Steemit Crypto Academy Season 2: Privacy Coin/Moneda Zcash por @yri02
Good afternoon to all the members of this great platform #steemitcryptoacademy grateful to professor @levycore for his lecture, being very brief and precise, where he talks about the importance of privacy.
Privacy coins are a totally decentralized open source system, but nevertheless the information that each of these contains is totally confidential, that is, they were created with total security, in the same way when carrying out transactions with any asset apart from being a fast process is very safe, guaranteeing privacy and transparency in each of them, these currencies are published in a chain of blocks, however the data of the sender, the recipient and the amount that is made with each currency are totally and absolutely confidential .
¶ Bitcoin
¶ pizca
¶ Monero.
¶ Dash.
¶ Zcash.
- Elija una moneda de privacidad y realice un análisis fundamental de la moneda en detalle.
Users can rest easy when conducting negotiations with any decentralized asset since these are safe and show us a variety in which we can invest, such as:
¶ Bitcoin
¶ pinch
¶ Monero.
¶ Dash.
¶ Zcash.
- Choose a privacy coin and perform a fundamental analysis of the coin in detail.
✓ Zcash: This is a coin totally built under a decentralized project, where the objective is to provide a digital currency solution focused mainly on privacy. Offering confidential transactions, protecting the investment made by each investor, the data provided to carry out the transaction is not observed or supervised by anyone, representing a great protection advantage for all users to hide their transactions.
The beginning of this project was carried out from the year 2012, it was carried out in a joint work by a group of people including Matthew D Greem and a group of students among them the most prominent were Miers and Christina Garman, they designed said protocol also known as Zerocoin, in order to improve the privacy and security of said asset. However, they were presented with many inconveniences in view of the fact that they had very high expenses in computational devices, even this same protocol was implemented in other currencies, having a successful result within those currencies are Zerovert (ZER) and Zcoin (ZXC).
This group of students worked together giving their best to create this Zcash coin, thus maintaining the anonymity of investors, this being a good idea because the other currencies did not provide that security that was needed. To solve the inconveniences that were presented in Zerocoin, they presented a protocol called zerocash, mentioning that these are totally different, there is a very big difference between them where zerocash makes use of a zk-SNARKs protocol, this is to increase the performance and work that had to be done and thus with this greatly reduced the high costs of electrical energy and computing devices.
Gracias a esto los usuarios pueden realizar pagos directos entre ellos utilizando el protocolo criptográfico siendo este más eficiente y a su vez oculta el origen tanto del monto como del pago.
Thanks to this, users can make direct payments to each other using the cryptographic protocol, which is more efficient and in turn hides the origin of both the amount and the payment.
This Zcash protocol started with a fork in bitcoin to which the support of the zerocash protocol was added, where they finally managed to launch this currency in 2016, this currency having a totally different code from the bitcoin code which was called sapling.
Once this is achieved, Zcash has two different addresses in use in its wallet, one is private addresses (z) and the other is transparent addresses (t), in which if they carry out a private transaction from z to z, it will appear immediately in blocks where It is visualized that the same occurred and that the fees were paid, this data is protected by a field called memo and encrypted, not being visible to the public, on the other hand, private transactions and if they can be visualized. When carrying out a transaction, whether it is private or transparent, only the initial letter of each of them must be placed. Example private address (Z) and transparent address (t)
Cases usually occur where some users reveal the Z address so that third parties can see the transactions or payments made, this they do through visualization and disclosure keys, doing this for the purpose of conducting an audit, these addresses are interoperable, the They can be transferred between them, that is, between z addresses and y addresses, where each user must take into account that each of these transactions involves privacy to protect or unprotect the information.
✓ Se realizan transacciones a bajo costo.
✓ Está moneda ofrece direcciones privadas y transparentes, dónde las privadas no son visibles al público pero las transparentes si.
✓ La moneda Zcash tiene la capacidad de enviar menos encriptados.
✓ Permite a sus usuarios realizar auditorías en las cuentas
✓ Pueden divulgar sus pagos dónde revelen detalles específicos de la transacción que se realizo a terceros.
✓ Zcash admite el vencimiento en sus transacciones.
✓ Low-cost transactions are carried out.
✓ This currency offers private and transparent addresses, where the private ones are not visible to the public but the transparent ones are.
✓ The Zcash coin has the ability to send less encryption.
✓ Allows its users to audit accounts
✓ They can disclose their payments where they reveal specific details of the transaction that was carried out to third parties.
✓ Zcash supports expiration on your transactions.
As I had already mentioned, Zcash was born as a bitcoin fork maintaining the SHA-256 algorithm but as time passed in 2014 this algorithm was updated to Equihash, based on computer science and on a cryptographic concept called by many birthday problems widespread.
In this algorithm, a group of people is mentioned as an example, 23 of whom have their birthday on the same day, which is why this algorithm was called a birthday paradox, the reason why Equihash was chosen is that it is provides a very efficient verification, where Equihash is resistant to specialized mining, with ASICs and FPGAs due to the high memory demand that the algorithm has.
Likewise, this protocol used by Zcash guarantees security, which they have called zero knowledge proof, well known by its acronym zk-SNARKs, being carried out only when it is necessary for another node to carry it out. This security protocol making the nodes without any exception guarantees the integrity of all the data supplied in the network, even knowing that all the data is 100% anonymous and encrypted.
- Describe the steps to create a wallet for the privacy currency of your choice.
✓ I had to download the Nighthawk wallet App in Google play where I clicked to install
✓Once the application is installed we click on New
✓ Then it sends us directly to another section where we are going to make a clip on the word backup.
✓ Here they send us a security phrase you are used to establish our wallet again, we give this phrase to save or we copy it on a sheet where we must keep it very well, since if we lose this phrase the wallet is lost, after saving this phrase is given clip in verify
✓ When verifying our operation, our wallet begins to be created where the process is loaded in percentage as you can see in the capture.
✓ When we reach 100% our wallet is already created here you can see the Nighthawk address
And so in this simple way our wallet is created.
- Explain the reason you chose the privacy currency (please indicate the advantages and disadvantages).
This is a very famous coin throughout the world, it caught my attention in view of the fact that despite the fact that there are many coins among them, its promotion has decreased, I think this also happens with other coins, however this coin is Being very famous despite the fact that it is very common under its rank and they accept it as a payment method on many web pages and in various stores worldwide, being it is also very easy to create your wallet for that reason I decided to talk about this Zcash currency explaining some advantages and disadvantages that it is presenting.
✓ Debido a su seguridad muchas billeteras aceptan Zcash, sirviendo está como medio de pago en muchos lugares.
✓ Sus transacciones son seguras, en vista de que son anónimas, aunque se le pueden hacer auditoría aplicando unas claves específicas para esto.
✓ Posee dos billeteras.
✓ Un solo nodo verifica las transacciones, para luego transferir la información a los demás nodos siendo esto una práctica muy buena por eso la usan mucho hoy en día.
✓ Es anónima está criptomoneda no revela datos a los usuarios, todo es confidencial no se muestra ningún dato de transacción, dirección o acción realizada por ella.
✓ Due to its security, many wallets accept Zcash, serving as a means of payment in many places.
✓ Your transactions are secure, since they are anonymous, although they can be audited by applying specific keys for this.
✓ Has two wallets.
✓ A single node verifies the transactions, and then transfers the information to the other nodes, this being a very good practice that is why they use it a lot nowadays.
✓ It is anonymous, this cryptocurrency does not reveal data to users, everything is confidential, no transaction data, address or action taken by it is shown.
✓ Bajo un poco su rango por la creación de otras monedas.
✓ A pesar de que está moneda podré dos direcciones en la billetera, yo lo veo como una desventaja puesto que si muchos usuarios se confunden terminan enviando el dinero a la billetera equivocada.
✓ El anonimato total es solo para las transacciones privadas a privadas, las transacciones transparentes quedan en evidencia para los demás usuarios.
✓ He lowered his rank a bit by creating other currencies.
✓ Despite the fact that this currency will have two addresses in the wallet, I see it as a disadvantage since if many users get confused they end up sending the money to the wrong wallet.
✓ Total anonymity is only for private to private transactions, transparent transactions are evident to other users.
These coins are private and most of all they mention that they are anonymous in view of this that is why users use it and create their wallets, these coins are very safe assets, users cannot do if they want to track said currency Since they are sent to private addresses, this is what Zcash provides users with transparency, security, they are totally anonymous currencies, which makes users invest in it.