ZCash Releases Alpha for Untraceable Cryptocurrency
ZCash issued 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 manager for the project.
Speaking to publication Wired, he stressed that currently the issue is but a test net without actual money, as the project requires debugging prior to becoming available to real-life investors. The full-fledged launch of the project is expected in six months’ time.
Among sponsors of the initial research there 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 included the most prominent figures in the Bitcoin world: Gavin Andresen and Vitalik Buterin.