Pardon me if this sounds like an idiotic question… but I would like to get an understanding on how these token system works… I have read that a lot of companies are based on ethereum blockchain … so is it the same case with Zcash or can it happen only on ethereum bc ? Also how is it different than a fork?
Or is my question fundamentally incorrect ?
It’s not currently possible but it is planned. See point #5 here under innovation and there is a link there for more information: The Near Future of Zcash - Electric Coin Company
Is that the same or at least similar to coloured coins on Bitcoin?
It can be used for similar things but is technically different; see [ZIP 220] Zcash Shielded Assets (previously UDA or UIT) · Issue #830 · zcash/zcash · GitHub