Since Bitcoin‘s inception into the financial and technological world, with the concept of bringing forth improvements various coins have emerged also afterwards. Despite being the pioneer and current leader by market capitalization, Bitcoin [BTC] is not the best offer out there when it comes to tech-capabilities and potential. But, credits should be given to the digital gold as it is where everything started.
Some of the newer cryptocurrencies started as an idea to make Bitcoin better or try and expand its reach while concentrating on one feature more than the others that could be: privacy, speed or security. One of the leading coins when it comes to privacy is Zcash.About Zcash
Its story starts with Matthew D. Green – Professor in John Hopkins University in 2013 introducing the protocol named Zerocoin. At that point it was representing an extension protocol for Bitcoin’s network to gear up the blockchain privacy game. With it users were able to destroy the coins while returning an equal value of them later. Not much later on, Mr. Green made it public that a new form of Zerocoin is in the works called Zerocash.
This marked a major step taken towards today’s Zcash standing point as Zerocash was a complete new and unique protocol not designed for Bitcoin improving. Bringing the feature of even hiding the amount of returned coins after destroying them, its privacy was at an even higher bar than the original protocol. Additionally, decreased by 98% the size of transactions.
All the aforementioned was made real via the zk-SNARK or Zero-Knowledge Succinct Non-Interactive Argument of Knowledge which has been complemented and also as a very possible solution introduced for Ethereum’s scaling issue by its master mind Vitalik Buterin.We can actually scale asset transfer transactions on ethereum by a huge amount, without using layer 2’s that introduce liveness assumptions (eg. channels, plasma), by using ZK-SNARKs to mass-validate tran...