📃CryptoGuide📃^Zcash by @atimk23

atimk23 (60)in #cryptocurrency • 6 years ago

Hello dear Steemers, today, a short preview about Zcash. ENJOY reading.

Zcash is a privacy coin that aims to provide anonymous transactions. Zcash uses a special type of algorithm called zk-SNARKs to secure the network.

Zcash transactions are visible on the Zcash blockchain. However, users are able to conceal all information related the sender, recipient, and amount being transacted. Zcash has 2 types of wallet addresses, t-address and z-address. While using z-addresses, transactions are "shielded" and information is hidden. Zcash uses a special algorithm to secure the network called zk-SNARKs, which happens trough the use of zero knowledge proofs. Private transactions also have the option of "selective disclosure". This allows a user to prove the transactions they sent anonymously. The main reason Zcash has this function is for auditing purposes and tax reasons. This feature allows users of Zcash to still comply with anti-money laundering laws and tax regulations. The Zcash organization is not setup as an open source community but as a company called Zcash Company. The CEO and founder of the company is called Zooko Wilcox. Cryptographer Matthew Green from Johns Hopkins University is also a founding member of Zcash.