Bitcoin Forum

I got an email this morning about Zcoin. I'm not sure if there is a relationship between Zcoin and Zcash..??
The website doesn't have too much detail except that it will be launched on Sept 28th.

Does anyone know what will happen at the "launch"?
Isthere an ICO or crowdsale?

https://zcoin.tech/

https://letstalkbitcoin.com/blog/post/the-crypto-show-with-gary-le-of-zcoin

here is an interview with developer.


From the show:


They are related in the sense that the academic community often see ZCoin as the stabler, more secure, and more proven cryptocurrency - whereas ZCash is seen as the more experimental coin using more dangerous and risky cryptography. For example, ZCoin uses the Zerocoin paper, which has been cited about 200 times by academic scholars, according to Google Search. And ZCash is cited about only half as many times. So ZCoin has about twice as much support from cryptography scholars as ZCash, because it’s based on much more stable and proven cryptography. On the other hand, ZCash has a lot fewer cryptography citations because it is based on something called ZK-Snarks, which only a few people in the world have researched.

Because ZCash is based on more risky cryptography, ZCash has this critical problem that ZCoin doesn’t face. ZCash attempts to conceal the amount of money sent in a transaction. By doing this, if ZCash has a major bug or double-spending problem, it would be unnoticed and someone could drain tens or hundreds of millions of dollars away from the ZCash market cap without anybody noticing a double spend.

Any project that involves new cryptography, including projects like ZCash, faces vulnerabilities. As we’ve seen with the Ethereum DAO project, about two hundred million dollars was drained away. Luckily, that money was recovered through a bailout because it was noticed and viewable on the public blockchain. But if ZCash faced a bug, it could potentially see hundreds of millions of dollars drained from its market cap and ZCash would be worth a lot less for speculators.

As I said in another thread:
Warning : their presentation is deceiving :
they replaced zerocash by zerocoin in the publications papers from zerocash team:
Proof:
the counterfeited one :

http://zerocoin.org/media/pdf/ZerocoinOakland.pdf

to be compared to the original one:
https://cs.jhu.edu/~cgarman/files/ZerocashOakland14.pdf

i dont know about the fundamentals, but at a first looking i would say it is just another copy and paste(from zcash)...

That is right. So that coin could be released after the ZCash, which will be released by the end of October.

The same people already released (at least) one Zcoin coin called Zerovert. It ended up with them dumping the premine on an exchange and disappearing and leaving everyone else to hold the bags of a broken coin.

Of course their developer will say that their coin is better. It will serve their self interest. What I do not approve of with what they did is they are posing as if they developed the zercoin protocol. That is a bad sign for me. The ZCOIN team which is comprised of only 2 asian programmers want to have credit for the work done by the ZCASH team.

Also zcoin has to be started using the trusted set up mechanism if I am not mistaken. It should be our responsibility to caution everyone in the community.

from what i read
ZCoin Commits to Monthly Donations to Ross Ulbricht Defense
so what do you think about this

I haven't heard about it. Can you give a link to this info, please?

just look here https://news.bitcoin.com/zcoin-donating-ross-ulbricht-defense/

Got a email too.Coincidently,my friends who are day time traders at YoBit exchanges are receiving them.The zcoin seems already creating the hype.Look at their testimonials for instance.I doubt any information about ICO is even announced.Can anyone link me to their white paper if any ?

Quote from the site :

For Lazy readers,here's the github : https://github.com/zcoinofficial/zcoin

i wouldnt hold zcoin, but i'm definitely buying until 28 october. zcash fomo will probably pump zcoin too.

It is launched on 28 Oct. How can you buy the ZCash before 28 Oct. Can you do it in a future market?

he's buying zcoin not zcash in the hope that zcoin will upswing on the back of zcash hysteria

from what i've gatehred zcoin, was born before zcash, so zcash actually copy it, zcoin was born as an added layer to bitcoin protocol, but then was made indipendednt as a coin, it has also a better anonymous system than zcash

scam

exactly that, and with bitcoin pump zcoin "crashed". 400k each and dropping.

Zerocoin.org is not run by Zcoin. Zerocoin.org is owned by Ian Miers (imiers) who is one of the founders of Zcash and also worked on the Zerocoin whitepaper. You can see this clearly in the footer of the website and his link to Zerocash.

Zcoin is built using the Zerocoin whitepaper but there's no 'counterfeiting'. There is no claim that Zcoin devs came up with Zerocoin, they claim correctly that they are the first to implement it. There are two papers here, Zerocoin and Zerocash which expands on Zerocoin.

Spreading fud on ZCash backfires, hacker creates ZCoins out of thin air almost doubling all the coins in existence and dumps on gullible speculators on exchanges over multiple weeks.

https://zcoin.io/language/en/important-announcement-zerocoin-implementation-bug/

Zerovert devs create yet another batch of victims.

And the market BTC-XZC on bittrex is disabled  :(

What else can the exchanges do? The most recent blocks show that the attacker is still minting away, see the 100 XZC transactions:

https://chainz.cryptoid.info/xzc/block.dws?21758.htm

https://chainz.cryptoid.info/xzc/block.dws?21749.htm

The transaction is a Zcoin Spend which moves money from the private pool to the public pool.  The attacker's fraudulent Zcoin Spend transactions are being accepted as valid by nodes when instead they (and the block) should be rejected as invalid.

I don't think the bug is due to a simple typo.  I believe it's somewhere in the implementation of the verification code, which looks like its full of repeated blocks of copy and paste code.  Posted more info here:

https://makebitcoingreatagain.wordpress.com/2017/02/18/is-the-zcoin-bug-in-checktransaction/

In terms of resolution, the following would be prudent:

The bug got fixed in short time. Also due to ZCash hiding transaction quantities this bug would have been much harder to detect if it were happening on ZCash. The ZCoin model allowed for this to be more easily detected and resolved as a result.

For the time before anybody realized this problem was occurring, the price was actually going up in spite of the dumping.

Now if this problem were to happen to ZEC, I can bet you that the ZCL and KMD developers would manage to fix their coins before the ZEC devs do.