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What is Zcash?

Zcash is another cryptocurrency like the Bitcoin and it provides selective transparency for transactions. The Zcash payments will be published in block chains. Here, the senders, recipients and the total amount of transaction will remain secret. So, the Zcash has some features like the Bitcoin but it is different in many ways too. It is based upon a decentralized block chain structure like the Bitcoin, but it ensures anonymity for transaction amounts and the parties conducting such transactions. When you know a person’s address in Bitcoin, you can always follow his transactions. So, you are aware of how much cash is actually moving around. But, with Zcash, the transaction amounts are encrypted and private.

Zcash uses zk-SNARKS that let two users exchange data without exposing their identities. The Bitcoin will not only have records of parties conducting transactions, but also records of the amounts involved. But, the Zcash blockchain will only reveal that transactions that have happened, not displaying the amounts or parties involved in it. The Zcash was actually the outcome of a lot of efforts by the developers who wanted to make cryptographic protocols to get more privacy for transactions. These developers had begun a Zerocoin project for addressing security loopholes in Bitcoin. Using the protocols which these developers designed, bitcoins could be converted into zerocoins and this helped to make payments anonymous.

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