While Bitcoin offers the potential for new types of financial interactions, it has significant restrictions on privacy.
In particular, because the Bitcoin transaction protocol is completely public, the privacy of users is protected only by the use of pseudonyms.
Zerocoin is a cryptographic extension to Bitcoin that extends the protocol to enable completely anonymous foreign exchange transactions.
The system uses standard cryptographic assumptions and does not introduce new trusted parties or modify Bitcoin’s security model.
ZCoin – The Cryptocurrency
With Bitcoin, all transactions are displayed in a public ledger. Research has shown that metadata, such as publicly displayed addresses, can be used to link identities and organizations to transactions.
The default reuse of bitcoin addresses exacerbates this problem. In addition, the same type of mechanism can be used that breaks the privacy in social networks, as with the analysis of social networks to violate the privacy in the Bitcoin network.
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ZCoin Coin guarantees anonymity on a higher scale. Instead of scaling anonymity to a few dozen, ZCoin Coin offers anonymity that includes all mined coins.
A total of 21 million ZCoin coins are mined. ZCoin Coin follows the same half cycle as Bitcoin. Ten percent of the entire ZCoin supply is distributed to the founders. In other words, during the first four years, 40 ZCoins will go to Miner and 10 ZCoins will be paid to the founders. After the first four years, the block reward falls entirely to the miners.
ZCoin – The Company
A common misconception is that ZCoin is a fork of ZCash. ZCoin Coin is based on the Zerocoin paper, while ZCash is based on the Zerocash paper. While some of the papers were written by the same authors, both use the Zero Knowledge Proof algorithm, they are based on different cryptographic principles. There is no other relationship between the two projects.
ZCoin strives to protect individual freedom. By ensuring financial privacy, ZCoin can help ensure the freedom of trade. People should be able to act as they wish, as long as it does not violate the welfare or individual freedom of others. The company also guarantees that the freedom of trade also enables peace and prosperity in all countries and cultures. Although there are many anonymity solutions that apply to the different cryptographic currencies, the company’s goal is to provide the highest level of anonymity without compromising usability. Coin distribution and cryptographic protocols should also remain traceable.
ZCoin stands for the protection of anonymity. ZCash uses zero knowledge proofing algorithms to ensure that users can use coins more effectively in relation to anonymity. The cryptocurrency wants to prevent that analysis tools can be used for the evaluation of metadata, which endangers the anonymity of users.
You can’t buy it directly for fiat on any exchange. You can choose the best exchange buy bitcoins for your region and buy BTC there, then trade it for XZC on exchanges. Learn here how you can instantly convert altcoins to bitcoin and vice versa.
Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase is legit and secure place to buy BTC.
If your country is not available on Coinbase – check for exchanges that are good Coinbase alternatives (such as Cexio and Indacoin – see here Indacoin review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is safe and legit), instantly and directly to BTC.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com