What is Zcoin?
Zcoin, also known as Zerocoin, is an open source and decentralized cryptocurrency with a very strong focus on achieving privacy and anonymity for its users. The project has made numerous headlines during its lifetime thanks to one of the most advanced cryptography, zero-knowledge, protocols to date.
In short, the algorithm that makes it possible for one party to prove to another party that a given statement is true. However, it does this without actually conveying potentially sensitive information, but by simply confirming that the stamen is indeed true.
How Zcoin works
For starters, it’s important to note that Zcoin is, just like most cryptocurrencies, depended on the blockchain, a public ledger where all transactions are kept. As mentioned before, Zcoin also works on the Zerocoin protocol by enforcing zero-knowledge proofs. The protocol itself was created in 2013 and the private transactions it allows involve three steps: mint, spend, repeat.
Minting refers to a situation when a user wants to send a private…