Question : Is it possible to release a token on Zcash?

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

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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

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