- dApp(Decentralized Application)
- 51% Attack
- Smart Contract
- Soft Fork
- Hard Fork
- Token Economy
- Consensus Algorithm
- Digital Signature
- Public key
- Private key
- Block Height
- Merkle Root
- Time stamp
- UTXO (Unspent Transaction Output)
- ERC20 Token
Zcash is a coin which guarantees anonymity. Anonymity is not 100% guaranteed in public blockchains such as Bitcoin, Ethereum, EOS, etc. that the information stored in blocks are shared by everyone, it is possible to trace the history and learn by analogy rather than the subject itself, since the subject is expressed as numbers or alphabets.
Using zk-SNARKs based on Zero Knowledge Proof, Zcash verifies the authenticity of the subject for transaction. Zero-knowledge proof is a proof protocol that without exposing my information to the receiver, I can make the receiver verify me. The simplest example of zero knowledge proof is the cave of Ali Baba.
If a verifier knows a correct code, it is possible to come out through a 100% correct door by verifier's demand. If a verifier does not know a code, it is possible to come out through a correct door stochastically by verifier's demand. Yet, if this process is repeated 20 times, the probability of correct answer will be approximately one in a million, which looks very difficult to achieve.
According to this protocol, it looks impossible for the verifiers to identify the testifiers. Therefore it is very safe from attacks by hacking. With this quality, Zcash can be implied to various services.
Zcash was originally started from Zerocoin, a Bitcoin project, and it is now an improved version, so the consensus algorithm and the total number of coin are the same as Bitcoin; It adopts PoW as a consensus algorithm and the total number of coin is 21 million. The block size is 2mb and the creation time for one block is 2.5 seconds. There are two types of address in Zcash: Shielded address, Transparent address, for the users to decide whether to send in public or in private. It is impossible to track the sender and funds when transferring by Shielded address.