What is zcash (zec)?

What is zcash (zec)?

ZCASH is based on Zerocash, which involves ZK-Snark (Zero-Knowledge Succinct Non-Interactive Argument of Knowleydge)-proof with zero disclosure, using simple and clear non-interactive arguments.

Proof of zero disclosure is a cryptographic protocol, which allows one side (proving) to confirm the truth of approval by the other side (verifier), without revealing in the process any additional information about this other side (neither the content nor the source from which the proving learned about True).

This definition was first proposed by researchers from the Massachusetts Institute of Technology (MIT) Shafi Goldvasser, Silvio Mikali and Charles Rakoff in the scientific article “The complexity of evidence in interactive systems” (1985).

What are the key features and capabilities of zcash?

Low commission transactions (0.0001 zcash).

  • Addresses and privacy of transactions

The protocol contains two types of addresses: transparent “t”-addresses and private “z”-addresses.
Zec can be sent between the “t”-adures and “z”-adresami, but only the transactions between “z”-adresami and “z”-adresami are completely private. There are 4 types of transactions in the ZCash network:

Public: t-ddress -> T-DDDRESS
Protected: T-address -> Z-ad
Demaxed: Z-ad -> T-address
Private: Z-Adr -> Z-ad

  • Encrypted memo-field (notes)

A memo field is available for secure transactions, which allows the sender to include information relevant to the recipient in a fully encrypted form.

Owners of secure addresses can disclose transactions details for an audit and verification for compliance with regulatory standards. The owner of the address can disclose all incoming transactions and memo-field content.

  • Transactions with multi -signatures

Zcash supports transactions with multi -signature: for transferring funds, approval of two or larger number of parties is necessary. Transactions with multi-signatures cannot be used with Z-ades.

How is zcash tokens mining?

  • Zcash mining uses the Equihash algorithm.
  • During the Blossom update, the generation rate of new blocks Cryptocurrency was doubled (75 seconds instead of the previous 150 seconds). At the same time, the developers reduced the amount of remuneration to 6.25 Zec.
  • The entire 21 million ZEC coins will be obtained by about 2050.

How the ZCash project is financed?

The project financing model is different from the “honest launch”, premane and ICO.

ZCASH developers receive the “founders” award: in the first four years, miners receive 80% of the mined coins, the team – 20%. Part of the “Awards of the Founders” goes to the non -profit organization ZCASH Foundation, which spends funds on the development of the project.

How the ZCash project is developing?

ZCASH developer Electric Coin Company (ECC) intends to make radical changes to the architecture of this cryptocurrency. Project creators provide that the ZCash network will be able to process millions of transactions per second and by 2050 will be able to serve 10 billion people. This may require a transition to a new type of blockchain with support for cartridge technology. It will need to be created from scratch. It will also require efforts to ensure the transfer of the ZEC coin to the new chain so that it does not lose in its cost.

Using the new blockchain, developers expect to solve another big zcash problem – too small use of private transactions (their share today does not exceed 2% of the total). It is possible that the new ZCash blockchain will be incompatible with transparent transactions in principle.

In January 2020, the ZCASH community as part of the voting determined a new scheme for the distribution of remuneration for mining on the network.

In accordance with the decision, miners will continue to receive 80%, the Electric Coin Company coin developer will receive 7%, and Zcash Foundation is 5%. The remaining 8% will be given to grants to third -party developers. The new structure of the distribution of remuneration will be introduced in November 2020 if ZCASH Foundation and Electric Coin Company approve the changes.

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