Because Bitcoin is pseudo-anonymous, the altcoin space is trying to fill the role of private zero-knowledge transactions. Fungible Cryptocurrencyįungibility is an important function of currency, it’s considered by many to be an extremely important aspect for the future of cryptocurrencies. Zcash payments sent from a shielded address to a transparent address reveal the received balance, while payments from a transparent address to a shielded address protect the receiving value. With the support for both shielded and transparent addresses, users can choose to send Zcash privately or publicly. Zcash also enables users to send public payments which work similarly to Bitcoin. Instead of publicly demonstrating spend-authority and transaction values, the transaction metadata is encrypted and zk-SNARKs are used to prove that nobody is cheating or stealing. These constructions allow the network to maintain a secure ledger of balances without disclosing the parties or amounts involved. Since the payment information is encrypted, the protocol uses a novel cryptographic method called zk-SNARK (zero-knowledge proof construction) to verify their validity. Zcash encrypts the contents of shielded transactions. Why does Zcash have value?Īt the time of this writing, Zcash was trading at $328.49 each, with a total market capitalization of $509,965,352 million making it the 12th highest valued cryptocurrency on. With the new Zerocash protocol, users can make direct payments to each other with a vastly more efficient cryptocurrency protocol that also hides the amount of payment, not just its origin. Rubin, at the John Hopkins University Department of Computer Science, Baltimore). The Zcash Project was formally announced by ZECC CEO Zooko Wilcox-O’Hearn on Januas in evolution of the existing Zerocoin Project (the work of Matthew Green, Ian Miers, Christina German, Aviel D. Through this partnership they built upon and improved the original protocol by making it more efficient and private. Zcash was developed through a collaboration between the original Zerocoin researchers at John Hopkins University and a group of cryptographers at the Massachusetts Institute of Technology, the Technion – Israel Institute of Technology, and Tel Aviv University. The initial Zcash protocol was launched as “Zerocash” in 2014. Like Bitcoin, Zcash has a fixed total supply of 21 million units. Zcash uses advanced cryptographic techniques, namely zero-knowledge proofs, to guarantee the validity of transactions without revealing additional information about them. Zcash’s improvement over Bitcoin is the addition of privacy. Zcash is based on peer-reviewed cryptographic research, and built by a security-specialized engineering team on an open source platform based on Bitcoin Core’s codebase (Hard Fork of Bitcoin). Zcash was the first open, permissionless cryptocurrency that can fully protect the privacy of transactions using zero-knowledge cryptography. Zcash payments are published on a public blockchain, but the sender, recipient, and amount of a transaction remain private. Zcash (ZEC) is a decentralized and open-source cryptocurrency that offers privacy and selective transparency of transactions. Learn more about our editorial guidelines Updated January 3, 2023
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