Getting Ready for the Zcash (ZEC) Official Launch Tomorrow Oct 30, 2016 7:06:37 GMT -5
Post by Chaudhry on Oct 30, 2016 7:06:37 GMT -5
Zcash is a decentralized and open-source cryptocurrency that offers privacy and selective transparency of transactions. Zcash payments are published on a public blockchain, but the sender, recipient, and amount of a transaction remain private.
Zcash is based on peer-reviewed cryptographic research, and built by a security-specialized engineering team on an open source platform based on Bitcoin Core's battle-tested codebase. Our improvement over Bitcoin is the addition of privacy. Zcash uses advanced cryptographic techniques, namely zero-knowledge proofs, to guarantee the validity of transactions without revealing additional information about them.
Our zero-knowledge proving scheme makes it possible to conceal values and other identifying information from the public blockchain. Users simply prove that the values balance out and that they are not double-spending the amount they want to send.
The Zcash company aims to set a new standard for privacy through the use of groundbreaking cryptography.
In an open and programmable financial system, privacy is the only way to ensure fungibility and guarantee that cryptocurrency can be interchangeable as a fluid medium of exchange for users. Companies need the protection of privacy along their supply chain in order to conduct their business, especially in the context of public blockchains. In addition, we believe that personal privacy is necessary for core human values like dignity, intimacy, and morality.
We are a science-driven team. Our scientists and engineers are the discoverers of the underlying scientific principles and the designers of the protocol; we are not the controllers or the power-holders, and do not control the mining or distribution of Zcash. Every user of Zcash contributes to its decentralization, helping to protect it against failure and corruption. Our team is one among many participants in the network. We created Zcash, but its ultimate destiny lies not in our hands, but in yours.