3000 years, Chinese currency has its roots in both Ancient and Imperial China. In 1914, the Republic of China established the Silver Dollar as its official currency, complemented by the introduction of copper, fen, and nickel coins during the 1930s. However, silver's increased value led to a shift away from the silver standard. Consequently, in 1935, a new currency named Fǎbì was introduced.

Renminbi in Global Exchange

During the period of a controlled economy, the Chinese Yuan Renminbi was pegged to unrealistic exchange values, leading to stringent currency regulations. As China's economy began opening up in 1978, the Yuan Renminbi was primarily utilised domestically, prompting foreigners to resort to exchange certificates, which consequently fostered a thriving black market.

From 1997 to 2005, the Chinese government fixed the exchange rate of the Yuan Renminbi to the US Dollar at an approximate rate of 8.3 CNY to 1 USD. In 2005, a more flexible exchange rate mechanism was introduced, readjusting the RMB to 8.1 Renminbi per US dollar. China initiated a pilot program in 2009, permitting certain businesses in regions like Guangdong and Shanghai to conduct trade with counterparts in Hong Kong, Macau, and select nations. This program has expanded nationwide and internationally. Furthermore, China has established direct currency trade agreements with Australia, Japan, Thailand, Russia, and Vietnam, bypassing the need to convert to the US Dollar. Presently, the Renminbi's value operates under a managed float, determined by a basket of foreign currencies.