（原标题 Zcash: A Light at the End of the Tunnel?）
By Ryan Watkins
Nov 9, 2020 ⋅ Pro Research
“Cryptography used to be an obscure science, of little relevance to everyday life. Historically, it always had a special role in military and diplomatic communications. But in the Information Age, cryptography is about political power, and in particular, about the power relationship between a government and its people. It is about the right to privacy, freedom of speech, freedom of political association, freedom of the press, freedom from unreasonable search and seizure, freedom to be left alone.” - The Code Book, Simon Singh
“密码学曾经是一门晦涩难懂的科学，与日常生活几乎无关。从历史上来说，密码学总是在军事和外交通讯 中发挥特殊的作用。但是在信息时代，密码学与政治权力息息相关，特别是关于政府和其民众之间的权力关系。密码学关乎「隐私权、言论自由、结社自由、新闻自由、免于无理搜查和扣押的自由、独处的自由」“-《The Code Book》Simon Singh
Cryptocurrencies are built upon the philosophy that power is better distributed in the hands of the many rather than concentrated in the hands of the few.
加密货币建立在这样一种理念之上，即相比于集中于少数人手上，权力分散于多数人手中更好。
With the invention of Bitcoin, Satoshi Nakamoto put this philosophy into action. Bitcoin was created with the explicit goal of providing a check on central bankers around the world that are prone to mismanaging money supplies and abusing their immense power as the gods of the global monetary system. In a post published on the p2p foundation just one month after Bitcoin launched, Satoshi stated, “the root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”
随着比特币的发明，中本聪将这一理念付诸实践。发明比特币的明确目的是 对世界各地的央行进行制约，央行因为扮演着全球货币体系上帝的角色，而倾向于对 货币供给 管理不善和滥用巨大的权力。比特币发布后1个月，中本聪在 p2p 基金会的一个帖子中表示，“传统货币的根本问题在于，要让其行之有效需要信任。人们必须相信央行不会贬值货币，但是法币史充斥着（央行对）这种信任的违背”
Yet, while the issue of concentrated power over the global monetary system is significant, it is far from the only significant political issue hanging over the global economy today. One other major issue is individuals’ waning right to privacy, signified by the prevailing regime of surveillance capitalism and looming threat of state-level surveillance. Bitcoin likely will not provide a full solution for this issue now or anytime soon. Meanwhile multinational technology giants continue to track our every move on the internet and central banks around the world are in the process of launching fully surveilled and controlled central bank digital currencies.
然而，尽管全球货币体系的集权问题很严重，但它远非当今全球经济面临的唯一重大政治问题。（包含集权问题和个人隐私被侵犯等问题）另一个主要问题是个人隐私权的削弱，这表现为「监视资本主义」制度的流行和「国家级监视」这一迫在眉睫的威胁。比特币可能无法在当前或短期内，为该问题提供一个完整的解决方案。与此同时，跨国科技巨头持续追踪我们在互联网上的一举一动，以及世界各地的央行正在着力推出完全监控与控制的央行数字货币（CBDC）。
Enter Zcash
Zcash简概
The problem with Bitcoin, and nearly every other cryptocurrency, is that they’re completely transparent. Contrary to popular perceptions of Bitcoin as an anonymous currency, every single transaction ever made using the Bitcoin blockchain is public and traceable. In some ways there has never been a monetary system with as much transparency as Bitcoin. Even just making a simple payment to a counterparty may reveal your entire financial history on Bitcoin - a status quo that is unacceptable for many individuals and businesses for the practical reasons of not wanting to share sensitive information with the world.
比特币及几乎所有的其他加密货币的问题，就是它们是完全透明的。与 把比特币视为匿名货币的这种普遍理解相反，每一笔比特币区块链上的进行的交易都是公开和可追溯的。某种程度上来说，从来没有一种像比特币如此透明的货币体系。即使只是简单地向交易对方支付一笔款项，都可能泄漏你在比特币上的全部财务历史（数据）——出于不想向外界泄漏敏感信息的实际原因，这种现状（比特币的货币体系是完全透明的）对许多个人和企业来说是不可接受的。
Storing your assets in transparent addresses and attempting to “anonymize” them through technologies like mixers only to return to transparent addresses doesn’t solve this issue. According to Electric Coin Company (ECC) CEO, Zooko Wilcox, “Nothing gives real privacy when used as a pass-through, because the attacker can just infer the linkage by comparing the inputs to the outputs.”
将你的资产存储在透明地址，并尝试通过混合器等技术“匿名化”你的资产，最终只会导回透明的地址，这并不能解决问题。据 Electric Coin Company (ECC) 首席执行官 Zooko Wilcox 所说，“当用作传递物（应该指充当传递的媒介）时，没有任何东西可以提供真正的隐私，因为攻击者可以通过比较「输入」和「输出」来推断「连锁」（应该就是指联系，2个有交互关系的地址一定存在某种联系过）。”
In other words, storing your assets privately, not just transacting them privately, may be the only way to ensure absolute financial privacy in the world of cryptocurrency. This is why Zcash was invented.
换句话说，私下存储你的资产，而不仅仅是私下交易资产，可能是能在加密世界中确保完全的财务隐私的唯一方法。这就是发明Zcash的原因。
Source: Multicoin Capital
Note: Transactions in Zcash can either be transparent or shielded. Transparent transactions operate similar to Bitcoin with visible addresses and transaction amounts while shielded transactions operate with hidden addresses and transaction amounts. Parties using shielded transactions have the ability to selectively disclose transaction metadata for the purposes of auditing or regulatory compliance.
注意：Zcash 中的交易可以是透明的，也可以是隐蔽的。 「透明交易」的运作类似比特币，具有可见的地址和交易金额，而「隐蔽交易」的运作则具有隐藏的地址和交易金额。使用隐蔽交易的各方能够选择性地披露「交易元数据」，以用于审计或合规。
A Rough Start
艰难的起步
Zcash (ZEC) launched in October 2016 as one of the most hyped cryptocurrencies ever (it was momentarily worth more than Bitcoin, in its first day of very low-liquidity trading). Using zero-knowledge cryptography to ensure private value transfer and storage, Zcash promised to be the industry's most private cryptocurrency. However, since its launch, ZEC has declined significantly in price. Even since its 2018 high, which was lower than where it was initially listed at in 2016, ZEC is still down 90%.
Zcash (ZEC) 于 2016 年 10 月推出，是有史以来炒作最厉害的加密货币之一（在流动性极低的第一个交易日，它的价格（1600刀）暂时超过了比特币）。Zcash 使用零知识密码学来确保私人价值转移和存储，承诺成为业界隐私性最强的加密货币。然而，自发行以来，ZEC 的价格大幅下跌。 自ZEC 2018 年的高点（低于 2016 年最初上线的价格）以来，ZEC 仍然下跌了 90%。
Source: Messari Interactive Chart
Chief among the reasons cited for this continued downward price movement, beyond regulatory uncertainty regarding the legality of privacy coins, has been Zcash’s issuance rate, which like Bitcoin, was extremely high in its early years. It wasn’t until the end of 2017 that Zcash’s annualized inflation rate finally dipped below 100%. Even now three years later it still remains high at 25%.
除了 隐私币的合法性 带来的监管不确定性外，（ZEC）价格持续下行的主要原因是发行率，ZEC的发行率就像比特币那样，在初期几年极端地高。直到2017年，ZEC的年通胀率才终于低于100%。及时在三年后的现在，（ZEC的通胀率）仍旧维持在25%的高位。
Beyond general educational issues around Zcash, such as misunderstandings of its trusted setup and the presence of transparent addresses (many incorrectly assume this weakens Zcash’s privacy), some Zcash observers suspect ZEC’s downward price action has been attributable to miners selling their newly mined ZEC. The hope then is that Zcash’s first halving set to occur on November 18, 2020 could provide important relief in this respect. However data indicates hope for this specific reason may not be rewarded.
除了围绕 Zcash 的一般教育问题（指公众对该项目的理解，项目对公众的education不足），例如对其可信设置的误解和透明地址的存在（许多人错误地认为这会削弱 Zcash 的隐私），一些Zcash的观察者推测ZEC的价格下行是由于 矿工卖出刚挖到的ZEC导致的。因此有一种希望，即认为2020年11月18日的ZEC首次减半，能够大大缓解这一方面（指价格下行的压力）。然而数据表明，这样的希望可能无法实现。
Zcash’s First Halving
Zcash’s的首次减半
On November 18, Zcash’s inflation rate will drop from 25% to 12.5%. As alluded to previously, the leading theory for why this is important is that it may alleviate the downward price pressure from miners selling newly mined ZEC.
11 月 18 日，Zcash 的通胀率将从 25% 降至 12.5%。如前面所说，之所以说「减半是重要的」，主要原因是（减半）可能减轻矿工卖出新挖到的ZEC而带来的价格下行的压力（即减轻抛压）。
Assuming miners sell all their ZEC as they mine it, they still have only historically made up less than 5% of ZEC daily trading volumes over the past year.
假设矿工刚挖到ZEC就卖出，在过去的1年中，矿工（的交易量）也只构成不到 ZEC每日交易量的5%。
Of course trading volume is not a perfect measure to determine how much selling pressure miners account for on a daily basis, but it’s a good enough proxy for it. Just like the “reduced selling pressure” argument for Bitcoin was fleeting as well, there’s far from any guarantee that Zcash’s upcoming halving will lift the cap off ZEC’s price. Zcash’s inflation rate was an issue years ago, but it likely isn’t now.
当然，「交易量」不是衡量 每日矿工构成多少抛压的完美指标，但也不错了。就像比特币的“（减半）减少抛售压力”论点也转瞬即逝一样，“Zcash 即将到来的减半将提高 ZEC 价格的上限（即创造价格新高）”也远未得到任何保证。 （因为）Zcash 的通货膨胀率在几年前是一个问题，但现在可能不是。（暗指并非流通量造成ZEC价格下行，如果是流通量过高造成抛压导致价格下跌，那么现在通胀率已经明显下降了，但是价格并没有显著提升，那么按照这个逻辑，即使再减半降低了更多zec的流通量，价格也可能不会上升）
A more interesting narrative for Zcash’s halving is that it may reinforce ZEC’s sound money principles. While I’d somewhat agree with this view, focusing on the halving as a catalyst misses the point.
对Zcash 减半的一个更有趣的说法是，它可能会加强 ZEC 的「稳健货币原则」（sound money指zec的价格在大周期中更稳定，而不是突然暴涨暴跌）。 虽然我有点同意这种观点，但将减半作为（使zec成为稳健货币的）催化剂，是没有抓住重点。
Fixed supply cryptocurrencies like Zcash and Bitcoin aren’t interesting because their issuance rate halves every four years, they’re interesting because their issuance schedule is predictable and deterministic. This matters in a world where central banks are inflating money supplies at historic rates. It is predetermined that Zcash will undergo 36 scheduled issuance reductions between now and the year 2148, meanwhile it's unknown how much money central bankers will print even tomorrow.
如ZEC和比特币 这样的供应量恒定的加密货币 并不有趣，因为它们的发行率每4年减半。它们有趣的 是在于其发行时间表是可预见且确定的。（总供应量恒定）这点很重要，因为世界各地的央行正在以历史性（高的）速率为货币供应注水。从现在到 2148 年，Zcash 预定减发 36 次，与此同时，明天央行将印多少钞票也是未知数。（强调货币供应的透明、预见性）
This is why from a narrative perspective it's not incredibly noteworthy that Zcash’s annualized inflation rate will drop to 12.5% on November 18. This is all predetermined.
这也是为什么说从一个叙述的视角来说，ZEC的年通胀率将在 11 月 18 日降到12.5%并不是非常值得注意的。这早就预先确定了。
Canopy > Halving?
天蓬计划（Canopy）> 减半?（应该指该计划的作用比减半更大）
What is likely far more interesting for Zcash on November 18, is the activation of Canopy, it’s fourth network upgrade. The headline of this upgrade will be the end of it’s Founder’s Reward and beginning of its new development fund.
对ZEC而言，11月18日更有意思的点在于「天蓬」的启动，即它的第四次网络升级。这次升级的标题为 项目创始人奖励的结束 和新的开发基金。
The Founder’s Reward is a mechanism built into the Zcash protocol that allocates 20% of Zcash’s block reward (10% of the terminal supply) to the project’s founders over the first four years of mining. It exists to provide continued resources and incentives to the founders building the Zcash project. Zcash’s new development fund will extend this funding mechanism another four years, but with some significant adjustments.
「创始人奖励」是指内嵌于ZEC协议的一个机制，其在挖矿的前四年内将20%的ZEC的区块奖励（即终端供应量的10%）分配给项目的创始人。其存在的目的是为创始人搭建ZEC项目提供源源不断的资源和激励。ZEC新的发展基金将会把这个资金机制延长另外4年，不过会对其有一些大的调整。
The new development fund will remain at 20% of the block reward (though reduced because of the halving), but will be allocated differently. The new breakdown will allocate 35% to the ECC, 25% to the Zcash Foundation, and 40% to a major grants review committee (third party grants allocated by an elected panel of reviewers). The purpose of this new allocation is to tilt the balance of power away from the ECC towards the community, and to create a future where Zcash is less dependent on any specific entity.
新的发展基金维持得到20%的区块奖励（其实由于减半，奖励减少了），但是其分配会有所不同。新的细分机制如下：35% 分配给 ECC，25% 分配给 Zcash 基金会，40% 分配给「主要赠款审查委员会」（由选出的审查小组分配的第三方赠款）。这种新分配的目的是使权力平衡从 ECC 向社区倾斜，并且使Zcash 在未来更少依赖于任何特定的实体。（简单说就是为了更加去中心化）
The benefits of the fund are twofold. For one, cryptocurrencies often struggle to fund themselves without altruistic donors or investors supporting them. The fund instead allows Zcash to fund itself as determined by its community. This may allow multiple organizations in Zcash’s ecosystem to hire talent, write code, build infrastructure, and many other value additive activities.
该基金带来的收益是双重的。一方面，（通常）在没有利他的捐助者或投资者支持的情况下，加密货币（项目）往往难以为自己募资。与此相反，该基金会使得ZEC能够基于社区的决定，为自己融资。这就使得ZEC生态内的多种组织能够聘用人才，来编写代码、搭建基础架构以及许多其他增值活动。
The second benefit, as alluded to before, is that the fund reduces reliance on the ECC, and provides a legitimate path to decentralization - a necessary move all cryptocurrencies will need to make eventually. All told the development fund could provide up to $70 million in funds in total over the next four years assuming prices stay constant, with $28 million going to third parties outside the ECC and Zcash Foundation.
如前面所述，第二个收益是指 基金减少了对ECC的依赖，这就为（项目）提供了一条通往去中心的合法路径，（去中心化之路）是所有的加密货币项目最终都必须去做的。总而言之，假设价格保持不变，发展基金在未来四年内总共可以提供高达 7000 万美元的资金，其中 2800 万美元将流向 ECC 和 Zcash 基金会以外的第三方。
Of course the development fund has not come without criticisms. The moment a public blockchain introduces a treasury into the equation the opportunity for capture increases. Some would argue that entities such as “Major Grants Review Committees” and foundations are the antithesis of cypherpunk ideals. As the stakes rise (ZEC prices increases) community members may begin to fight over funding. Authors Ori Brafman and Rod A. Beckstrom highlighted this phenomenon about decentralized organizations that introduce funding using wikipedia as an example:
“This is why Wikipedia faces danger if it raises too much money. Ironically, the system works because it's underfunded and because almost everyone is a volunteer. If coveted paid positions were introduced, turf battles and a hierarchical system might result. With concentrated power, Wikipedia would become more centralized and begin to lose its collaborative environment.” - The Starfish and the Spider
当然，发展基金并非没有受到批评。当一条公链把金库引入方程式，那么（资源）抢占的机会就提升了。（应该指在有限的资金内，社区会争夺资金的分配）有的人表示，例如“主要捐赠审核委员会”和基金会都是赛博朋克理念的对立面。（应该指反对集权社会）随着价值总额增加（即ZEC价格上涨），社区成员可能对资金开始争夺。作家Ori Brafman 和 Rod A. Beckstrom 以维基百科为例，强调了这种 去中心化组织引入资金（带来的）现象（争夺资源的现象）：
“这就是为什么如果维基百科募集了太多资金就会面临危险。具有讽刺意味的是，该系统能运转，就是因为它是缺乏资金的，几乎所有人都是志愿者。如果引入了诱人的带薪岗位，可能导致地盘争夺战和等级制度。随着集中的权力，维基百科会越来越中心化，进而逐渐失去互相协作的环境” The Starfish and the Spider
The analogy may not perfectly map to Zcash’s development fund and its community may provide a check on this threat of concentrated power through fork-based governance. However, narratives are important in this space, and questions, whether founded or not, about a cryptocurrency’s “credible neutrality,” may damage Zcash’s narrative as a credibly neutral non-sovereign store of value.
这个类比可能与ZEC的开发者基金不是很吻合，而且ZEC的社区能通过基于分叉的治理，来制约权力集中带来的威胁。然而，叙事在这个领域很重要，关于加密货币“可信中立”的质疑 无论是否成立，都可能损害 Zcash 作为可信中立的非主权价值存储的叙事。（应该就是指ZEC可能不会有“去中心化组织争夺资金”的情况，但是一旦有了质疑，就一定会对ZEC项目的可信度造成或多或少的动摇。）
The Near Future of Zcash
不远的未来
With the days of high inflation and developer fund debates behind Zcash now over, it is likely Zcash’s worst days are behind it. As Zcash looks out into the next four years it has many exciting items on its roadmap, chief of which are Halo, Interoperability, and potentially User-Defined Assets.
随着ZEC高通胀和关于开发者基金争论的日子已经过去，ZEC最糟糕的日子可能已经过去。随着ZEC项目对未来四年的展望，它的路线图上有许多令人兴奋的项目，其中主要的有「Halo」、互操作性、潜在的用户定义的资产。
Halo
Halo is a technique for creating practical, scalable and trustless cryptographic proving systems. The benefit to Zcash would be twofold. In the long-term, Halo could scale Zcash orders of magnitude without sacrificing decentralization - an attribute every blockchain wants to have. In the near-term it will eliminate the need for a trusted setup, which may substantially improve the safety of protocol upgrades. What this means is that users will no longer need to trust the persons who created the initial parameters of the system to destroy them rather than keep them for future illicit gain.
「Halo」技术
Halo是用于 创建实用、可扩容、无需信任的「密码学证明系统」 的一项技术。它对ZEC的好处有两方面。长期来看，Halo能在不牺牲去中心化的情况下，对ZEC进行几个数量级的扩容，这是所有链都希望拥有的特性。近期来看，Halo会消除对「可信设置」（密码上，用于零知识证明的一个环节。）的需求，这能大大提升协议升级的安全性。这意味着用户将不再需要信任创建系统初始参数的人，销毁它们（应该指需要信任创建者的情况）而不是为未来（可能发生）的非法收益留有余地。
Interoperability
互操作性
Interoperability would be a similarly exciting development for Zcash. Rather than being divorced from the rest of the emerging crypto ecosystem, interoperability solutions like Ren and Keep, may help bring ZEC to Ethereum. Not only would this allow users to enter and exit the Ethereum blockchain privately, but it would also allow Zcash to get access to Ethereum's decentralized finance ecosystem. While it currently appears regulators are embracing Zcash, no one knows if it will stay that way forever, and access to Ethereum’s decentralized trading venues would make ZEC significantly more resilient to a potential regulatory clampdown.
对ZEC而言，互操作性也是一个令人兴奋的发展。互操作性解决方案例如Ren 和Keep有助于把ZEC带入以太坊，而不是与新兴加密生态分离。这不仅允许用户私密地进出以太坊区块链，而且能让ZEC协议接入以太坊的去中心化金融生态。尽管当前监管者似乎正在接受ZEC，没有人确定是否永远会维持这种状态，以及，接入以太坊去中心化交易平台 能让ZEC对潜在的监管压制具有更强的韧性。（大概就是说ZEC在互操作性上的提升，能提升协议活力，在监管面前能有更多筹码，协议不至于一下子被直接打死。）
User-Defined Assets
基于用户定义的资产
Finally, User-Defined Assets may bring ERC-20-like functionality to Zcash, allowing users to create arbitrary new tokens on the Zcash blockchain, taking advantage of Zcash’s privacy features. It doesn’t take a wild imagination to imagine assets like Bitcoin, Ether, or even USD stablecoins being ported over to Zcash for private wealth storage. However, it is worth noting, there is skepticism around this initiative given that such assets could compete with ZEC and reduce its value proposition.
最后，「用户定义的资产」也许能为ZEC带来类似ERC-20的功能，这能使用户在ZEC链上创建任意的新的代币，以及利用ZEC隐私特性带来的优势。想象一下 比特币、以太坊甚至美元稳定币等资产被迁移到 Zcash 进行私人财富存储，这并非难以想象。然而，值得注意的是，鉴于此类资产（垮链和新创建的代币）可能与 ZEC 竞争并降低其价值主张，因此也存在对该计划的质疑。
A Light at the End of the Tunnel?
隧道尽头的一盏灯？（指将要苦尽甘来，迎来曙光）
If the history of cryptography teaches us anything, it’s that the battle for privacy is not a discrete game with a clear start and clear ending, it’s a continuous one. Betting on privacy is not just about betting on what works now, rather it's about betting on what may continue to work in the future. In essence, the quest for privacy is an arms race. And the only way to ensure privacy in the future is for a community to continue to stay ahead of the competition. This is at the core of the bullish case for Zcash - the belief that Zcash is the community to bring this industry true privacy now and into the future.
如果说密码学的历史教过我们什么，那就是隐私之战不是一个有清晰开端和结尾的离散博弈，而是一个持续的（离散博弈）。投注隐私（赛道）不仅仅是投注现在已经成效的（项目？），而是投注未来可能继续有效的（项目）。从本质上讲，对隐私的追求是一场军备竞赛。 未来确保隐私的唯一方法是让社区 继续在竞争中保持领先。 这是 Zcash项目（如果能）走牛的核心——即相信 Zcash 是一个可以在现在和未来 为这个行业带来真正隐私的社区。
However, “important” technology and value accrual are two different things. What matters for ZEC as an asset is that it ultimately accrues a monetary premium. In this respect it is up against the towering giants of BTC and ETH.
然而，（拥有）“重要”技术和增值是两个不同的东西。 从资产角度来说，对于 ZEC 而言重要的是它最终能产生「货币溢价」（指有充足流动性，使用场景多，被认为是有价值的资产）。 在这方面，它需要与 BTC 和 ETH 这2个高耸的巨人相竞争。
It’s unclear whether the monetary maximalist view – that in a free market for money one big winner will emerge – is how cryptocurrencies will play out like it did historically with gold. There are staunch cultural differences between cryptocurrency communities and biases among the individuals that make them up, that may never allow the world to converge upon one big winner. Nevertheless the view does introduce an interesting framework for what may ultimately matter in the long-run between competing crypto monies. The question for ZEC then becomes, assuming it can prove itself as credibly neutral (which is no small feat), is Zcash sufficiently differentiated culturally and philosophically from BTC and ETH to compete as a money?
这种货币极端主义的观点--“在货币的自由市场中，最后会出现一个大赢家”，还不确定是否会像历史上应验在黄金上那样，也应验在加密货币上。加密货币社区之间存在着深刻的文化差异，也存在着组成（社区）的个人之间的偏见，（因此）世界可能永远不会汇流在一个大赢家身上。（即指整个世界范围内，不会出现单一货币统治的情况）不过，这样的观点也引入了一种有意思的架构，即在长期的加密货币竞争中可能最后会生效的一种架构。那么对ZEC的问题就变成了，假定ZEC能够证明自身是可信中立的（这是一个不小的成就），那么Zcash能否在文化和哲学上 与比特币和以太坊有足够的差异，来作为一款（不一样的）货币与它们进行竞争？（大概就是强调ZEC项目自身是否有足够的差异化，是否有足够的价值，能够与2大巨头竞争。）
Ultimately whether Zcash succeeds in this regard could depend on how much people truly care about privacy and whether there will ever be sufficient enough privacy on competing chains like Bitcoin and Ethereum. Additionally, It’s unclear how large the total addressable market for absolutely private value storage is. Perhaps it's the total size of the offshore wealth market which is estimated to be between $21 trillion and $32 trillion, but perhaps it’s much smaller than hoped for and primarily serves fringe users. In the latter case ZEC would be important, but probably worth orders of magnitude less than the winning crypto monies.
Zcash最后能否在这个方面取得成功，取决于有多少人真的在乎隐私性，也取决于其他竞争对手如比特币和以太坊是否提供了充分的隐私性。此外，目前还不明确 纯粹的隐私价值存储 的总潜在市场有多大。可能它（隐私价值存储的总潜在市场）相当于离岸财富市场的总量，约21万亿到32万亿之间，但是也可能小于预期并且主要服务的是边缘用户。在后一种（可能的）情况中，ZEC虽然也重要，但是其价值可能会比获胜的加密货币小几个数量级。
Nevertheless, what’s important for Zcash now is that its early issues are behind it and its promising developments are ahead of it. Zcash may be finally reaching a light at the end of the tunnel. But only time will tell what’s on the other side of it.
不过，对Zcash而言重要的是在于其早期的问题已经翻篇，并且未来的发展一片光明。Zcash最后可能将在隧道的尽头迎来曙光。不过，只有时间才能告诉我们隧道的另一边是怎样一番风景。
https://messari.io/article/zcash-a-light-at-the-end-of-the-tunnel