Difference between revisions of "Zcash"

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(Redirected page to Zcash (ZEC))
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#redirect [[Zcash (ZEC)]]
{{Infobox_Company  <!-- Feel free to remove comments like this when you add real info -->
| company_name = Zcash Company
| company_logo =  [[Image:Zcash-logo.jpg{{!}}200px]]
| key_people =    [[Zooko Wilcox]], CEO
| foundation =    2016
| location =      Lakewood, CO (Headquarters)
| employees =      Approx. 50
| products =      ZEC
| twitter =        zcashco
| linkedin =      zcashco
| stocktwits =    ZEC.X
| facebook =      zcashco
| homepage =      [https://z.cash/ Zcash Homepage]
| press =          <!-- A link to where press releases can be found, or leave blank to omit -->
| blog  =          [https://blog.z.cash/ Zcash Official Blog]
Zcash (ZEC) is a [[cryptocurrency]] based on its own native [[blockchain]]. Its goal is to create a global, open economic [[platform]] that allows its users to make totally private payments.<ref>{{cite web|url=https://z.cash/support/faq.html|name=Frequently Asked Questions|org=Zcash|date=June 25, 2018}}</ref>
== Overview ==
Zcash is a cryptocurrency that is an implementation of the "Zerocash" protocol, which is based off of bitcoin's code.<ref>{{cite web|url=https://tresorit.com/blog/zero-knowledge-encryption/|name=What is Zero-Knowledge Encryption?|org=Trezorit|date=April 22, 2019}}</ref><ref>{{cite web|url=https://zcash.readthedocs.io/en/latest/|name=What is Zcash?|org=Zcash|date=April 22, 2019}}</ref> It is designed to offer a greater degree of privacy than bitcoin. To accomplish this, it uses "zero-knowledge cryptography" to encrypt user data; this means that the encryption process does not require personal information to be sent to or handled by the service provider. In the case of Zcash, this means that some transactions made by Zcash users can be verified and added to the blockchain without Zcash operators handling any information that could be connected to the individuals making the transaction.<ref>{{cite web|url=https://z.cash/technology/zksnarks/|name=What are zk-SNARKs?|org=Zcash|date=April 22, 2019}}</ref>
Zcash is one of many cryptocurrencies accepted as donations by Wikileaks. The site started accepting ZEC in 2017.<ref>{{cite web|url=https://www.coindesk.com/wikileaks-now-accepting-zcash-donations|name=Wikileaks is Now Accepting Zcash Donations|org=Coindesk|date=April 22, 2019}}</ref>
=== zk-SNARKs ===
Zcash's signature technology is Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (or "zk-SNARKs"). It is a form of zero-knowledge cryptography that allows one party to verify the validity of a transaction to another, using only the hash of a number tied to that transaction. zk-SNARKs can do this in a very short amount of time (Zcash claims this can be done in milliseconds - hence the "Succinct" part of zk-SNARKs' name).<ref>{{cite web|url=https://z.cash/technology/zksnarks/|name=What are zk-SNARKs?|org=Zcash|date=April 22, 2019}}</ref>
In February 2019, Zcash released a public report on their blog revealing that the company had discovered a bug in Zcash's code that, while subtle, could have potentially done massive damage to the cryptocurrency by allowing users to digitally copy unlimited amounts of ZEC. The bug was discovered by Zcash cryptographer Ariel Gabizon in the code of zk-SNARKS, a type of cryptographic technology used to shield users' balances and identities from being publicly discoverable. The company took care to prevent the bug from becoming publicly-known while developing a fix for it, quietly adding it to Zcash's "Sapling" upgrade in October 2018.<ref>{{cite web|url=https://www.coindesk.com/zcash-team-reveals-it-fixed-a-catastrophic-coin-counterfeiting-bug|name=Zcash Team Reveals It Fixed a Catastrophic Coin Counterfeiting Bug|org=Coindesk|date=February 6, 2019}}</ref><ref>{{cite web|url=https://z.cash/blog/zcash-counterfeiting-vulnerability-successfully-remediated/|name=Zcash Counterfeiting Vulnerability Successfully Remediated|org=Zcash|date=February 6, 2019}}</ref>
=== View Keys and Spend Keys ===
While most cryptocurrencies are designed to provide users with [[Wallet|public and private keys, or addresses,]] Zcash provides a "view key" and a "spend key." The spend key is an encrypted virtual address that allows users to spend ZEC from their [[wallet]], while the view key is used to allow users to view information about each other's transactions. A user cannot view information about another user's ZEC transactions without that user's view key; it's similar to how two users of a messaging platform cannot send each other messages without knowing the recipient's email address or username. Zcash also allows users to deliver encrypted messages to other users, provided they have that user's view key. These messages are not viewable to anyone without the view key.<ref>{{cite web|url=https://cointelegraph.com/tags/zcash|name=Zcash News|org=Cointelegraph|date=June 25, 2018}}</ref>
=== Vitalik Buterin ===
Ethereum creator [[Vitalik Buterin]] has praised Zcash's privacy-protection capabilities on more than one occasion. In May 2018, Buterin was asked during a livestream if he prefers Zcash or [[Monero]], a competitor to Zcash. Buterin said that he would use Zcash if he was "doing anything seriously privacy-demanding."<ref>{{cite web|url=https://coinpedia.org/news/vitalik-buterin-responds-critics/|name=Ethereum’s Founder Vitalik Buterin Responds to Critics: ‘Insane’, ‘Plutocratic’ Governance|org=Coin Pedia|date=April 22, 2019}}</ref> In September that year, Buterin wrote on an Ethereum research forum that Ethereum developers should consider using zk-SNARKs to help Ethereum [[scale]] more effectively.<ref>{{cite web|url=https://finance.yahoo.com/news/vitalik-says-ethereum-scale-500-161056762.html|name=Vitalik Says Ethereum Can Scale to 500 tx/s Using Zcash Technology|org=Yahoo! Finance|date=4/22/2019}}</ref>
== Background ==
According to the FAQ page on the official Zcash website, under the subheading "What is the difference between Zcash and [[Bitcoin]]," Zcash began as a [[fork]] of bitcoin. It is being developed by the Zcash Company.<ref>{{cite web|url=https://z.cash/support/faq.html|name=Frequently Asked Questions|org=Zcash|date=June 25, 2018}}</ref> The Zcash Company was founded by [[Zooko Wilcox]] in 2016.<ref>{{cite web|url=https://z.cash/team.html|name=About Us|org=Zcash|date=June 25, 2018}}</ref><ref>{{cite web|url=https://www.linkedin.com/company/zcashco/|name=Zcash Company|org=Linkedin|date=June 25, 2018}}</ref>
== History ==
In May 2018, [[Gemini]] announced that it would begin supporting user deposits of ZEC into their accounts and that trading would launch on May 22. The first trading pairs with ZEC were ZEC/USD, ZEC/BTC, and ZEC/[[ETH]].<ref>{{cite web|url=https://www.coindesk.com/winklevoss-crypto-exchange-wins-approval-to-trade-zcash|name=Winklevoss Crypto Exchange Wins Approval to Trade Zcash|org=Coindesk|date=April 22, 2019}}</ref>
In August 2019, the U.K. branch of [[Coinbase]] announced that it would be dropping support for ZCash (ZEC) trading. The company sent out letters to its U.K. customers urging them to convert, liquidate, or transfer their ZEC holdings to other [[wallets]] by August 26th.<ref>{{cite web|url=https://www.coindesk.com/coinbase-uk-dropping-support-for-cryptocurrency-zcash?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic|name=Coinbase UK Dropping Support for Cryptocurrency Zcash|org=Coindesk|date=August 16, 2019}}</ref> According to sources close to the matter, the decision was "completely to do with" Coinbase's new relationship with ClearBank, the bank that was to replace the role that Barclays formerly had with the company.<ref>{{cite web|url=https://www.theblockcrypto.com/tiny/barclays-cancels-banking-deal-with-coinbase-report/|name=Barclays cancels banking deal with Coinbase – Report|org=The Block|date=August 16, 2019}}</ref>
== References ==
<references />

Latest revision as of 19:05, 16 September 2019

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