What is this?
https://z.cash/team.htmlFirst time seeing or hearing of it. This all seems so very new only done on 1st February. Zero discussion on their side about darksend vs. them or anywhere else for that matter.
Is this some as a holder of dash one should be concerned about? What I am wondering what excites these guys and their investors when you already have something like darksend, or are these two things totally different?
This is their big idea:
https://forum.bitcoin.com/ama-ask-me-anything/i-m-zooko-wilcox-ceo-of-the-zcash-company-ask-me-anything-t5413.htmlTo my question, can you explain at a high level or in laymen terms what makes zcash more anonymous or untraceable than bitcoin? What properties does it have and how is it able to achieve anonymity?
The high-level answer is like this:
Bitcoin is a global, shared, append-only ledger, right? And so is Zcash. The entries that get appended to that ledger — the transactions — basically say "From Address", "To Address", and "Amount Transferred". The difference between Bitcoin and Zcash is that in Zcash those three values are encrypted, so that they aren't publicly readable by default.
(The person who made a transaction could still make it be publicly readable, by publishing the decryption key, or could share the decryption key with selected parties to make it readable to them without making it readable to the world. That's what we call "selective transparency".)
So far so good.
Now the cryptographically challenging part is: how do we enable the miners and full-nodes to reject invalid transactions? This is where the zero-knowledge proofs come in. With zero-knowledge proofs, the creator of a transaction can include a proof that the transaction is valid (i.e. isn't a double-spend) without revealing anything about the encrypted "From Address", "To Address", or "Amount Transferred".