Zcash – an introduction
Zcash is a cryptocurrency that focuses on solving the privacy problem many other cryptos have. They do this by making the transactions public on the blockchain while hiding important information like the sender, recipient, and amount of money transferred. Zcash gives the option of privacy and selective transparency by incorporating a new proof-of-work method called zero-knowledge proof-of-work (which inspired the name “Zcash”). Buy Zcash (ZEC) India.
Zcash uses the same base technology as other cryptocurrencies but adds a level of encryption that Bitcoin lacks.
In fact, Zach is widely popular for its securities transactions. Its popularity is such that Edward Snowden called Zcash as ‘the one which can solve Bitcoin’s surveillance risks.
Zcash has a fixed total supply of 21 million units. You can choose to keep your transactions open or turn on the encryption known as zero-knowledge proof. Once you turn on this encryption, the transactions will then be completely anonymous, while still having the ability to be verified on the blockchain.
How does Zcash work?
Zcash works by encrypting the information within shielded transactions. As the payment information isn’t visible due to encryption, the protocol relies on a new cryptographic method. This is zk-SNARK, a zero-knowledge proof construction. The team of cryptographers behind Zcash developed this proof, getting inspiration from recent cryptography breakthroughs. The system allows for encryption, while the zk-SNARKs prove no one has stolen or cheated.
Zcash supports transparent and shielded addresses so you can choose whether you want to send the Zcash publicly or privately. Payments can even be sent from a shielded address to a transparent one or vice versa. In the first situation, the received balance will be visible, while it will be hidden in the second.
Technologies in Use
One of the most important technologies in Zcash is zk-SNARKs, and Zcash is the very first application of these that are widespread. Zk-SNARKs are a novel type of zero-knowledge cryptography. Zk-SNARK represents Zero-Knowledge Succinct Non-Interactive Argument of Knowledge. This is a proof construction that allows the system to prove it possesses information (in this case, the secret key), without having to actually display it. It also doesn’t require any interaction between the verifier and prover.
Zcash also enables completely transparent transactions, with no privacy or protection. The argument to implement both private and transparent transactions is that the shielded addresses do not have some features, like multi-signature wallets, as well as the 3GB of RAM needed to make the shielded transactions. So the server provides this type of transactions for users who want to enjoy the features that shielded transactions don’t provide. In other words, the server also caters to those who don’t mind lack of privacy. For this, the platform offers users two types of accounts: z-addr and t-addr. z-addr for fully private addresses while t-addr for transparent addresses.
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Buy Zcash (ZEC) in India
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