What is the impossible virtual currency "Zcash" attracting attention as a substitute for Bitcoin?

Virtual currency "Bitcoin (bit coin)"Blockchain (block chain)" system realized high anonymity and reliability, but Bitcoin said that due to technical specifications it is not fully protecting privacy on transactions, trading Can not track the perfect privacy protection souvenir virtual currency "Zcash"Has newly appeared. Zcash expected to be a promising candidate for post Bitcoin is now looking for investors, with prominent Bitcoin developers, academics specializing in cryptography and investors all participating.

Zcash - All coins are created equal.
https://z.cash/

Zcash, an Untraceable Bitcoin Alternative, Launches in Alpha | WIRED
http://www.wired.com/2016/01/zcash-an-untraceable-bitcoin-alternative-launches-in-alpha/

Why Zcash Released Its Code: Developmental Input In Search In Privacy - CCN: Financial Bitcoin & Cryptocurrency News
https://www.cryptocoinsnews.com/zcash-released-code-developmental-input-search-privacy/

Virtual currency Bitcoin (bit coin) succeeded in giving anonymity while ensuring the reliability of transactions by incorporating the public digital ledger "Blockchain" system which describes all transaction contents In that respect, I broke as a "free" digital currency that succeeded in eliminating currency issuers.

You can see Bitcoin 's block chain system by looking at the following articles.

Summary of things I would like to know to perfectly understand the virtual currency "Bitcoin" - GIGAZINE


However, in Bitcoin's system which guarantees the reliability as the transaction history is released, the trading entity itself maintains anonymity, but the amount (amount) of Bitcoin exchanged in each transaction is disclosed to public information It is a condition that anyone can refer as, and in this respect complete anonymity is not kept.

Therefore, in addition to the block chain system presented by Bitcoin, a new virtual currency "Zcash" which can securely guarantee the confidentiality by enabling remittance processing while keeping the amount of virtual currency exchanged in each transaction private, However, it has been proposed.

In Zcash, to tell you that the proposition that you own is true (the correct thing), make it possible to prove without telling other information besides the fact that it is "true"Zero knowledge proof"The technology is used. With virtual currency transactions using the block chain system, communication is exchanged using the unique character string (secret key information) itself that proves the fact that it owns the virtual currency, but Zcash provides zero knowledge proof Since you can settle the amount (amount) of virtual currency exchanged by using it hidden outside, it is now possible to interchange virtual currency without tracking transactions while keeping the transaction volume secret.

It is Zooko Wilcox that invents Zcash. Mr. Wilcox provides a service to back up websites using a distributed file systemLeast AuthorityIt is an engineer who founded the virtual currency Zcash project which can secure tracking impossible complete anonymity as post Bitcoin, already released Zcash alpha source code already. The Zcash project is an open source project, the source code isGitHubIt will be published in.


Mr. Wilcox is looking for investment in Zcash to be founded in the future, and 10% of the 11% settlement fee collected at the start of Zcash service is scheduled to be returned to the investor. Mr. Wilcox plans to operate Zcash as a nonprofit organization and finally declares that only 1% of settlement amount will be collected as operating expenses as a settlement commission.

In the Zcash project, work on virtual currencies such as scholars such as Professor Eli Ben-Sasson of Israel Institute of Technology studying zero knowledge proofs, Alessandro Chiesa of the University of California at Berkeley, Christina Garman of Johns Hopkins University and Sean Bowe Engineers, and even Bitcoin Foundation's Gavin Andresen and other celebrities of Bitcoin related groups. In addition, investors who are stated to distribute 10% settlement fee are known for investing in Bitcoin related startups such as Naval Ravikant known for investing in Twitter and Uber, Blockchain.info and Bitpay Famous investors such as Mr. Roger Ver are leading names, according to WIRED, 71 million dollars (about 84 million yen) gathered at the November 2015 stage.

Bitcoin, who gave the public a concept of "virtual currency" with a strong anonymity, is a realistic tool that can remit money anywhere in the world with a cheap commission and can easily make micropayments, It was expected to become a revolutionary thing to change the world's currency system as a new generation currency that could be taken from institutions. However, Mike Hearn, a well-known software engineer and developer of the Bitcoin system, said: "It is inevitable that Bitcoin will fail, I will never participate in the development of Bitcoin again and I already sold all the Bitcoin that I have already sold."AssertionThe Bitcoin price has collapsed, and more people are pessimistically seeing Bitcoin's end.


As Bitcoin began to be whisper, as voices wishing for the birth of the second Bitcoin are strengthening day by day, Zcash, which makes the pursuit impossible characteristics by zero knowledge proof technology Uri is a promising candidate for post Bitcoin I raised my name, but it is unclear whether Zcash will succeed or not.

Project leader Wilcox says Zcash will realize it by zero knowledge proof in response to the necessity of "protecting privacy on transactions", but the more complete transaction anonymity is,Silk roadIt is easily anticipated that it will be misused by illegal buying and selling sites like. However, Mr. Wilcox seems to think that the disadvantage of being used at an illegal buying and selling site is under assumption and thinking that the merit of being able to use it for good trading exceeds demerit if Zcash spreads.

Also, as Mr. Wilcox himself recognizes, Zcash shows that Bitcoin is overwhelming as the speed of expansion of technicians developing virtual currency systems and usage services, and Zcash shows that it is more attractive than Bitcoin It is likely to determine whether Zcash will become popular as a virtual currency to replace Bitcoin.

At the time of writing the article, Zcash said that it will take at least 6 months before the alpha version is released, before the transaction actually takes place. We are also looking for early investors who can receive payment of settlement fee and will be announced about the investment program soon in the blog below.

Zcash Blog - Hello, world!
https://z.cash/blog/helloworld.html