It’s a common misconception that Bitcoin transactions are completely private and anonymous. Whilst Bitcoin does offer greater level of privacy than traditional banking, users of cryptocurrencies like Bitcoin can have their transactions tracked through the public distributed ledger, and potentially give away valuable information.
Instead, privacy coins are a way to transact truly anonymously using a range of privacy-preserving methods.COO of Zcoin, Reuben Yap
One of the oldest and well-established privacy coin protocols is Zerocoin, an extension to the Bitcoin protocol with enhanced privacy features. Many projects have tried to implement the Zerocoin protocol with mixed success, but one cryptocurrency which has delivered a functioning and practical privacy coin is Zcoin.
Blokt spoke to Reuben Yap, COO of Zcoin, to find out why privacy-preserving technologies are essential to cryptocurrencies, and what makes the Zcoin team so passionate about them.What is Zcoin?
Established in 2016 by lead developer Poramin Insom, Zcoin is an open-source, decentralized privacy coin which focuses on achieving anonymity for its users while transacting on the blockchain.
Discussing why Insom decided to create Zcoin, Yap explains:“Poramin was unhappy about the lack of financial privacy in Bitcoin and Vertcoin, which he also co-founded. Instead, he decided to create a coin using the Zerocoin protocol to enable anonymous transactions, whilst retaining fair distribution.”
Insom and the Zcoin team achieved this by implementing an ASIC-resistant algorithm, essentially allowing anyone with a GPU or CPU to mine.
Zcoin is the first full implementation of the Zerocoin Protocol, which was first proposed by Professor Matthew Green from John Hopkins University (JHU) in the United States. An extension of the Bitcoin protocol, the Zerocoin protocol allows users to have complete privacy over their transactions via zero-knowledge cryptographic p...