Zcash Past, Present & Future

Zcash past, present & future presented by Ian Miers and is a postdoctoral researcher at Cornell Tech working on computer security and applied cryptography. His work takes a context driven approach to making cryptographic systems secure, reasoning backwards from real world problems to design deployable cryptographic protocols that address the subtleties of security for production systems. He earned his Ph.D. from Johns Hopkins University under Prof. Matthew Green. His work has been featured in The Washington Post, The New York Times, Wired, The Economist, and denounced in at least 2 op-eds. He is one of the founders of Zcash.

What is Zcash

Zcash is a decentralized peer to peer cryptocurrency. It was created as a fork of Bitcoin and quite like bitcoin it also has a hard limit of 21 million coins. But that is where the comparison ends. Unlike bitcoin, Zcash offers complete and total privacy for their users through the use of some ingenious cryptography.

The Founder, CEO, and the driving force behind Zcash is Zooko Wilcox.

To understand how Zcash works, first, you need to understand the term ‘zero knowledge proof’. Basically, zero-knowledge proof is a situation where one party can prove to another party that one statement is undeniably correct without having to reveal any sensitive information. A prover can prove the validity of a statement to a verifier without revealing any sensitive information.

zk-SNARKS

Zcash utilizes this ‘zero-knowledge proof’ in its core technology called zk-SNARKS. zk-SNARKS is short for “Zero-Knowledge Succinct Non Interactive Argument of Knowledge.” It means a short and easy to verify zero-knowledge proof implementation. With zk-SNARKS, a transaction can happen without revealing any sensitive information.

So, in a typical public blockchain network (i.e. Bitcoin), validation of a transaction always involves a link between the receiver and sender wallet addresses. Input and output values in the network will also need to be ‘proven.’

With zk-SNARKS, transaction values and wallet addresses are defined as sensitive information, and they can be kept hidden. But of course, the sender with his shielded transaction has to prove the output and input values for his transaction. The same sender also needs to show the private spending keys of the input notes to prove it to the network that they are the ones who really authorize the outgoing transaction.

Due to its implementation of zk-SNARKS, among other technology, there are two different types of Zcash addresses. T-address and Z-address. T-address means the address is transparent or public. Z-address means the address is private or hidden. The t-address works the same way with a wallet address in the bitcoin blockchain. All transactions are visible on the blockchain explorer. But, when you start utilizing the z-address, the public won’t be able to observe any information except during shielding and deshielding (where partial information can be revealed due to the involvement of a t-address).

T-address and Z-address of a wallet address are interoperable. The powerful thing about Zcash’s technology is that users can choose whether they want their transactions to be public or private. Zcash’s flexibility with privacy is often seen as an advantage over several other privacy focused cryptocurrencies where you won’t be able to opt-out of certain privacy features.

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