Bitcoin is supposed to be currency that will revolutionize money because it is supposedly completely anonymous and untraceable, which is why it is called a crypto-currency. However, according to Zooko Wilcox Bitcoin isn’t anonymous enough, due to something called the blockchain, which actually displays publicly any Bitcoin transactions. That’s why he has created Zcash, a new cryptocurrency that is supposedly completely untraceable.
Zcash actually stands for Zerocash. It has many of the same features as Bitcoin such as that fact that no one can counterfeit it, and each “coin” can not be spent more than once. It will also be “mined” by computers in competition to find mathematical solutions to complex problems. However, it has a new feature that makes it completely anonymous. It is a mathematical trick which is known as zero-knowledge proof that allows Zcash spenders and buyers to have the choice whether or not to keep their purchases a secret. “This is the first time you can transact with anyone on the Internet, and control over who gets to find out about those transactions is solely in your hands.” Says Zooko about his new technology. Another main difference between Zcash and Bitcoin is that zCash is a for profit company. 1% of Zcash will go start a non-profit that Wilcox is creating to oversee the code of the cryptocurrency, and 10% of the currency will fund Zcash itself. As for now, Zcash has some pretty big investors including Naval Ravikant, who has invested in popular products like Twitter and Roger Ver, a libertarian investor.
So far people can test Zcash by accessing the code on Github, but the data in the program is not real money just yet, as they are still testing the network to work out any problems before opening it up to real cash in an estimated 6 months from now.
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