We cannot deny the fact that cryptocurrencies are taking the whole wide world like a storm. But, it can’t also be denied that some of them also give individuals some unexpected problems. One of the problems that it can give to an individual is a public blockchain will enable you to peer into the balance and transactions. Comprehensibly, some of the users of blockchain technology don’t like the features that blockchain technology can give to them – and that is the time that Zcash will come.
Satoshi Nakamoto, who is the Bitcoin’s creator stated that there is an upsurge that happened when it comes to the demand of coins which will offer you better confidentiality. We agree that his statement is correct and real.
The Development of Zcash
- We all know that Zcash is one of the cryptocurrencies that is existing in this world. This cryptocurrency will also provide you with a better privacy for the individuals who are using it compared to the other cryptocurrencies in the same industry.
- This Zcash was launched from the technical Zerocoin protocol, which has been used in enhancing to develop the system of Zerocash. This was also then established to be as the Zcash cryptocurrency through the Zerocoin Electric Coin Company, which is also discussed to be the Zcash Company.
- The protocol of Zcash was also established and has been improved. Aside from that, the reference implementation was also enhanced.
- The CEO and the founder of the Zcash company, who is Zooko Wilcox-O’Hearn. The cryptographer, who is Matthew D. Green that came from the Johns Hopkins University was also included in the founding team of Zcash. Roger Ver is one of the initial investors of the mentioned company.
The Technology of ZEC
- This Zcash cryptocurrency also makes use of the technology that was known to be the zero-knowledge cryptography. This will also enable Zcash’s company to secure the confidentiality of every transaction or dealing.
- Similar to Bitcoin, this will also uncover the whole history of payment to the public, which was written on the blockchain, which is also public, but varying upon the user, they can still pick their preferred optional privacy feature. As a result, it will enable them to hide vital information.
- Zcash has the goal of protecting every information about the source or the sender, as well as the receiver and the value of the transaction with the use of shielded dealings. When it comes to the privacy coins, the Zcoin will compete with the various privacy coins, such as the Verge, Montero, PivX, and many others. Zcash comes up with the total supply of privacy coins that is equal to 21 million bitcoins.
What are the Advantages that you can get from Zcash?
The Zcash coin is one of the open-source cryptocurrencies as well as a decentralized coin that will offer and provide you with the selective transparency of their transactions. The cryptographic research of Zcash is in the manner of peer-to-peer wherein the technology of Zcash is developed and based on the battle-tested codebase of Bitcoin Core. Zcash technology was established by a team that includes individuals that are knowledgeable when it comes to security engineering.
- Zcash cryptocurrency makes use of the cryptographic concept that is popularly known as the zero-knowledge proofs. This will guarantee the legitimacy of the dealings or transactions without making the details of the sender, the receiver, as well as the value of transaction in private.
- The cryptographic concept of Zcash which is the zero-knowledge proofs, is being used by Zcash that is also known as the SNARKs. The zk-SNARK refers to the “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge” that is a form of the resilience of construction that will show the possession of a detail that is considered to be a secret key which does not require a personal interaction between the verifier and the prover.
The transaction of Zcash covers the following;
- A transaction fee
- Account balance
- Receiving address, and;
- Sending address
When there is a transaction happened, the receiving address, as well as the sending address, are being protected and for these days of zero-knowledge proof that is being needed to verify the encrypted data of the transaction without it being uncovered. Both of the addresses are being mentioned to be the “z-address.” You have noticed that it always starts with the letter “z.”
On the other hand, the transparent addresses are in need to have a communication with the TVP or the Transparent Value Pool and will reveal the transaction information. Both of the addresses are being referred to as the “t-addrs.” You have noticed that it always starts with the letter “z.” The Zcash value proposition is unique and different from the others. It also helps in increasing the user’s privacy with the use of technologies, such as zero-knowledge and Zk-Starks.