ZCoin applies zero-knowledge proofs through the protocol of ZeroCoin for maintaining seamless anonymity and privacy of transactions. ZCoin is also referred to as XZC and is a cryptocurrency developed as an open source digital asset. ZCoin eliminates chance of exposing identities of sender and receiver by using attributes of ZeroCoin that help isolate entire transaction history from actual coins. Zero Knowledge Cryptographic Proof is used for obfuscation of any data that is associated with transactions. XZC is the name of token of ZCoin which uses the Bitcoin’s halving cycle as well as mining scheme, although the algorithm Lyra2 is different from Bitcoin’s hashing algorithm.
XZC was primarily aimed at focusing on the privacy of transactions when it was launched in 2016. Since then, the decentralized and open source crypto has been able to establish a remarkable position for itself as one of the most ideal Cryptocoins for private and anonymous dealings. ZCoin was initially developed as an expansion of Bitcoin protocol by Prof Matthew Green and his students from John Hopkins University. However it was Poramin Insom, who is credited for the public release of XZC in September 2016.
The pursuit for privacy and anonymity of transactions has gained traction due to proliferation of software startups that focus on multiple blockchain tracking. It is quite common for a great number of Cryptocurrencies to make tall claims about their privacy or anonymity features. However, majority of these Cryptos are backed by nothing more than tumbling processes. It has been observed that tracking of transaction history is possible by third parties or blockchain crawlers. According to developers of ZCoin, the threat model of its protocol has been able to circumvent significant assumptions. This facilitates ease and privacy of transactions without being concerned about a more complex threat model. ZCoin is operated by leveraging the code of Bitcoin with modifications of the protocol. The modifications are aimed at use of complex cryptography for addition of transactions and are referred to as “Zero Knowledge proofs”. This helps ZCoin maintain total anonymity throughout its distributed ledger. Users can rely on ZCoin network to securely operate their wallets.
Following exchanges are found to support ZCoin transactions. Bittrex offers support for XZC/BTC while Cryptopia allows pairs of XDC/DOGE, XZC/LTC, and XZC/BTC. There are other exchanges that can be leveraged to deal in XZC including LiteBit.eu as well as CoinExchange.
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