Common information
Title
ZCash
Ticker
ZEC
Volume
25,652,100 USD
Description

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.

Block explorer data from https://explorer.zcha.in/

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Features

Privacy Enhanced

A decentralized and open-source cryptocurrency that provides strong privacy protections. If Bitcoin is like http for money, Zcash is https—a secure transport layer.

 

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Technology

zk-SNARKs

The Basic

Zcash is the first widespread application of zk-SNARKs, a novel form of zero-knowledge cryptography. The strong privacy guarantee of Zcash is derived from the fact that shielded transactions in Zcash can be fully encrypted on the blockchain, yet still be verified as valid under the network’s consensus rules by using zk-SNARK proofs.

The acronym zk-SNARK stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” and refers to a proof construction where one can prove possession of certain information, e.g. a secret key, without revealing that information, and without any interaction between the prover and verifier.

“Zero-knowledge” proofs allow one party (the prover) to prove to another (the verifier) that a statement is true, without revealing any information beyond the validity of the statement itself. For example, given the hash of a random number, the prover could convince the verifier that there indeed exists a number with this hash value, without revealing what it is.

 

Application to ZCASH

In order to have zero-knowledge privacy in Zcash, the function determining the validity of a transaction according to the network’s consensus rules must return the answer of whether the transaction is valid or not, without revealing any of the information it performed the calculations on. This is done by encoding some of the network's consensus rules in zk-SNARKs. At a high level, zk-SNARKs work by first turning what you want to prove into an equivalent form about knowing a solution to some algebraic equations. In the following section, we give a brief overview of how the rules for determining a valid transaction get transformed into equations that can then be evaluated on a candidate solution without revealing any sensitive information to the parties verifying the equations.

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Total supply
21,000,000
Mining algorithm
Equihash
Proof algorithm
PoW
Currency started
28.10.2016
Last blockchain height
234712
Block time
150 sec
Network hashrate
325,261,000 hash/sec
Mined coins
2,808,906
Mining reward
10
Reddit
Active / all subscribers
3974 / 7788
Post comments in day / hour
24.45 / 1.02
Post post in day / hour
3.83 / 0.16
Dev
Repository Info Issues Is fork? Last update Parent
C++ 3073 / 344 / 814 657 / 1295 No 08.12.17 04:47