2016-02-23

The successor of BitCoin — Zcash brings blockchain to the next level



WHAT IS ZCASH?

Zcash offers total payment confidentiality, while still maintaining a decentralized network using a public blockchain. Unlike Bitcoin, Zcash transactions automatically hide the sender, recipient, and value of all transactions on the blockchain. Only those with the correct view key can see the contents. Users have complete control and can opt-in to provide others with their view key at their discretion.


Zcash transactions do not depend on the cooperation of other parties. Additionally, full nodes in the Zcash network only need to store a small persistent state.


HOW DOES IT WORK?


Since the contents of Zcash transactions are encrypted and private, the system uses a novel cryptographic method to verify payments.


Zcash uses a zero-knowledge proof construction called a zk-SNARK, developed by our team of experienced cryptographers. These constructions allow the network to maintain a secure ledger of balances without disclosing the parties or amounts involved. Instead of publicly demonstrating spend-authority and transaction values, the transaction metadata is encrypted and zk-SNARKs are used to prove that nobody is cheating or stealing.


WHO IS BEHIND ZCASH?


All of the authors of the Zerocash protocol are on our team, which includes most of the creators of the Zerocoin protocol and leading researchers of zk-SNARKs themselves.