The aim of Zcoin(XZC) is to solve the privacy problem of cryptocurrencies. It also looks to tackle fungibility and miner’s centralization. In the cryptospace, almost all transactions are open and accessible on the network. This is as a result of having to save transactions on a public ledger, attracting double spends from fraudulent miners.
The Zerocoin Protocol offers a new method to this privacy situation; using a system that keeps transactions, contracts, data and account balances away from public space.
Zcoin (XZC): What Is The Zerocoin Protocol?
Zerocoin Protocol is the program incorporated into Zcoin (XZC) that allows it to hide the user’s data from arbitrary meddling. It was formulated by Matthew D. Green of the John Hopkins University. He and his students thought that there should be a way to restrict other parties from knowing when or on what occasion money leaves the account of a trader or buyer.
First off, the creators of Zerocoin protocol recognized that it might be necessary to keep access to the tracking of transaction history possible. In cases like theft, for instance.
It might be needful to retain records of transactions as proof or evidence as the occasion arises. The protocol was thus first designed to keep transactions exclusive to the basic parties. It was however built in anticipation of the inclusion of recognised parties; like security agents.
Zerocoin as a protocol was originally intended to complement the Bitcoin cryptocurrency; thus offering the much needed anonymity.
Before now, other mechanisms have been developed by prior initiatives. However, they included the use of a trusted third party; defeating privacy.
The basic technology behind this innovation is minting and spending. The protocol allows an account holder ‘X’ mint private coins from his account. Spending these coins, user’s identity is not revealed. The process is like creating a whole new set of coins. Before the coins can be spent, the features are be concealed by means of a private key that may be verified by the intended party.
This way, the cryptography backing any altcoin is private and protected. As a result, the danger of double spends is evaded.
Since the original idea was not intended to be sold, a client employing the Zerocoin protocol gets back the value of his cryptocurrency in zerocoin (e.g 1 BTC = 1 ZC). The zerocoins can in turn be traded back into the original cryptocurrency.
The turndown with this project is that mints are carried out of necessity by denomination.
Perhaps to improve on the Zerocoin protocol, the team created Zerocash – implemented to run a new kind of cryptographic operating technique; zkSNARKS. Zcash (XZC) allows no barrier on the amount of cryptocurrencies that can be minted. Plus it reduces number of bits needed to proof a transaction. We focus on Zcoin though.
Zcoin (XZC) was introduced as a token after Bitcoin rejected the initiative. Poramin Insom helped to implement the Zerocoin privacy protocol into its own unique cryptocurrency.
The total supply of ZCoin available in the market is 21.4 million.
The Introduction of Zcoin’s (XZC) Merkle Tree Proof Model
Zcoin (XZC) in its quest to deploy more efficient solution to privacy issues of cryptocurrencies took on the MTP format early in the year. MTP, a formulation of Alex Biryukov and Dmitry Khovratovich, ensures that all parties involved in a computing network shares an aggregate number of protocols.
This evades decentralization. Zcoin worked together with the creators of the MTP design to enhance its smooth deployment.
The Incorporation Of Dandelion
Dandelion is the network with one of the current most effective method of privacy. It achieves its system of transaction secrecy by developing a distribution principle. This principle is necessary to verify and validate transaction between parties, while keeping information secure. It works by sending the transaction information to one of nodes of the involved party.
This node also sends information at random to another of the concerned parties. What Dandelion offers is a cheap way to secure IP addresses.
With this impossible pattern (in terms of deciphering the tenor of the transaction), Dandelion is preferred a company in the progression of the Zcoin’s mandate. In addition, the Dandelion network is light in operation. Both networks can safely be merged to improve ZCoin’s privacy techniques. What more? Zerocoin is acclaimed the first protocol to be integrated on the Dandelion platform.
Zcoin (XZC) Success So Far
A massive success was recorded for Zcoin (XZC) on the 9th of October. After having scaled the voting requirements, it was finally accepted on CoinEx. In spite of major setbacks experienced earlier in the deployment of the Zerocoin protocol, it has continued to spread its chances. Zcoin visited Africa. It made its way to Nigeria on the 6th of October.
Check out the glitch in privacy encountered by Smartcash, hexcoin, PIVX and other altcoins employing the Zerocoin protocol.
Auto part seller NewParts, on the 9th of October, listed XZC among the list of coins that will be accepted on its online platform.