The future looks bright for Zcoin
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Zcoin launch 28 September 2016
Zcoin launches and is the very first cryptocurrency to implement the Zerocoin protocol that used zero knowledge proofs to preserve financial privacy. Zcoin is listed on Bittrex exchange, one of the largest altcoin exchanges in the world. Zcoin’s work at this point was funded from seed investors wich include Roger Ver and Startup Chile.
Zcoin’s first employee joining the team
Tim Lee joins as investor 27 December 2016
Tim Lee joins as an investor and replaces Gary Le. Tim’s funds allowed the project to make additional hires and expand our reach into the Chinese market.
BTC38 Exchange lists Zcoin
23 Jan 2017
BTC38 was China’s largest altcoin exchange and Zcoin’s listing through Tim Lee’s assistance helped solidify our foothold in the Chinese market. BTC38 today is now known as AEX.
Zcoin transitions Proof of Work algorithm to Lyra2z
11 Feb 2017
Zcoin’s previous mining algorithm was Lyra2 but was heavily dominated by cloud CPU miners and botnets and was very computationally intensive for nodes to verify. Aizensou introduced Lyra2z, which is a combination of Blake256 and Lyra2 allowing a more balanced GPU/CPU hashrate. Lyra2z is also popular for its low power consumption and relatively cool running on miners.
MTPv1 released on Testnet 9 April 2017
MTP is a unique proof of work algorithm that promotes decentralized security and fair distribution of Zcoin. It does so by making commodity hardware mining such as CPU and GPUs competitive while making it costly for ASICs to develop. It also discourages botnets through its large use of memory making a user more likely to detect an infected computer.
A working version of MTPv1 is released on testnet. Peer review showed several ways in which MTP’s ASIC resistance can be reduced and proposed several fixes. The decision was made to delay MTP’s launch until further audits and academic research were completed.
MTP Audit and Bounty
21 July 2017
Zcoin launched and funded bounties to audit and strengthen MTP. The bounty concludes with important contributions from Marc Bevand and Fabien Coelho and his team.
Core Upgrade 9 September 2017
Zcoin was launched with a Bitcoin Core v0.8 base. A core upgrade to Bitcoin Core v0.13 was completed that improved the foundations of the coin from syncing time, node connectivity, reliability and Tor stream isolation support.
Libzerocoin security improvements 8 November 2017
Through Zcoin’s engagement of Tim Ruffing, a cryptographer, several important fixes are made to libzerocoin, the cryptographic library that underpinned Zerocoin.
We were the first to identify these fixes. We shared these fixes publicly via our commitment to open source for the benefit of all other coins that utilized the Zerocoin protocol.
Zcoin listed on Binance
22 November 2017
Zcoin is listed on one of the largest cryptocurrency exchanges in the world, Binance, by winning the community vote through the support of its community.
Znodes Release and Founder’s Reward Halving 14 December 2017
Zcoin releases Znodes which incentivises high performance nodes to support Zerocoin private operations and a healthy distributed network. Founder’s rewards are halved.
MTPv1.2 academic paper is released January 2018
With funding from Zcoin and backed from the results of the MTP bounty organized by Zcoin, Alex Biryukov and Dmitry Khovratovich release their revised paper MTP v1.2 which strengthens MTP greatly against attacks.
Zerocoin revamp and Tor integration 2 March 2018
Our implementation of Zerocoin is totally rewritten and refactored for a much more efficient implementation. Zerocoin verification can take advantage of multi-threading.
Zcoin light wallet launched
14 March 2018
Zcoin launches a light wallet based off Electrum that allows users to use Zcoin without downloading the whole blockchain.
Sigma protocol cryptographic library completed
29 March 2018
The cryptographic library for the Sigma protocol which allows a revamped Zerocoin protocol without trusted setup and smaller proof sizes is completed. Sigma remains unreleased and not integrated into the wallet as research into more promising schemes are looked into.
MTPv1.2 launched on Zcoin Testnet 30 May 2018
Zcoin launches a working version of MTPv1.2 on testnet. Code refinement and testing is underway before release on mainnet.
Zerocoin spend to third party feature released
5 June 2018
Zerocoins can now be spent to third party addresses allowing third party private transfers.
Trezor and Ledger hardware wallet integration
All code and integration work has been completed, submitted to Trezor and Ledger. After review it was integrated into both hardware wallets.
Dandelion: Privacy Enhancing Routing
Dandelion is a new transaction broadcasting mechanism that routes transactions in such a way that makes it hard for an eavesdropper to find the origin of the transaction. This reduces the chance of users having their IP address tied to a transaction even if they aren’t using Tor.
1. Construct n-regular privacy graph
2. Stem Phase: Route messages through the privacy graph
3. Fluff Phase: Route messages by diffusion
MTP Release on Mainnet with Block Time Halved
MTP, our next gen proof of work algorithm, will be launched on Mainnet and Zcoin’s block time will be halved to 5 minutes for faster response time.
Whitepaper for Next-Gen Privacy Protocol
Zcoin will release a whitepaper detailing its next-gen privacy protocol that uses new zero-knowledge proof schemes that do not require a trusted setup and with improved performance and privacy. The aim is to have a system which is privacy on by default.
Sigma (Σ) Protocol completely removes the need for a trusted setup, which is a major milestone for any privacy coin. In this design, RSA Accumulators which had previously been used for Zerocoin are replaced with Elliptic Curve Groups. As a side effect, Zerocoin proof sizes are reduced from 25 kB to around 1 kB and mint sizes cut by 75%, making Zerocoin much more scalable. Furthermore, it significantly enlarges anonymity sets (to >16,000 [tbd.]) and increases overall security. The latter is achieved by introducing 256-bit elliptic curves which, in terms of security, are roughly equivalent to 3072-bit RSA as opposed to 2048-bit RSA in use by Zerocoin before.
User Interface Overhaul
Zcoin is moving away from the old QT GUI that was used in Bitcoin to use a totally new GUI based on Vue.js. This allows much more flexible design of the GUI. The GUI is intended to educate the user on proper use of the wallet along with its privacy features along with presenting a clean and fresh look.
RAP: Receiver Address Privacy
RAP (BIP47) will allow users to share one static public address that will route transactions to brand new addresses to preserve privacy. Unlike other stealth address implementations, RAP will also work with light wallets.
Next-Gen Privacy Protocol
We plan to finish rolling out our next-gen privacy protocol in 2019
Encrypted Node Communications
Implementation of encrypted node communication allows Zcoin traffic to become censorship-resistant
Native Mobile Wallet Support
Launch of official mobile client with full privacy feature support
Smart contract support built on our next-gen privacy protocol with privacy applications
Secure, Provable and Private Voting
Empowering governments and organizations with ways to have untamperable voting for polling while preserving voter privacy. MTP Revamp
We plan to re-examine MTP to implement further ASIC-resistant features such as a dynamic memory size
Evaluation of Scaling Solutions
Scaling Solutions such as Lightning Network, sharding, side-chains will be examined and evaluated
Implementation of Scaling Solutions
Zcoin will implement scaling solutions from the results of the study in 2019
Quantum Resistance Research
Research into Quantum resistant zero knowledge proofs
Community Governance Voting Mechanisms
Zcoin’s development would have reached a sufficient stage of maturity for the users of Zcoin to govern its future. A community governance and funding mechanism will be explored
The roadmap information above is being shared in order to outline some of our current plans and best estimates for ZCoin, but like everything else in life, things can change even the best laid plans. We are hopeful that the following can shed some light on our roadmap, but it is important to understand that it is being shared for INFORMATIONAL PURPOSES ONLY, and not as a binding commitment. Please do not rely on this information in making purchasing decisions because ultimately, the development, release, and timing of any features or functionality remains at the sole discretion of the Zcoin team, and is subject to change.