Zcash ZEC

$211.24
Market Cap $ 924.116 MM (#21)
24h Volume $ 94.993 MM
Chg. 24h: 12.09%
Algo. score 4.3/5  (#7)
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Zcash project purpose and description

Zcash clarity of purpose

Zcash purpose and aspects

Zcash offers private transactions as well as a selective transparency option.

Zcash additional differentiation against competition

20% of mining reward goes to founders pool

Zcash categories

Digital currencyPrivacyAnonymity

Short description

A decentralized and open-source cryptocurrency that provides strong privacy protections. Shielded transactions hide the sender, recipient, and value on the blockchain. If Bitcoin is like http for money, Zcash is https—a secure transport layer.

Abstract

Bitcoin is the first digital currency to see widespread adoption. While payments are conducted between pseudonyms, Bitcoin cannot offer strong privacy guarantees: payment transactions are recorded in a public decentralized ledger, from which much information can be deduced. Zerocoin (Miers et al., IEEE S&P 2013) tackles some of these privacy issues by unlinking transactions from the payment's origin. Yet, it still reveals payments' destinations and amounts, and is limited in functionality. In this paper, we construct a full-fledged ledger-based digital currency with strong privacy guarantees. Our results leverage recent advances in zero-knowledge Succinct Non-interactive ARguments of Knowledge (zk-SNARKs). We formulate and construct decentralized anonymous payment schemes (DAP schemes). A DAP scheme lets users pay each other directly and privately: the corresponding transaction hides the payment’s origin, destination, and amount. We provide formal definitions and proofs of the construction’s security. We then build Zerocash, a practical instantiation of our DAP scheme construction. In Zerocash, transactions are less than 1 kB and take under 6 ms to verify — orders of magnitude more efficient than the less-anonymous Zerocoin and competitive with plain Bitcoin.

Link to Roadmap: https://z.cash/support/schedule.html
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