Zcash launches Zero-Knowledge Blockchain which hides the transacting records
The cryptocurrency wave is still rising and continues to prove magical by uniting people across the international boundaries. The crypto experts and analysts have declared 2018 as the best year yet for the activities happening in the cryptoland. The market is head on in capturing the complete digital and payment markets.
What is cryptocurrency? The answer is simple. A digital asset designed to act as a medium of exchange in the e-world without the control of governments and connecting the global markets with zero delay. The essence of any cryptocurrency lies over the hashing and cryptographic algorithms which are designed to provide extraordinary security to the e-coins. Bitcoin is the pioneer of the crypto world as being the first cryptocurrency.
Having the “first move” advantage, bitcoin is the still the most popular e-coin till now. Zcash based on an interesting crypto-algorithm (which will be discussed later in the blog) has been receiving an overwhelming response from the public. Last year figures are sufficient to prove the acceptance level as the value jumped from $32 to $450 within a couple of months.
Zcash Vs Bitcoin- Which is better?
Bitcoin being the first cryptocurrency ever will always be the first love for all major crypto-analysts and market researchers. But BTC is unable to stand with personal as well as commercial use as it compromises over the privacy of the users. The main problem which lies with bitcoin and other similar currencies is that all the transactions are visible across the system which is a threat to the confidentiality clause.
Introducing Zero knowledge Blockchain
Before proceeding, Lets understand the concept of zero knowledge proof. It is a method where a person (verifier) analyses the truth of any statement made by the other person (the prover). No additional information is revealed by the prover apart from the deciding statement.
Similarly zero knowledge Blockchains are designed to prove that the transfer of any digital asset is valid, without sharing any other information. A new technique for the same is used by Zcash as zk-SNARKs. The essence of zk-SNARKs is that an arithmetic circuit can be used to build any computational logic by taking certain data as input and resulting in a digital output of true or false.
Future of Zero Knowledge Blockchains in India
The concept is actually new and catchy and delves into more probable solution in India. Similar to Bitcoin, Zcash uses real time transfers and zero transaction fees unlike the ones charged by the private financial institutions and banks. The scenario is changing. Even the banks are buying e-coins. Zcash aims to create a digital era where the payment would be made by Zcash for the tiniest of product purchased or service availed.
Many countries such as Japan, Australia, UK and South Korea have established regulations over cryptocurrencies. It was a little jolt but gradually things started working seamlessly. In fact by regulating the cryptocurrencies, the foundation of a new e-era has been laid.