Zcash was here
One of the most fascinating products on EXANTE’s platform is Zcash. Unlike other cryptocurrencies, Zcash didn’t originate from mysterious Japanese characters or charismatic Russian-Canadian teens. Instead, it was cooked up in the classrooms of the cryptography department of one of the most prestigious computer science universities in the world. Which explains why Zcash is nothing less than an engineering miracle.
In May of this year hacker collective The Shadowbrokers made an announcement. The group, which at that point had been drip-leaking computer exploits and zero-days stolen from the American National Security Agency (NSA) for about a year revealed that it would switch to a paid subscription model. It was now possible to subscribe to their illegal monthly dump of exploits. To everyone’s surprise, the price wasn’t set in Bitcoin. Instead, the Shadowbrokers asked for 100 Zcash (around $23.000 at the time).
It was a weird breakout moment for Zcash, a cryptocurrency which has been available for trading on EXANTE’s platforms since September 27 this year. An almost unwanted form recognition for a project that had its origins in the dusty classrooms of the Johns Hopkins University in Baltimore — famous for its cryptography department where a team of rock star scientists lead by Zooko Wilcox collaborated to improve Bitcoin’s anonymity.
Zcash was based on the Zerocash project. The idea behind that was that even though cryptocurrencies are anonymous, anyone can still deduct information by mining the blockchain — for example on spending habits. Zerocash extends on any coin’s protocol to make it even more anonymous by creating a separate currency existing alongside the basecoin. This technology allows a user to make a completely private payment using two bitcoins, for example, by converting them into Zerocash. The newly created coin holds zero-knowledge proof that the sender owned the basecoin, without revealing the value of the transaction or anything about the owner. The receiver can then revert the zerocash back into its base currency.
This project lead to the creation of a separate cryptocurrency, Zcash, which has all the aforementioned crypto-stuff, plus a couple of extra goodies thrown in. It all sounds very nerdy, probably because it is, but the value of an added layer of such advanced cryptology should not be underestimated, especially now that more and more governments are trying to wrap their regulatory hands around cryptocoins.
Zcash was announced in January 2016 and trading commenced on October of that year. The price development is nothing like that of Bitcoin. Zcash peaked right after its launch, crashed immediately and pretty much flatlined ever since:
Investors in Zcash are not doing rollercoaster rides. They’re in it because they believe that the underlying science will eventually propel the coin to greater heights. The fact that the Zcash foundation was recently awarded the status of a public charity, committing itself to publicly advance internet anonymity and privacy is a step in that direction. The underlying technology has the potential to change the world and become the default public payments infrastructure.
Interested in investing in Zcash? Go to www.exante.eu, sign up and start trading today.