Zcash
Zcash, also known as ZEC, is categorized as a privacy cryptocurrency as it features cryptography as a way of assuring anonymity to its users and their transactions.
Zcash employs “shielded addresses” which allow for the encryption of transaction and address data stored on its blockchain. It also has a customizable setting of anonymity by offer of two possible address types: transparent addresses and shielded addresses, and while former will appear on the blockchain, the latter will not.
This means that a user who chooses a shielded address will not have his or her transaction data linked back to him or herself while on display on the blockchain.
The Inner Workings of Zcash
Zcash’s operates on zk-SNARK, a powerful cryptographic tool which allows for any user who is in possession of private data to convince someone who is seeking to verify it that this data is, in fact, true. This is done without revealing nothing but a true or false statement.
Zk-SNARK ensures that whoever is verifying learns only that the data is true or false, but also that the proof is made small enough in sized and verified in milliseconds without having any communication between whoever is verifying it and whoever is proving it. As such, no prover can prove information unless there is verifiable information to prove and no prover can make someone accept false information.
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