ZCash Releases Alpha for Untraceable Cryptocurrency

News and Analysis

ZCash developers ammounced the realease of an alpha-version for cryptocurrency Zcash previously known as Zerocoin or Zerocash.

The cryptography underlying the altcoin, employs so-called proof of zero knowledge. As opposed to bitcoin, which provides for pseudonymity of transactions, Zcash, according to its developers, may guarantee complete anonymity while retaining all positive features of bitcoin, like transparency and prevention of double spending.

“Consumers want to buy and sell things over the Internet and need privacy from snoops who might use the knowledge of their transactions against them. This is the first time you can transact with anyone on the Internet, and control over who gets to find out about those transactions is solely in your hands,” said Zooko Wilcox, the project lead.

Speaking to Wired, Wilcox stressed that currently Zcash network doesn’t yet represent actual money, only a “test net” designed to give Zcash a chance to iron out its bugs before anyone makes investments in the cryptocurrency . The full-fledged launch of the project is expected in six months’ time.

Among sponsors of the initial research were Israeli Ministry of Science and Technology, U.S. Defense Advanced Research Projects Agency (DARPA), the Air Force Research Laboratory, Skolkovo Foundation and others. The Advisors Board of ZCash includes such prominent figures in the crypto world as Gavin Andresen and Vitalik Buterin.

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