Overview

11/10/18 06:54 UTC-4

Zcoin: security and privacy

Anonymity and safety of Zcoin
Anonymity and safety of Zcoin

The decentralized Zcoin platform operates on the basis of a unique protocol called Zerocoin, which performs the function of proprietary scaling operations. The creators of the new transaction processing mechanism wanted to use their development to expand the capabilities of the Bitcoin platform, but given the circumstances, it was decided to focus on promoting their own Zcoin project.

Interesting in the section: DragonChain: Features and Prospects

 

Work principles

When making a payment in Zcoins (XZC), all transfers go to the open register, where information about transactions is stored. To speed up the work, the system automatically destroys coins that have a long history, replacing them with new ones. Thus, the history of operations becomes truly anonymous. In the case where you transferred to your address more than 1723 XZC, and later spent this number of coins – confidentiality becomes absolute.

By using the zero-knowledge confirmation method, the network generates an involuntary ordinal number, which later helps to bind the transaction to the recipient's account. At the same time, only two interested parties see this information on the chain of blocks. In order to avoid double payments, the network checks these nodes for the use of confirmation of zero knowledge.

To date, Zcoin is working on Lyra2z's proof algorithm, but in the project's plans is the transition to the more advanced Merck Tree Tree algorithm. This policy is due to the fact that developers are trying to limit the production of cryptocurrency using powerful ASIC cards. Also, using the MTT algorithm, protection against viruses propagating through the network is provided.

 

Capitalization

The distribution of coins between the network participants has a number of features: so the founders of the platform in the first four years will receive 14% of Zcoins, among which investors – 6%, the development team – 6% and 2% – the founder of the network. After four years, all the extracted currency will be directed to the miners and development of Znodes nodes. With one thousand coins, you get the status of Znode and 30% of the creation of the block.

Interesting in the section: Rchain: Project Perspectives

Among the many new crypto assets, the most similar to Zcoin is Zcash, which works in a similar way and the zero-knowledge verification algorithm. Developers of Zcoin are constantly trying new methods of encryption to achieve optimal network performance. By analogy with bitcoin twenty one million coins will be developed. After the termination of the release of the remaining currency, the profit from working in the network will be charged, as a commission fee for transactions.

Buy or sell Zcoin can be on such exchanges as Binance and Bittrex. It is recommended to save coins in the GUI company wallet. What is surprising – at the moment there is no purse for Zcoin, which can be installed on the computer's browser.

Despite some decline in early 2018, the capitalization of Zcoin is about 150 million dollars. The same cryptocurrency is included in the top 100 most common coins on the market. The common blockchain model with Bitcoin gives grounds for believing in the future development of this digital asset.

Editor: Yuliya Soroka

#xcz #zcoin #cryptocurrency #blockchain

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