During the last couple of days, a new digital currency, known by the name of Zcash, has caused quite a lot of frenzy on the cryptocurrency market. Zcash represents a decentralized and open-source digital currency mostly popular for the fact that it offers users privacy, alongside with a selective transparency of all transactions being carried out.
The main difference between Zcash and bitcoin is the fact that all Zcash transactions are published on the blockchain, yet the recipient, sender and amount of money being sent remain secret. To put things better into perspective, the digital currency is based on peer-reviewed cryptographic research, and has been built by a team of engineers specialized on security. With this in mind, Zcash uses a wide variety of cryptographic security techniques, also known as 0-knowledge proofs, which can help determine the validity of the transactions being carried out, without knowing all the afferent data on the payments being sent and received. With this 0-knowledge proving scheme, Zcash’s payment system and blockchain network can function with ease and hide the personal details of the people using it.