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- The Electronic Coin Company introduced Zcash on October 28, 2016. Before rebranding, the ECC was known as Zerocoin Electric Coin Company, LLC
- Despite the fact that bitcoin’s price has increased by 88 percent this year, it is far from the most profitable crypto year-to-date
- On Zcash, the public parameters are stored in a complex secure multi-party calculation known as a Trusted Setup
The Electronic Coin Company introduced Zcash on October 28, 2016. Before rebranding, the ECC was known as Zerocoin Electric Coin Company, LLC. Zooko Wilcox-O’Hearn, a specialist in information security and cryptography, created the firm. Together with academicians and academic researchers from John Hopkins University, MIT, Tel Aviv University, and Technion, he created the Zcash protocol. Zcash is digital money that protects your privacy and is based on solid science. People may use Zcash to transact swiftly and securely while paying modest costs. Shielded Zcash keeps transactions private while letting users reveal address and transaction information selectively for auditing or regulatory compliance.
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Despite the fact that bitcoin’s price has increased by 88 percent this year, it is far from the most profitable crypto year-to-date. Zcash, a leading privacy coin that shares many core elements of bitcoin’s value proposition, including its hard cap of 21 million units, has had an even better year.
Zcash is primarily concerned with anonymity, which is achieved through the use of zk-SNARKs, a sort of zero-knowledge proof technology that allows nodes on a blockchain network to confirm transactions without disclosing the transaction metadata of users. The built-in function, zk-SNARKs, requires a set of public parameters to allow users to generate and validate private transactions.
On Zcash, the public parameters are stored in a complex secure multi-party calculation known as a Trusted Setup. The popularity of the coin originates from internet users’ desire for a cryptocurrency with greater privacy characteristics. Zcash is primarily focused on anonymity, which is achieved through the use of zk-SNARKs, a type of zero-knowledge proof technology that allows blockchain network nodes to authenticate transactions without exposing user transaction details. The built-in function, zk-SNARKs, requires a set of public parameters to allow users to build and validate private transactions.
According to Wilcox-O’Hearn, proof-of-stake is lighter, quicker, and more secure at a cheaper cost. It has the potential to significantly minimize the crypto carbon footprint. Wilcox recently stated in an interview with Forbes that proof-of-stake is already proved, citing the successful launches of Cardano, Algorand, Tezos, and others.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
