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Monday, October 16, 2017

Zcash, Anonymous Cryptocurrency Based Zero Knowledge Proof

Explanation of ZeroCash (ZCash)

According to information from the zcash site, this cryptocurrency offers total transaction secrecy. Meanwhile, for the concept still retains the ledger blockchain and decentralized network. If you see the difference with Bitcoin, each zcash transaction will automatically hide the sender, recipient, and value of all transactions on the blockchain. While that can see the whole transaction is the owner of private key only.

Zcash, Anonymous Cryptocurrency Based Zero Knowledge Proof

Zcash has become one of the trending topics in the world of cryptocurrency lately. Not only from the technical side, but also the rising trade volume boosted the price of this coin to $ 498 per coin, when Bitcoin cost $ 706. Even a few days after its launch, Zcash cost almost 2 times BTC.

Zcash is a new approach to the problem of anonymity contained in cryptocurrency, especially Bitcoin. As we have seen, Bitcoin has only semi-anonymous characteristics, where some analytical techniques can be used to disclose some information related to the BTC user identity. Well, to solve this problem, Zcash uses a technique first developed by the Zerocash team. This technique is related to zero-knowledge proof, a method in which a person can prove that he has certain data without having to inform the data to others. Zerocoin then formulated a similar technique into a protocol called zk-snarks. These concepts are then merged into one project only, namely Zcash.

With the issue of increasing anonymity, it seems that Zcash will attract many users in the future, but of course the movement of the coin market is worth listening, because the trend shows a very significant price reduction compared to when it was first published. It takes time to prove whether Zcash is a powerful solution to the problem of anonymity and to be "The next Bitcoin" or sink and disappear like the hundreds of cryptocurrencies ever.

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