What is ZCoin (XZC)?
ZCoin is a Proof of Work cryptocurrency using the Lyra2 hashing algorithm. It is an implementation of the Zerocoin protocol guaranteeing true financial anonymity using ZK-Snarks. Zero-Knowledge proofs allow one to show ownership of a Zcoin coin without having to reveal which coin one owns. Buy ZCoin (XZC) India.
How does Zcoin Work?
Zcoin works on Zerocoin protocol by enforcing Zero-knowledge proofs. Here is a short introductory video of Zcoin that explains how it works under the hood.
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Mint: When you want to send a private transaction with Zcoin all you need to do is select the number of coins you want to mint. Post that your normal Zcoin balance would automatically reduce and you will be credited with new coins with no transaction history. Basically, your old coins are burned cryptographically, thus preventing anyone else from using it again and being directed to your transaction history. The fact that you are credited with new coins with no history is maintained, and so is the total supply.
As of now, you can mint only in denominations of 1, 10, 25, 50 and 100. Let us suppose you choose ‘100’ coins to be minted. You will automatically be credited with new 100 Zcoins with no history attached to it.
- Spend: And now when you want to make a private transaction you will be required to use these ‘100’ minted new coins. You can now send any amount from this pool of fund in any denomination to anyone with anonymity because there is no history attached to it.
- Repeat: And the same way you can ‘mint’ and ‘send’ Zcoins in any number anytime with your privacy intact.
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Zcoin Team and Progress
Poramin Insom is the founder and core developer of Zcoin. He originally founded Vertcoin but saw the need for anonymous transactions in the cryptocurrency space. As he was already working under Matthew Green at Johns Hopkins University, it provided the perfect mentor to be able to work on implementing Zerocoin. He says he wants to eventually return to development on Vertcoin but Zcoin is his main focus for the time being. In addition to Insom, there is Peter Shugalev, head developer, as well as several other developers and contributors to the Zcoin team.
Zcoin, or XZC or ZeroCoin, is a cryptocurrency introduced to solve problems with the bitcoin blockchain. The currency has a number of unique features that distinguish it from bitcoin – including anonymity services and zero-knowledge proofs. The currency was designed to showcase the power of the ZeroCoin Protocol.
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