Zcash is primarily designed by keeping two concepts in mind, that is Privacy and comfort of crypto trading, we all want privacy in our lives, and now, as we have this decentralized cash-system, we are guaranteed to have privacy about our transaction information and bank details, but to make it more optimum for our use, and better user-experience. Many Blockchain developers are always striving to discover more reliable and secured cryptocurrency, so here is Zcash the faster and low fees cryptocurrencies with high level of privacy guaranteed. For more information on how to safely store your bitcoin click here.
What is Zcash?
Zcash is a confidential digital currency whose main feature is to ensure financial privacy to its users and clients. Zcash is made to handle every kind of transaction or trading you want to do with it, every transaction you make are under your control and are encrypted end-to-end.
One of the great things about Zcash is, it is the first project made out of zero-knowledge-cryptography, Zcash is funded worldwide from the big financial organization, and it is introduced by the popular trading exchanges platforms and digital wallets.
History of Zcash creation
Zcash was created back in 2013 with a white paper published by the cryptography professor Mathew Green and Eli Ben-Sassoon, this white paper was named as Zerocoin White Paper.
This white paper suggested smart solutions for ensuring the privacy of transactions made by the users and an upgrade in the infrastructure of Bitcoin. Zerocoin was made as a subsidiary coin for Bitcoin design however it has its own kinds of limitations.
Later on, in 2015, the Cryptographer Zooko Wilcox was preparing to launch a new privacy cryptocurrency startup, worked hard to streamline the theories and concept behind the Zerocoin and finally in 2016, Zcash was launched whose principle were based on Zerocoin White Paper.
What are the features of Zcash?
Zcash Blockchain is known for its unique features which is different from the rest of the cryptocurrencies, so let us look towards the features of Zcash which makes it significant and future dominating crypto coin.
· Zcash is known to have protected address of users’ transaction
· Zcash offers two address options to users based on anonymity level, that is discussed as below:
· Transparent address: Unlike the other cryptocurrencies, the transaction data will be stored into the blocks of the blockchain networks and would be visible to the rest of the public.
· Shielded address: The level of privacy bar is raised higher in this option, where the data will get stored in the blockchain but is not available to anyone except the user.
The Working Mechanism of Zcash
Zcash is launched through Zcash ceremony, where the creator of Zcash Ceremony asks people to participate in this ceremony and after the creation of master public keys from the participated crowd’s public keys,
They ask the participants to destroy the data recorded during the ceremony under the detailed instructions. This is how the privacy of the ceremony is protected.
Its work is based on cryptographic technique, where the person holding the access to data can tell the validator about the authenticity of the data through a true or false session without exposing much information to the validator.
Zcash used the concept of Zero-Knowledge proofs where neither the verifier and nor the prover are well known about each other’s identity, the identity is kept anonymous, no communication takes place, and no false information is exchanged. Also, the proof of the ceremony vanishes after a few seconds, both shielded and transparent transactional data are verified by Zcash node operators.