. What is Zcash (ZEC)? Here is the ZEC Token in All Detaills – In this article, What is Zcash (ZEC)? We will answer the question and try to present details about the project.
What is Zcash (ZEC)?
While most of the other cryptocurrencies reveal their entire payment history to the public through a public trading ledger system or blockchain, Zcash is a proof of work focused privacy coin designed to offer greater anonymity by hiding the sender, receiver, and transaction value for all transactions.
Zcash is one of the few cryptocurrency versions of the “Swiss bank account in your pocket”.
What is Zcash?
The birth of Zcash lies in Zerocoin, the protocol’s first incarnation. Originally proposed as an extension of Bitcoin, Zerocoin was designed to be one of the first cryptocurrencies to offer true cryptographic anonymity to blockchain transactions. Zerocoin launched its Zcoin (XZC) currency in September 2016.
The Zcash Team
Zerocoin’s developers – Johns Hopkins University professor Matthew D. Green and graduate students Ian Miers and Christina Garman – founded Zerocoin Electric Coin Company, along with computer security expert Zooko Wilcox-O’Hearn and a few others.
Before serving as the company’s founder and CEO, Zooko was a successful peer-to-peer hacker / cypherpunk. Among other achievements, Tahoe is known for the Least Authorized File Repository (or Tahoe-LAFS) and Zooko’s triangle, which defines the desired properties of a network protocol.
Other members of the team include Nathan Wilcox (CTO), Daira Hopwood (Engineer and Protocol Designer), and Jack Gavigan (COO), as well as a number of other computer scientists and engineers.
Zcash Coin (ZEC)
Other developments in the Zerocoin protocol announced that a new improvement “reduces evidence sizes by 98% and allows direct anonymous payments that hide the payment amount”. This led to the rapid development of Zerocoin’s sister protocol, Zcash, and the publication of the Zerocash whitepaper.
Zcash (ZEC) went live on October 28, 2016. After its release, Zcash’s founders donated 10% of the total supply of 21 million tokens to them. The remaining cryptocurrencies are slowly entering circulation through mining and investment.
The Technology Behind Zcash
Zero Information Encryption (zk-SNARKs)
Most cryptocurrencies verify transactions by correlating the sender and receiver addresses with input and output values on a public blockchain. Zcash, a publicly encrypted blockchain, made a breakthrough using zero-knowledge cryptography that allows users to optionally protect their transactions with a brand new “proof of zero knowledge” called zk-SNARK. This evidence can validate transactions as valid in the blockchain ledger without revealing any sensitive information.
Zcash Strengths and Advantages
Privacy: One of the key features of Zcash is its flexible option to protect transactions and hide the identity of the sender and recipient in the blockchain. Practical applications of this include not only protecting the anonymity of users, but also preventing malicious people from targeting an address with a high volume of currency. For businesses, this can be advantageous to protect confidential information about business transactions and employee payrolls. This is in contrast to transparent cryptocurrencies like Bitcoin, whose entire information appears on their public notebook.
Additional Applications of Zk-SNARKs: The technology behind zk-SNARKs, which form the basis of Zcash’s protected transactions, has potential uses beyond payment processing. The zero-information security layer can be used to verify any relationship without disclosing inputs or leaking information, and can have implications for encrypted security transmissions along with other possible applications.
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