http://zerocash-project.org/Presented today at IEEE Security & Privacy conference.
tl;dr
Essentially you can encrypt transactions using zero knowledge proofs so the system can verify they are valid without knowing any details about them. It's an add on to existing cryptocurrencies to create a cash like function to thwart metadata/tracking.
Also "We plan to release an altcoin that uses the Zerocash protocol." so you can mine this new coin to try the cash feature, or devs can drop it in an existing altcoin to get anonymous cash feature. No idea if Bitcoin devs will include it but I imagine most altcoins will from now on once they release their client.
Trusted crypto engineers developed it, like Matthew Green
http://zerocash-project.org/about_us He has more info on his site
http://blog.cryptographyengineering.com/ Edit: remember Zerocash != Zerocoin
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