ZCash-coin: Defined in CryptoCurrency

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ZCash-coin [ZEC]:

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Introduction:

ZCash is a privacy driven cryptocurrency. It uses the Equihash as an algorithm, which is an asymmetric memory-hard Proof of Work algorithm based on the generalized birthday problem.

It relies on high RAM requirements to bottleneck the generation of proofs and making ASIC development unfeasible.

ZCash uses zero-knowledge Succinct Non-interactive Arguments of Knowledge (zk-SNARKs) to ensure that all information (sender, reciever, ammount) is encrypted, without the possibility of double-spending.

 

The only information that is revealed regarding transactions is the time in which they take place. 

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How Zcash creators works:

Zcash encrypts the contents of shielded transactions. 

Since the payment information is encrypted, the protocol uses a novel cryptographic method to verify their validity.

Zcash uses a zero-knowledge proof construction called a zk-SNARK.  

This zk-SNARK was developed by the zcash team of experienced cryptographers based on recent breakthroughs in cryptography. 

These constructions allow the network to maintain a secure ledger of balances without disclosing the parties or amounts involved. 

Instead of publicly demonstrating spend-authority and transaction values, the transaction metadata is encrypted and zk-SNARKs are used to prove that nobody is cheating or stealing. 

Zcash also enables users to send public payments which work similarly to Bitcoin. 

With the support for both shielded and transparent addresses, users can choose to send Zcash privately or publicly. 

Zcash payments sent from a shielded address to a transparent address reveal the received balance, while payments from a transparent address to a shielded address protect the receiving value. 

To learn more about Zcash's zero-knowledge proving scheme for private payments, visit the developers and creators of ZCash here:  zk-SNARKs page. 

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