Why does Bitcoin have a privacy problem?
In order to solve the “double spending problem”, all transactions on Bitcoin must be stored on a public ledger.
Notable studies have shown that the same techniques used to analyze social network topology can be used to analyze Bitcoin’s network topology.
Anyone can use the public ledger to break privacy, including powerful corporations and institutions such as the NSA.
How does Zcoin improve privacy of the Bitcoin Protocol?
With Zcoin’s Zerocoin Technology, you can “mint” a coin found on the public ledger into a private coin
When it is time to spend your minted coin, the owner of the minted coin does not need to be revealed
The process of minting and spending a coin can be completed as many times as you want, ensuring complete privacy
Did you know?
Zcoin is the first full implementation of the Zerocoin Protocol, which allows users to have complete privacy via Zero-Knowledge cryptographic proofs. It is worth noting that Zcoin is unrelated to other cryptocurrencies utilizing the Zerocash Protocol. Although Zerocash is a development from Zerocoin, their respective implementations are not simple forks of each other, but rely on different cryptographic assumptions with various tradeoffs. Both approaches supplement each other quite nicely, and a good way to describe them would be sibling projects.
The Zerocoin Protocol is being actively researched and improved, such as by a new extension that when implemented would hide transactions and address balances.
Update: This post was originally written in November 2017. This update now includes updates on Zcoin’s Sigma, Cryptonote’s use of bulletproofs, Zerocash’s use of BLS12-381 curves and a brief overview…
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