Zcash (ZEC) is a cryptocurrency that runs on its own Layer-1 blockchain, the Zcash mainnet, an Equihash proof-of-work fork of Bitcoin Core launched on October 28, 2016. It is not an EVM or Solana token. Zcash lets users choose between transparent addresses, which behave like Bitcoin's public ledger, and shielded addresses, which use zero-knowledge proofs to hide the sender, receiver, and amount of a transaction. This optional privacy layer, built on the Orchard shielded pool, distinguishes Zcash's transaction model from fully transparent blockchains.
Zcash's core differentiator is optional, cryptographically verified privacy: shielded transactions use zero-knowledge proofs so amounts and parties stay hidden while total supply remains publicly auditable. Adoption has grown steadily, with shielded transactions reaching 59.3% of all Zcash transactions by February 2026, up from roughly 30% in early 2025. Zcash also became the first privacy-focused cryptocurrency with a US-listed spot ETF, Grayscale's ZCSH, which began trading on NYSE Arca on August 25, 2026. Network transaction fees have stayed low in recent months, ranging roughly $386 to $3,215 per day as of August 2026.
ZEC functions primarily as a utility and store-of-value coin rather than an on-chain governance token. Holders use it to pay transaction fees, transact privately through shielded addresses secured by zero-knowledge proofs, and support network security by rewarding proof-of-work miners.
Zcash launched on October 28, 2016 with no ICO, IDO, or public airdrop. Electric Coin Company raised private funding before launch from investors including Pantera Capital, Naval Ravikant, Roger Ver, Erik Voorhees, ShapeShift, and Barry Silbert. Instead of a token sale, Zcash used a "Founders' Reward": from launch until the first halving, miners received 80% of each block subsidy while 20% funded Electric Coin Company, the Zcash Foundation, and early contributors, totaling 10% of the eventual 21 million ZEC supply. ECC began distributing these funds on November 28, 2016.
Zcash runs on its own Layer-1 blockchain, the Zcash mainnet, using Equihash proof-of-work consensus rather than existing as a token on another chain. It launched on October 28, 2016 as a fork of Bitcoin Core, secured by independent miners rather than a validator set or staking mechanism. Zcash is not deployed on Ethereum, Solana, or any other smart-contract platform; wrapped or bridged representations of ZEC exist on other networks but are separate from the native coin.
Zcash was created by a team of cryptographers who evolved the 2013 "Zerocoin" academic proposal into a standalone protocol. Electric Coin Company was founded in 2015 by Zooko Wilcox-O'Hearn, who mined the Zcash genesis block on October 28, 2016 alongside fellow cryptographers. Wilcox previously worked with David Chaum at DigiCash in the 1990s and identifies as a cypherpunk. He stepped down as Electric Coin Company CEO on December 18, 2023, and was succeeded by Josh Swihart, formerly the company's SVP of Growth.
Two organizations, Electric Coin Company and the Zcash Foundation, jointly maintain Zcash today. Electric Coin Company (ECC), a for-profit entity founded in 2015, develops the protocol and client software and is currently led by CEO Josh Swihart. The Zcash Foundation, an independent nonprofit, also funds protocol development and runs community governance processes. Both were historically funded through block-reward allocations (the Founders' Reward and its Dev Fund successors) rather than through equity fundraising alone. Shielded Labs, a newer organization, has also commissioned independent security work on the protocol.
Zcash is governed off-chain through the Zcash Improvement Proposal (ZIP) process, where anyone can submit a proposal for community debate. ZIP editors representing Electric Coin Company and the Zcash Foundation accept or reject proposals after discussion on the Zcash Community Forum. For contentious decisions, such as changes to Dev Fund allocations or network upgrades, the Zcash Foundation runs structured coinholder polls. The Network Upgrade 7 vote, running August 25 to September 14, 2026, requires at least 1,000,000 ZEC to participate for the result to be considered legitimate.
Zcash has a multi-year audit history, including NCC Group's review of the 2016 trusted-setup ceremony and the 2020 Canopy upgrade. Network Upgrade 5's Halo2 proving system was further audited by NCC Group and QEDIT, with additional review from Ethereum Foundation researcher Mary Maller. Despite this record, a critical Orchard shielded-pool soundness bug went undetected from May 2022 until an AI-assisted audit commissioned by Shielded Labs found it in late May 2026. Developers responded with an emergency soft fork on June 2 and the NU6.2 hard fork on June 3, 2026; the Zcash Foundation reported no evidence of exploitation.