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Private Financial Transactions, Enabled by Zerocoin Protocol
The first fully private cryptocurrency Zcoin with full implementation of the Zerocoin Protocol and new Proof-of-Work algorithm MTP which will be activated on the 10th December 2018. This coin allows users to have complete privacy via Zero-Knowledge cryptographic proofs.
With Zcoin, the anonymity set is on a dramatically higher magnitude. Instead of having an anonymity set limited to the few dozens, Zcoin has an anonymity set that encompasses all minted coins.
The Zerocoin Protocol is being actively researched and improved, such as by a new extension that when implemented would hide transactions and address balances.
Technology behind Zcoin
Zerocoin technology ensures that Zcoin’s transactions are kept completely private.
Zcoin uses zero-knowledge proofs by making a zero-knowledge cryptographic statement. When someone receives a Zerocoin, the person only knows that “X” amount of money was sent to their wallet. Unlike Bitcoin and all previous cryptocurrencies, there is no other unintended information identified about the sender and receiver, or an any attached transaction history. With Zerocoin, transaction history is completely removed.
MTP stands for Merkle Tree Proof. It provides what the researchers call “egalitarian computing”. The idea behind egalitarian computing is to level the playing field between people with lots of computing power (i.e., large-scale mining farms) and those with little power (i.e., home miners).
Development of MTP originally began in 2017. Zcoin released the first public version of MTP on their testnet in May. Since then it has been tested and refined in collaboration with several committed members of our community. With the release of version 0.13.7.1 Zcoin has started the transition to switch their Proof-of-Work algorithm to MTP. The required hard fork will occur on December 10th at 12:00 UTC.
Privacy-enhancing technology: Zerocoin protocol
In Bitcoin, all transactions are broadcasted on a public ledger. Research has shown that external information, such as publicly announced addresses, can be used to link identities and organizations to transactions. The default reuse of bitcoin addresses exacerbates this problem. Furthermore, the same type of mechanism used to break privacy in social networks, such as the analysis of social network topology, can be used to break privacy in the Bitcoin network.
In order to solve the “double spending problem”, all transactions on Bitcoin must be stored on a public ledger.
Notable studies have shown that the same techniques used to analyze social network topology can be used to analyze Bitcoin’s network topology.
Anyone can use the public ledger to break privacy, including powerful corporations and institutions such as the NSA.
How does Zcoin improve the privacy of the Bitcoin protocol?
With Zcoin’s Zerocoin Technology, you can “mint” a coin found on the public ledger into a private coin
When it is time to spend your minted coin, the owner of the minted coin does not need to be revealed
The process of minting and spending a coin can be completed as many times as you want, ensuring complete privacy
Prepare for transition to MTP Hard fork
Read step-by-step instructions HERE.
Coin name: Zcoin
Algorithm: temporary Lyra2z, from 10th of December 2018 – MTP (Merkle Tree Proof)
Total supply: 21 400 000
Znode collateral: 1000 XZC
Reward Znode: 30%
BTC38 Exchange lists Zcoin
11 Feb 2017
Zcoin transitions Proof of Work algorithm to Lyra2z
9 April 2017
MTPv1 released on Testnet
21 July 2017
MTP Audit and Bounty
9 September 2017
8 November 2017
Libzerocoin security improvements
22 November 2017
Zcoin listed on Binance
14 December 2017
Znodes Release and Founder’s Reward Halving
MTPv1.2 academic paper is released
2 March 2018
Zerocoin revamp and Tor integration
Zcoin light wallet launched
14 March 2018
Sigma protocol cryptographic library completed
29 March 2018
30 May 2018
MTPv1.2 launched on Zcoin Testnet
Zerocoin spend to a third-party feature released
5 June 2018
Trezor and Ledger hardware wallet integration
Dandelion: Privacy Enhancing Routing
User Interface Overhaul
MTP Release on Mainnet with Block Time Halved
Zerocoin v2: Improving Zerocoin usability, privacy and scalability
RAP: Receiver Address Privacy
Whitepaper for Next-Gen Privacy Protocol
Next-Gen Privacy Protocol
We plan to finish rolling out our next-gen privacy protocol in 2019
Encrypted Node Communications
Implementation of encrypted node communication allows Zcoin traffic to become censorship-resistant
Native Mobile Wallet Support
Launch of official mobile client with full privacy feature support
Smart contract support built on our next-gen privacy protocol with privacy applications
Secure, Provable and Private Voting
Empowering governments and organizations with ways to have untamperable voting for polling while preserving voter privacy
We plan to re-examine MTP to implement further ASIC-resistant features such as a dynamic memory size
Evaluation of Scaling Solutions
Scaling Solutions such as Lightning Network, sharding, side-chains will be examined and evaluated
Implementation of Scaling Solutions
Zcoin will implement scaling solutions from the results of the study in 2019
Quantum Resistance Research
Research into Quantum resistant zero-knowledge proofs
Community Governance Voting Mechanisms
Zcoin’s development would have reached a sufficient stage of maturity for the users of Zcoin to govern its future. A community governance and funding mechanism will be explored
Watch introduction video below