Zcoin is an open source decentralized cryptocurrency based on Zerocoin protocol which aims at providing complete financial privacy and anonymity.
Zcoin is a decentralized cryptocurrency which works on the Zerocoin protocol (utilizing zero-knowledge proofs) and is employed with a layer of Masternodes network to enable special features and use cases. Zcoin is built with the motive to eliminate the downsides of Bitcoin such as privacy-based and anonymity-based issues. Zcoin is the first cryptocurrency to develop and implement a special type of Proof of Stake algorithm known as the “Merkle Tree Proof Algorithm (MTP)” which ensure better distribution of Zcoin and strong decentralization. Zcoin aims at ensuring the freedom of commerce by guaranteeing financial privacy. Thus, by guaranteeing financial privacy, Zcoin directly guarantees fungibility, an essential property for free commerce.
Some Eye-Catching Elements of Zcoin
Zcoin has implemented Zerocoin Protocol to its network which is also termed as the ‘Privacy Enhancing Technology’. Zerocoin is a privacy protocol which was proposed by professor Matthew D. Green and his students in 2013 as an extension to Bitcoin Protocol to add cryptographic anonymity to its transactions. This protocol utilizes the Zero-Knowledge Cryptographic Proofs which sets the magnitude of the anonymity to a whole new level. The anonymity set is not just limited to dozens or hundreds of coins but encompasses all minted coins in a specified RSA accumulator that can scale to many thousands.
Merkle Tree Proof (MTP) algorithm
Zcoin activated its new Proof of Work (PoW) algorithm named “Merkle Tree Proof” on 10th
December 2018. The MTP algorithm was devised by Alex Biryukov and Dmitry Khovratovich from the University of Luxembourg in their paper published on the 11th
June 2016 titled ‘Egalitarian Computing’. It aims at establishing a state of equality and proportionality between the people with large computing power and those with little computing power. MTP allows even the home miners (miners with low computing power) anywhere in the world to earn some Zcoin through mining. This not only prevents accumulating of large amount of coins with a single entity but also ensures better distribution of Zcoin. Thus, enhancing the decentralization of the network, preventing any market or network influence and reducing the possibility of 51% mining attacks.
Minting and Spending
Usually when you transact using a coin, the transaction history is always linked to that specific coin by default. This affects the privacy and anonymity of the user as it becomes easy to track the source of a specific transaction. By using Zcoin’s Zerocoin-based Minting and Spending feature, no transaction history is linked to the coins and only the sender and the receiver know about the transaction. The reason being that in minting, your old coins are burned and destroyed cryptographically for a small fee and replaced by fresh ones, thus destroying the transaction history as well. Therefore, by minting you can create a private transaction and spend your coins without being worried about any history being attached to them. This ensures the utmost anonymity and privacy of the sender as well as the receiver.
Poramin Insom is the founder and core developer of Zcoin. He created Zcoin in the year 2014 and is titled as the first person to implement stealth address in QT-wallet, enhancing cryptocurrency anonymity. Zcoin comprises of a diverse team of professional in various fields such as developing, marketing, advising, consulting and operating. Although Zcoin is a project that focuses on privacy and anonymity, its team has no hidden secrets and have their name, photos and work experience displayed on the website. The project surely holds potential and has real world applications and is bound to develop in the future considering that is has a strong team with a clear and qualified background. To view Zcoin’s team and to know more about its team member, visit https://zcoin.io/team/
Zcoin has one of the most detailed Roadmap that I have ever seen. It describes all the implementations and milestones that have been achieved so far and the one’s which it plans on achieving in future. Some coins don’t even have a detailed roadmap for the present year 2019, but Zcoin on the other hand not only has a detailed description of what it plans on accomplishing this year, but also has plans and best estimates stated for the year 2020.
Zcoin has clearly stated that the Roadmap it for information purpose only and does not bind any commitment. The development, release and timing of features or functionalities is subject to change. Some of the interesting things that Zcoin will roll out in 2019 are Next-Gen Privacy Protocol, Encrypted Node Communication and Smart Contracts. Zcoin’s Roadmap can be found here: https://zcoin.io/roadmap/
More markets at https://zcoin.io/get-zcoin
Hosting a Zcoin Masternode (Znode) requires staking of a minimum collateral amount of 1000 XZC. Zcoin Masternode network enables unique functions and adds another layer of privacy and anonymity to its blockchain. Znode owners earn 30% of the block reward (presently 15 XZC every block) for hosting a reliable and powerful network that helps support the network. The staking of collateral amount ensures that the Znode owners continue to work honestly and have a high uptime. For detailed guide on how to setup a Znode, visit https://zcoin.io/zcoin-znode-setup-guide
You can also use one of the masternode hosting platforms like Gentarium or GIN where you can set up Zcoin masternode in few clicks.