1 Level
5 Review
0 Karma
Review on Zcash by Anke Fuerst
Zcash (ZEC) is another Crypto currency like bitcoin but with a few different…
Zcash (ZEC) is another Crypto currency like bitcoin but with a few different features. Like Bitcoin it is based on a decentralised blockchain but allows for anonymity behind transaction amounts and parties involved. In Bitcoin if you know someone's address you can follow their transactions and you can see which all the addresses and their transaction amounts - so its quite clear how much money is moving around, with ZCash all the information is encrypted.
Pros
- zk-SNARKs is the technology underlying Zcash’s privacy option. It works on what is known as ‘zero-knowledge proofs’. Zero-knowledge proofs allow for two parties to verify and prove each other’s information without revealing what that information is. So although the Zcash blockchain is a public ledger, with zk-SNARKs, a transaction can be verified and publicly recorded without revealing its information.
Cons
- Zcash has caused a lot of controversy for its method of distributing the crypto currency. The organisation is not set up as an opensource community but as a Company. This is the first major difference to Bitcoin and other crypto currencies such as ethereum. The second major difference is how they plan to reward investors and workers in the Company which is by a tax on mining rewards called "Founders reward"
