Zcoin
What is Zcoin
Zcoin is a very interesting coin that claims to "mint" a coin by burning it up, and generating mathmatical proof that you burned it.. This proof allows you to create a new coin with no previous transaction history.The Mathmatical Proof does not reveal which coin was minted.
Zero Knowledge Proofs make truly untraceable coins.
- No history to Analyze
- No mixing required
- Just untraceable coins
Zcoin has implemented the Zerocoin Protocol
"The Zerocoin Protocol uses Zero-Knowledge proofs to guarantee complete financial privacy and anonymity."
It is like Zcash, but there are differences like how Zcash requires a higher use of memory with significantly longer time needed to send a private transaction than Zcoin. On the other hand, Zcoin currently requires significantly more storage space than Zcash.
Zcash conceals the amount of money sent in each transaction, whereas Zcoin does not. So Zcash is less prone to privacy timing attacks than Zcoin. On the other hand, this comes with a big tradeoff for Zcash, in the form of potentially undetected hyper-inflation in Zerocash’s money supply.
Conclusion
Zcoin is about PRIVACY with your transactions. It focuses on minting new coins to send and become spendable.. kind of like Bitshares, but with only one cryptocurrency and it's private.It is also similar to Zcash for the fact that they are the only two cryptocurrencies that use zero-knowledge proofs to guarantee zero-knowledge financial anonymity.
Only time will tell which one will lead in the future.
Mint. Spend. Repeat.
#89 on http://coinmarketcap.com/
| Market Cap | Volume (24h) | Available Supply |
|---|---|---|
| $1,334,697 | $78,356 | 979,400 XZC |
| 1,282 BTC | 75.27 BTC |
If you would like to read a lot more great information check out https://zcoin.io (Source for image and information)
Thanks for watching the show tonight!
As always good stuff brotha :D
I love the concept.
How you think this compares to something like Monero or Boolberry for anonymity?
Zcoin does not mix transactions with others to try to hide the transaction.. it completely deletes the history of the transaction and sends a new untraceable coin :D
Sounds pretty unique to me. Almost magical like the wand off Harry Potter says something like "abracadabra" and fire and poof of smoke brings something comes into existence. Thus it appears out of no where.
Lol exactly!
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