Anonymous digital transaction

Basic facts

If Bitcoin is like http for money, Zcash is https. Zcash offers total payment confidentiality, while still maintaining a decentralized network using a public blockchain. Unlike Bitcoin, Zcash transactions can be shielded to hide the sender, recipient, and value of all transactions on the blockchain. Only those with the correct view key can see the contents. Users have complete control and can opt-in to provide others with their view key at their discretion. Zcash transactions do not depend on the cooperation of other parties.
Source: z.cash website

Why Blockchain?

ZCash is based on Bitcoin, but the users have the option to encrypt the details of their transactions. That means that the senders and the receivers address as well as the amount can be obscured. ZCash states that they added privacy: “Zcash uses advanced cryptographic techniques, namely zero-knowledge proofs, to guarantee the validity of transactions without revealing additional information about them.”

ZCash is combining the four properties of blockchain and encryption: Immutability, single source of truth, privacy, selective disclosure. The genesis block has been mined on the 28th of October 2016.


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