History of occurrence
The creation of the supernova cryptocurrency Zcash took place in several stages.
In 2013, Zerocoin Electric Coin Company, led by Zooko Wilcox, successfully completed the creation of the Zerocoin protocol, designed to exchange bitcoins for zero coins, which has an improved level of information security. The protocol also enabled consumers to split or combine zero coins and reverse convert. He later became a platform for the altcoin.
The history of zikesh continued in 2014, when a group of engineers and cryptographers from Israel, Massachusetts, and Tel Aviv universities achieved an increase in the effectiveness of mathematical privacy. So Zerocash was born. This electronic cash combines the quality features for which the first Bitcoin cryptocurrency was conceived.
In January 2016, Zuko Wilcox, the creator of Zikesh, announced the release of the new Zcash system (symbol on the ZEC exchange) as a separate currency, not a variant of bitcoin.
The official birthday of cryptocurrency Zcash is considered October 28, 2016. It was then that Zcash mining software was launched, and new money appeared on the market.
ZEC’s creative engineers continue to address identified shortcomings. In 2017, the CEO of Wilcox announced the release of the coin on the South Korean exchange Bithumb. The ZEC network is growing not only in Asian, but also in the European market.
Features and principle of operation
This coin is quite young, but thanks to some unique characteristics have gained many supporters. We will discuss them below.
The main feature of this system, its main advantage over other crypto-money, experts consider actual, mathematically secured anonymity, the guarantee of which is a decentralized network with an open blockchain.
The technological feature of cryptocurrency is also of interest – the presence of “XCATs”. With it, cross-platform “atomic transactions” (those that are performed entirely or not at all) are conducted between two different digital finances without a centralized exchange.
Equally important are the following benefits:
- high level of protection of cryptocurrency confidentiality;
- the availability of opportunities for the emergence of new applications using the evidence-free method of disclosure on which the blockchain technology is based;
- Zcash’s ability to work without binding coins to the history in the chain, which ensures the interchangeability of cryptocurrency.
The principle of operation is based on the creation of six participants of individual segments, private/public keys, followed by burning to DVD. The procedure, officially named “multilateral computing protocol”, is carried out in accordance with the technical requirements for the equipment, instructions for downloading it and recording individual elements. When the instructions are completed, participants destroy their private key parts, then combine the public key segments, resulting in the creation of public SNARK parameters.
But it is necessary to point out some disadvantages:
- six participants can agree among themselves on saving the public key;
- the possibility of information leakage is not excluded, as a result of which another public key can be created;
- it takes a lot of calculations to complete transactions.