ZCoin (XZC) is a digital cryptocurrency that focuses on the user’s financial privacy. The transactions are completely untraceable. It is built on the solid fundamentals of Zerocoin paper, which is one of the most cited cryptography papers today. According to Poranim Insom, who is the Zcoin’s founder and lead developers, most coins present in the crypto world today including Bitcoin is not really anonymous. Since all transactions are permanently open for the public to view. Researchers, governments, and law enforcement agencies can analyze the transaction patterns of the users and possibly reveal the owner’s identity.
Insom further added that this is not good for your identity and coins are at stake. Maintaining every user’s anonymity is extremely important for every electronic currency. For instance, if you were to vote electronically, you probably do not want other people to know whom you have voted for.
Another example is purchasing goods online, if you were to use your electronic cast, you may not want others to know your identity to be known since your spending patterns can be traced and hackers might get your identity information.
How XZC works?
The Zcoin uses Zero-Knowledge Proof, it is a developed proof that had used an upgraded mathematical techniques to enable anonymity in coins and transactions. The Zero Knowledge Proofs create truly untraceable coins. In XZC, the coins that you have minted is different from the coin you are going to redeem, which means that the new coin that you will receive has no previous transaction. Thus, leaving other people no coin history transaction to analyze, making all of your transaction completely untraceable.
The Mint Coin Process
If you are a Zcoin user, you are going to mint a coin by burning it up and generate a mathematical proof that you burn it. The proof allows you to redeem a new coin with no previous transaction history. Also, the proof does not reveal which coin you have minted, thus there is no relationship that can be tracked or traced from the coin you minted and the brand new coin that you have redeemed.
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