ZecWallet Lite – full-featured shielded wallet for Zcash. Syncs in less than a minute. No need to download blockchain!
Zcash — An open source cryptocurrency developed by Zerocoin Electric Coin Company that provides privacy and selective transaction transparency. Zcash payments are published in a public blockchain, but the sender, receiver, and transaction amount remain private. The Zcash trademark, ZEC, is not an official ISO 4217. The minimum transfer value – 10-8 ZEC – was called “kill”, by analogy with “satoshi” – the same amount of bitcoin. Like Bitcoin, Zcash has a fixed maximum total stock of 21 million units. The average block formation time is 150 seconds (2.5 minutes). It was announced on January 20, 2016.
The level of anonymity of Zcash is noted by many well-known companies and personalities. For example, WikiLeaks began accepting donations to Zcash, Edward Snowden called cryptocurrency the most interesting alternative to Bitcoin, and Europol officially expressed concern about the growing popularity of cryptocurrency.
- Interchangeability. There is no difference between coins, no matter how they were received.
- The impossibility of compromising. The history of the origin of the coin cannot be established.
- Guaranteed anonymity. By using a zero-knowledge proof protocol, only the sender and receiver can know about the transaction
- Untraceable transactions. The zk-SNARK protocol hides any external data except the timestamp.
Other popular anonymous cryptocurrencies with similar uses are Monero and Dash.
Zcash is the first cryptocurrency based on a cryptographic protocol of evidence with zero disclosure. In the logic of the protocol, it is assumed that one of the interacting parties is able to verify the reliability of the mathematical statement, while not having any other information from the second side. In fact, Zcash is the first truly anonymous cryptocurrency, since you can confirm that the transaction was completed, but there is no way to find out the amount, sender and recipient.
Zcash software produces a series of random values that are accepted as input parameters. It also generates fragments of a cryptographic key that together can be used to generate new ZECs. At the launch ceremony on October 28, it was demonstrated how the creation and distribution of these fragments of the cryptographic key takes place so that the key itself is never accessible in its entirety.
The Zcash protocol does not store information about from which address the transaction was made, to which address the transfer was made, and what is the amount; only the fact of the transaction is visible. Information about the transaction in the blockchain can be opened or hidden at the request of users, which is a hallmark of Zcash.