ZCoin is an altcoin that provides completely anonymous foreign exchange transactions. It utilizes the Zerocoin protocol and is mineable.
XZC is an OSS open-source and privacy centered token that was first released in September 2016.
The Zerocoin protocol later became Sigma, which was developed from ideas on a paper by Jens Groth and Markulf Kohlweiss.
Sigma is claimed to be more scalable and to remove the need for some trusted compoments of Zerocoin – striving to be more trustless.
With Zcoin’s Sigma feature, only the sender and receiver would be able to ascertain the exchange of funds in a given transaction, as no transaction histories are linked to the actual coins.
Zcoin is behind the Lelantus privacy-centered system, which attempts to improve upon Sigma’s privacy functionality.
Currently, Zcoin can be mined through the use of CPU, Nvidia and AMD GPUs. Lyra2z is the current algorithm used to mine ZCoin but eventually, they will transition to Merkle Tree Proof of work algorithm (MTP).
In order to mine Zcoin, the first thing to do is to have a ZCoin (xzc) address. You can have a Zcoin (xzc) address by downloading a Zcoin wallet and syncing it. Afterwards, try to register to a mining pool such as DataPaw, CryptoPool.xyz, F2Pool, mintPond, MiningPoolHub, Suprnova, Phi Phi Pool, Zpool and others.
Make sure to have a username and worker details as well as the pool’s address and port then configure your miner. Once done in configuration, you can now run your miner and you’re good to go.
Maximum circulating supply is 21,400,000 XZC
The first idea of Zerocoin originally came from the Johns Hopkins University professor Matthew D. Green and Graduate students Christina Garman and Ian Miers. ButBitcoin never added the protocol due to a lack of agreement so Poramin Insom implemented in his own Cryptocurrency, named as Zcoin.
Zcoin was launched in September 2016 as a fork of bitcoin. As of now, the ZCoin team shared the outline of their current plans and best estimates for ZCoin.
As of 2017, they started their roadmap through the Incentivised nodes for Zerocoin processing or the Znodes then they will transition their mining algorithm to MTP (Merkle Tree Proof of Work) and they will focus on Sigma Protocol (Trustless Setup) to allow greater security and scalability.
On the other hand, as of the year 2018, the Zcoin team will continue to optimize the Sigma protocol and they will focus on a decentralized market. The roadmap can be subjected to changes but the team are really hopeful to fulfil the shared outline.
Like with most coins specifically the cryptocurrency coins, Zcoin saw an explosion in price at the end of the year 2017 with some level of changes on the stock’s price.
What makes it Different?
The unique idea of ZCoin is to ensure financial privacy. As we all know, Bitcoin records the history of every transaction on a public ledge where anyone can see it. However, with Zcoin, you can preserve the privacy of your spending.
In addition, ZCoin is the first full implementation of the Zerocoin Protocol, which enables users to have complete privacy via Zero-Knowledge cryptographic proofs. Zero-Knowledge proofs are used to ensure that there is zero information leakage about the sender or receiver of the transaction.
As mentioned above, the founder and core developer of Zcoin is Poramin Insom. He was originally working on the Vetcoin project but he saw the need for anonymous transactions in the cryptocurrency world. Aside some Insom, there is also Peter Shugalev, head developer, as well as many other developers and contributors to the ZCoin team.
If you are wondering if ZCoin is an open source cryptocurrency, well yes it is.