ZEC is the native cryptocurrency of the ZCash network. ZCash is a privacy-focused blockchain and cryptocurrency that was developed and launched in 2016. It’s based on the original Bitcoin codebase, but it introduces advanced privacy features.
ZCash transactions can either be transparent (like Bitcoin transactions), or they can be shielded. Shielded transactions use a form of zero-knowledge proofs called zk-SNARKs to hide information about the sender, receiver, and amount of ZEC being sent. This allows users to send and receive ZEC without revealing any information about their identities or the amounts being transferred, which adds a layer of privacy not found in many other cryptocurrencies.
ZEC is used within the ZCash network to pay for transaction fees and as the primary medium for value transfer. Outside of the ZCash network, ZEC can be bought, sold, and traded on various cryptocurrency exchanges. It can also be held as a form of digital asset investment.