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Zcash is a privacy-focused blockchain and cryptocurrency that was developed in response to bitcoin’s flaws. It uses the same algorithm as bitcoin but improves upon it by enabling semi-transparent processing. In simple words, this means that it eschews the radical transparency of bitcoin’s blockchain for a more nuanced implementation. In this implementation, user transaction data is revealed selectively. (See also: The Most Important Cryptocurrencies Other Than Bitcoin).
Zcash’s roots lie in Zerocoin, which was developed in the 1980s. It was developed by Matthew Green, currently a professor at John Hopkins University. Back then, he was a graduate student at the institution. Zerocoin employed a novel, sophisticated mathematical technique called zero-knowledge proofs in order to conduct blockchain transactions. The proofs ensured that the transaction’s contents remained anonymous even as the transaction was publicly visible on a decentralized ledger.
But that iteration of Zerocoin had several drawbacks. They are outlined in the Zcash whitepaper. The first one was the CPU-intensive nature of its calculations. The average size of transactions using Zerocoin was greater than 45 k and required 45 ms to verify. “The entailed costs are higher by orders of magnitude than those in bitcoin and can seriously tax a bitcoin network operating at normal scale,” the paper’s authors write. Second, the Zerocoin implementation provided restricted functionality. For example, an exact value was not transmitted. Users were limited to transmitting fixed values defined in the system. Further, the system did not possess a native cryptocurrency and did not hide metadata (such as transaction amount and date) from public ledgers.
ZCash claims to even out Zerocoin's deficiencies using zk-SNARK, a zero-knowledge proof that is “succinct” or short and easy to verify. The proof enables the transaction to occur without actually divulging its contents. Essentially, it fulfills the requirements of bitcoin without sacrificing anonymity. The three essential requirements for bitcoin are as follows: the coin has not been spent previously, authorization for senders, and input equal to output.
While the transparent and decentralized nature of cryptocurrencies has multiple applications for consumers, their use within the financial ecosystem presents problems. This is primarily because radical transparency is anathema to a financial system built on secrecy. It is impossible to run a completely transparent marketplace. If transactions involving market positions and balances were to be made public, it would be fairly easy to game the system between competitors. Another consequence would be a logarithmic increase in their rate, resulting in a frenetic pace of changes to the market. As flash crashes due to high-frequency trading have already shown, such developments can be harmful to the overall health of markets.
Zcash’s genesis block was first mined on October 28, 2016 and has been available for trading since. It is currently available for trading at popular cryptocurrency exchanges like Huobi, Binance and the Winklevoss' Gemini exchange. During its launch, it was priced at $4,293.37. But its price crashed by 98.8% to $49 within two months. The rise in cryptocurrency prices and valuations has been good for Zcash. In the last year, its price shot up by 1,108%. This year, it peaked at $876.31 during the first week of January but is down nearly 48% YTD as of May 14, 2018, mirroring the market’s general slump.
Zcash is a blockchain and cryptocurrency developed to overcome bitcoin’s privacy flaws.