zcash Zec Cryptocurrency Blockchain

ZCash (ZEC) A Deal for Privacy Cryptocurrency Transactions Using Zero Knowledge Proofs in Blockchain Space

July 20, 2020 Off By dan saada

Zkopru, is a privacy layer of Ethereum. Being a layer 2 solution it is good for privacy transactions.  It makes use of optimistic rollups to manage the blocks.  And, zk SNARK is used to build private transactions.

The performance is at “8800 gas / private tx on Ethereum; Max TPS is 105 when the gas limit is 11.95M & block time is 13.2s.”

The important features are that it supports ETH, ERC20 and even ERC721 supporting private atomic swap.  It can also be used with the private order Matching system. Instant withdrawal is possible before block finalization. 

In response, Zaki Manian, working towards sovereign interoperable block chains with Cosmos tweeted:  “it’s effectively the ZCash Sapling protocol implemented as an optimistic rollup on Ethereum.”

Zcash addresses are private (z-addresses) or transparent (t-addresses). The Z-addresses begin with “z,” and t-addresses begin with “t.”  Zcash implements zk-SNARKs to ensure encryption on the blockchain.  When a Z-to-Z transaction appears on the public blockchain it means the transaction has occurred and the fees has been paid. However, the addresses, transaction amount, and memo field is encrypted and not publicly visible.

View Keys and payment disclosures are used by the owner of the addresses to disclose z-address and transaction details with trusted third parties to fulfill auditory and compliance needs.

The transactions between two transparent addresses function like the bitcoin.  The sender, receiver, and transaction value is made publicly visible. However, several wallets and exchanges are moving to make use of shielded addresses to protect user privacy.

In Zcash, the two types of addresses are interoperable. The funds can be transferred between z-addresses and t-addresses.   It all revolves around shielding and de-shielding.

About Zero Knowledge Proofs Sydney Ifergan, the crypto expert tweeted:  “ZCash (ZEC) are a deal when it comes to privacy transactions as it is based on Zero-Knowledge proofs and top exchanges and wallets support it.”

ZCash (ZEC) Multisign by Chelsea Komolo

CoinDesk Markets tweeted:  “JUST IN: #Zcash has successfully hard forked, bringing shielded coinbase and Flyclient infrastructure to the privacy coin.”

Zero-Knowledge proofs is the good things about transacting on Zcash.  This permits the validation of the transaction data without revealing any kind of information about the amount and the parties to the transaction.

The ongoing excitement is about bringing multisig to shielded Zcash.  A work by Chelsea Komolo is under progress and if all goes well, Zbay will be able to make private multisig Zcash escrow payments.


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