Zcash starts with anonymous payment solution

Zcash wants to earn money with anonymous payments. Unlike many other providers of Bitcoin solutions Zcash is not only interested on the distribution of currency – it will thus make money. Meaning the startup plans, with eleven percent to tax payments for at least the first four years or less. Ten percent will flow back into the company, one per cent is invested in the service itself – in development and community management.

But there are further distinctions to other Bitcoin startups. While with “traditional” solutions each payment shall be publicly available and understandable, Zcash wants to offer an anonymous Bitcoin alternative – as the example, also had before DarkWallet.

Despite the anonymity with respect to the transactions, cash is anything but closed in terms of technology. Just recently, the team from Boulder, Colorado, released its source code on GitHub. As for this technical side: Even Zcash is basically on the blockchain technology, however, the modified service at a crucial point: with a trick called “zero-knowledge proof” in which two parties (the proofer – or prover – and the Verifier – or verifier) communicate with each other. The prover convinces the verifier with a certain probability that he knows a secret without using the information about the secret itself known.

Unlike most other block-based chain payment procedures, it is therefore not possible to know at Zcash who the two parties are or how much is the amount paid. “Bitcoin is HTTP – HTTPS we are” had the makers of his time Zerocoin explained.

Who wants to try the system of Zcash, can do that now, even if there is still no GUI – tester must therefore still rely on the command line. That should not few are better anyway. Until the public launch it’ll probably take another six months.

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