What is Zcash (ZEC) ?

Zcash Official Logo
Zcash Official Logo

Zcash is a cryptocurrency aimed at using cryptography to provide enhanced privacy for its users, Zcash is based on Bitcoin’s codebase. Zcash is a cryptocurrency with a decentralized blockchain that seeks to provide anonymity for its users and their transactions. Zcash increases user privacy by using zero-knowledge proofs to validate transactions without revealing information that could compromise a user’s privacy. Zcash is built on the Bitcoin framework, and, in many respects, is identical to Bitcoin. Zcash innovated by adopting Bitcoin’s open ledger system and encrypting information about the ledger’s users. This means that even though all Zcash transactions are recorded on a blockchain, the transactions are encrypted and can only be viewed by users that have been given access to them. Zcash affords private transactors the option of “selective disclosure”, allowing a user to prove payment for auditing purposes. One such reason is to allow private transactors the choice to comply with anti-money laundering or tax regulations. Zcash employs a cryptographic tool called zk-SNARKs, which stands for Zero-Knowledge Proofs. This took allows two users to engage in transactions without either party revealing their payment addresses to each other. This tool also makes Zcash transactions untraceable on Zcash’s blockchain by obfuscating the payment addresses of both parties and the amount involved in each transaction.

Original author – Zooko Wilcox
Programming language of implementation – C++
Initial release
 – October 2016
Development status – Active
Website –  z.cash

Leave a comment

Your email address will not be published. Required fields are marked *