Privacy Coins, Zero Knowledge (ZK)
Zcash is a cryptocurrency project that was launched in 2016.
It is an open-source, decentralized digital currency that uses cryptography to secure transactions and provide users with enhanced privacy and anonymity. Zcash is based on the Zerocoin protocol, which was developed by cryptographers at Johns Hopkins University. The protocol allows users to make payments without revealing their identity or the amount of money being sent.
Zcash is designed to be a more private version of Bitcoin, as it uses zero-knowledge proofs to ensure that transactions are secure and untraceable. This means that users can send and receive funds without having to reveal their identity or the amount of money being sent. Zcash also has a built-in feature called “shielded addresses” which allow users to create addresses that are not linked to their real-world identity.
The Zcash network also utilizes a mining process called “Equihash” which is designed to be ASIC resistant, meaning it can’t be mined using specialized hardware like Bitcoin can. This makes it more accessible for everyday users who don’t have access to expensive mining equipment. Overall, Zcash is a cryptocurrency project that provides enhanced privacy and anonymity for its users while still allowing them to make secure payments without revealing their identity or the amount of money being sent.
It utilizes advanced cryptography and zero-knowledge proofs in order to ensure transactions are secure and untraceable, making it an attractive option for those looking for greater privacy when making digital payments.