Zcash (ZEC): Privacy Has Never Been So Simple
ZCASH QUICK STATS
|CREATION DATE:||October, 2016|
|DEVELOPMENT STAGE:||Full Release|
|BLOCK TARGET:||2.5 Minutes|
A considerable barrier for entry to cryptocurrency use is the fear of exposing one’s personal information to potential hackers. This is a legitimate fear since it’s well known that Bitcoin and most other cryptocurrencies expose the entire payment history of a wallet address to the public. Zcash does not and CoinPayments is proud to offer Zcash payment processing to help facilitate transactions for merchants looking to accept payments in ZEC.
Zcash is the first decentralized, open source cryptocurrency that can fully protect the privacy of transactions using zero-knowledge cryptography. They accomplish this by unlinking shielded coins from their history on the blockchain. Their shielded transactions hide the sender, recipient, and transaction amount on the blockchain, thus providing users unrivalled privacy and security.
“If Bitcoin is like http for money, Zcash is https—a secure transport layer.” – Zcash Team
By affording the functionality for private transactors to activate “selective disclosure”, allowing a user to prove payment for auditing purposes, Zcash has rocketed to worldwide prominence as a leader in cryptocurrency privacy.
One of the many reasons why they allow “selective disclosure” is to allow private transactors the choice to comply with anti-money laundering or tax regulations.
Just like Bitcoin, Zcash has a fixed total supply of 21 million units.
How it Works?
The team at Zcash understand that in an open and programmable financial system, privacy is the only way to ensure fungibility. For this reason, it’s the only way to fully guarantee that cryptocurrency can be interchangeable as a fluid medium of exchange for users. All companies need the protection of privacy along their supply chain in order to conduct their business, especially in the context of public blockchains.
With Zcash being an open-source protocol, the company has no control (including controlling the mining or distribution of it) or special access to private or shielded transactions. Similar to the access any one of their users would have, ZcashCo simply has the ability to see a private or shielded transaction if it is a party to that transaction or someone provides it with the correct view key.
Zcash’s role as part of the ecosystem is to offer updates to the system’s protocol which the public may choose to implement or ignore. The Zcash team does not sell, exchange, transmit, or retain custody of Zcash for consumers or the public at large.
Why Choose Zcash?
A New Standard of Cryptocurrency Privacy!
Based on peer-reviewed cryptographic research and built by a security-specialized engineering team, Zcash’s open source platform is battle-tested and powerful. Zcash uses advanced cryptographic techniques, namely zero-knowledge proofs, to guarantee the validity of transactions without revealing additional information about them.
The zero-knowledge proof constructions allow the network to maintain a secure ledger of balances without disclosing the parties or amounts involved. 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.