In Bitcoin, all transactions are broadcasted on a public ledger. Research has shown that external information, such as publicly announced addresses, can be used to link individual identities and organizations to transactions. Furthermore, the same type of mechanism used to break privacy in social networks, such as the analysis of social network topology, can be used to break privacy in the Bitcoin network.
Zcoin ( https://zcoin.io
) guarantees complete financial privacy through the Zerocoin Protocol. The Zerocoin Protocol ( http://spar.isi.jhu.edu/~mgreen/ZerocoinOakland.pdf
) uses Zero-Knowledge proofs to ensure zero leakage of information about senders and recipients of financial transactions.
A zero-knowledge proof is a method in which one person can prove to another person that a given statement is true, without conveying any information apart from the fact that the statement is indeed true.
Zcoin uses zero-knowledge proofs by making a zero-knowledge cryptographic statement. When someone is sent Zerocoin, the person only knows that X amount of money was sent to their wallet. Unlike Bitcoin and all previous cryptocurrencies, there is no other unintended identifying information about the sender and receiver, or any attached transaction history. With Zerocoin, transactional history is completely removed.
Zcoin is different from Zcash and uses different cryptographic implementations. Zcoin uses the proven cryptographic schemes of the Zerocoin protocol, which was one of the most cited cryptography papers in the past 3 years. Zcash uses the more experimental Zerocash protocol.
We believe that Zcoin offers much of the privacy advantages of zero knowledge proofs without the drawbacks that Zcash introduces. Minting a coin in Zcoin only take a few seconds of computational power compared to Zcash which requires several minutes on an average computer making mobile adoption problematic. Our total coin supply is also auditable meaning any security flaws are much easier to detect especially when dealing with trusted setups.
For a more detailed description of differences, please see here: https://zcoin.io/zcoin-and-zcash/MTP
We are also looking to be the first cryptocurrency to implement the MTP protocol which promotes egalitarian computing and allows memory hard proof of work with efficient and fast verification. Read more about MTP and why it is important here
.Announcements21 April 2017
We believe we have found a way to remove the need for a trusted setup in our Zerocoin implementation through the use of the Sigma protocol combined with elliptic curve groups. This also has a benefit of reducing proof sizes from 25 kb to around 1 kb granting greater scalability.
Further reading here
.10 April 2017
Zcoin (XZC) is proud to be the first coin to have a working implementation of the MTP proof of work! MTP has been launched on our testnet and there will be a period of testing where we fix bugs and tweak the parameters to ensure a smooth roll out on mainnet soon.
Solo mining already works through the inbuilt miner (setgenerate true) and djm34 is working on a GPU implementation of the miner.
For those of you who code, you can participate in the test through our Github on the MTP branch here: https://github.com/zcoinofficial/zcoin/tree/mtp
. We are aware of some bugs and are working to fix them so the code will still be rapidly changing. Note that there may be numerous restarts on the testnet. Remember after compiling to run it with the -testnet flag or define it within zcoin.conf!27 February 2017
MTP still on track for release on testnet by end of March.https://zcoin.io/language/en/zcoin-mtp-development-still-on-track/21 February 2017
Zerocoin bug that lead to hack explained in detail.https://zcoin.io/language/en/zcoins-zerocoin-bug-explained-in-detail/19 February 2017
We have pushed the fixes for the Zerocoin bug into Github. Windows binary is already up and the rest will be up shortly:https://github.com/zcoinofficial/zcoin/releases
Please update your wallets and nodes as soon as you can.
Bittrex trading will re-open at noon PST giving everyone some time to react. Special thanks to Bittrex for being very professional and understanding. Nova Exchange is already updating and should be up immediately once they're done. BTC38 has been informed but trading is still open there.
Also shoutout to Suprnova and MPH for also working closely with us and updating in a very timely manner.
We will post a more detailed post mortem as soon as we can on the events that has happened and what we will do moving forward. We thank those who supported us during this difficult time.
For the latest updates you can always join us on Slack (http://invite.zcoin.io
) or Twitter (@zcoinofficial).10 February 2017
@djm34 has released his Windows binary builds for his miners both for Nvidia (ccminer) and AMD (sgminer)
Nvidia miners: https://github.com/djm34/ccminer-msvc2015/releases/
AMD miners: https://github.com/djm34/sgminer-msvc2015/releases
djm34 was engaged by us to do this so his binaries should be clean.
For cpuminer, @aizensou our dev has released this but no binaries:https://github.com/zcoinofficial/cpuminer-xzc
@Tourgasm, a community member has also has released 64 bit version of ccminer (Nvidia) for Windows but not vetted by us.https://github.com/Tourgasm/xzc-ccminer/releases/tag/1.8.4x648 February 2017
New wallet release v0.2.0
with transition mining algorithm Lyra2z and further sync fixes. Mandatory update!
Read more here
Miners will be released in the next 24 hours.1 February 2017
New transition mining algorithm Lyra2Z will come into effect on block 20,500
, around 10 days time, while awaiting MTP launch which is scheduled still in late March 2017.
Reasons for change and improvements:
a) Much lower load on mining pools and nodes
b) Allows GPUs to participate while still making it possible for CPUs to contribute. (combat cloud mining credits abusers)
c) Better distribution of hashrate
For further details:https://zcoin.io/language/en/zcoin-transition-algo-lyra2z-specs-finalized/https://zcoin.io/language/en/decision-zcoin-algorithm-change/31 January 2017
Our new website is now https://zcoin.io
!27 January 2017
New Zcoin mining pool launched! https://zcoin.miningpoolhub.com22 January 2017
Zcoin listed on BTC38, China's largest altcoin exchange!
Trade here: http://www.btc38.com/trade_en.html?mk_type=btc&btc38_trade_coin_name=xzc16 January 2017Zcoin development update (MTP, sync bug fixes, Lyra2)14 January 2017We are pleased to welcome Aizensou to the dev team!8 January 2017
New Zcoin release 0.1.8 with wallet load fix out. Read more and download here
Also please participate in our poll
to decide whether we should make our current algo more GPU friendly while awaiting MTP1 January 2017
One of the biggest complaints has been the slow loading of the Zcoin wallet which currently takes several hours to load and we have been hard at work to resolve this. This was due to additional reverification to prevent double spends because of the added complexity introduced by the Zerocoin implementation.
We are now testing a solution to reduce loading times to a few minutes and have pushed this into the Github dev branch. If successful, the first load upon installation will still take several hours but subsequent loads is aimed to be in minutes.
Loading is also expected to be made even faster once the new MTP PoW algorithm is implemented that is much faster to verify than the current Lyra2 implementation. This is one of the reasons why so much focus has been placed on completing MTP
You can view the latest pushes to the dev branch of Zcoin here
.30 December 2016
Due to the short time given for the update for the fork, many nodes and clients have not updated to the new version resulting in the network being stuck at block 13999.
This new update forces the old wallet clients off the network so that only the newer clients are recognized to avoid any conflicts.
Please update to the latest version v0.1.6 here:https://github.com/zcoinofficial/zcoin/releases29 December 2016Update on Development:
MTP development is now at approximately 65% completion.
Setup envs are being prepared for update of Bitcoin core base to 0.13.
Wallet startup time is being looked at and prioritized.28 December 2016
Bittrex has confirmed support of our version of Zcoin and has updated its wallet to it. Similarly both Suprnova and Pool.mn, the two largest mining pools for Zcoin have also switched to Poramin's latest version. We thank you for your support!26 December 2016
A special message from Zcoin's new investor:
Dear Community Members
I'm Tim Lee, the new investor for the Zcoin project and from China. I feel honored having the chance to join Roger Ver and the other existing investors and will contribute my best to inject fresh vigor into this undertaking.
As everybody may be aware of, our community just passed through a rather turbulent and painful time. During this period, I went on a special trip to Thailand to meet up with our lead developer and co-founder, Poramin Insom.
Despite these external factors, I've spent a very productive week with Poramin, discussing long-term prospects and near-term objectives, as well as some exciting matters that will be disclosed at a later point.
The Zcoin project actually already has two-years of development behind it, and we believe that in terms of innovation and functionality it can easily be compared or even surpass other anoncoins, such as Monero, Dash and Zcash.
I also believe that considering the project's potential and benefits, the present price is still heavily underrated. As an investor, I share the same goal with you, hoping that Zcoin can achieve its full potential and I will do my best to support it in all aspects.
Finally, I also want to formally introduce Sebastian (@Sebsebzen), who will act as my investor relations representative. He will be responsible for communications with other investors, help coordinating promotion activities as well as assisting with other matters within his capabilities.
I hope that everyone will unite behind Zcoin and let us all work together to make this project a great success.
Best wishes and a Happy New Year!
A quick update on development, Poramin is taking a quick break from MTP development to focus on working on the wallet startup time issue.22 December 2016
Please update to the latest version here:https://github.com/zcoinofficial/zcoin/releases/tag/0.1.5
Basically the identity of the 2nd investor has been confirmed but has chosen to remain anonymous. Although Poramin has never directly received the funding from him, we believe that it is fair and the investor will be an asset to the project as it grows. We thank the investor for his understanding.
So all initial investors and the new investor are inside this version (not including Gary) and we believe we can move forward with this project to realise its full potential.
Note that despite Poramin receiving relatively very little funding we have achieved fully working Zerocoin functionality (which in itself has already been modified quite substantially for performance) and MTP development is still on track. Once the dust and the politics settles down we believe this project can continue with renewed vigor.
Our team is already being built and fleshed out as I write this announcement. If anyone has good dev skills, we're looking for more devs to join us. We're good on the web dev end already.19 December 2016
Without getting into personal attacks or specifics in the spirit of keep things civil:
There's been a major disagreement between the two co-founders of the coin Poramin Insom (Lead Dev and Co-Founder) and Gary Le (Co-Founder) as to the direction of the coin and as to how funding is being utilised.
Poramin has done 100% of the coding for Zcoin and will continue to maintain Zcoin at the current github at (https://github.com/zcoinofficial/zcoin
). The new website will be at zcoin.finance, the @zcoinofficial twitter at https://twitter.com/zcoinofficial
and the BCT thread and Telegram chat room will remain the same.
Gary has started his own Github of the coin forked from Poramin's version at (https://github.com/zcoinproject/zcoin
) and will retain control of the Twitter @zcoinproject, Reddit and Zcoin.tech domain.
The differences between the two for the moment will be in as to who the founder's reward is distributed to. Further details can be obtained from our slack at https://zcoinofficial.slack.com
and get yourself an invite at http://invite.zcoin.io:3000/
All coins prior to the fork will be recognized by both Poramin's and Gary's versions of Zcoin so if you maintain both wallets, you will get coins in both. As to who will the exchanges and pools will recognize, that is yet to be seen and we will keep you posted on updates. I understand that Gary's version will contain some modifications as well to his founder's reward from the existing one so exchanges and pools cannot just be stagnant with the current version and will have to make a choice between the two.
If you wish to support Poramin's version of the coin, you can obtain the updated release at https://github.com/zcoinofficial/zcoin/releases
Thank you for your patience in the matter and I will continue to update you guys on any news here!13 December 2016
Our new video
is released!5 December 2016
Poramin is now working on Step 5 out of 10 for implementation of MTP. Latest commit can be seen here (https://github.com/zcoinofficial/mtp/commit/28fb82a815f0e860957fd69a52f01b2b6d7c1220
)29 November 2016
We have paid @ocminer a bounty to open source his pool code so that more people can run their own Zcoin pools!
You can find the released code here:https://github.com/ocminer/node-multi-hashing-xzc
Just use it as a drop-in-replacement for your nomp version and use coin "lyra2rev2" for xzc
Thanks to @ocminer!25 November 2016
Read why MTP is Zcoin's priority right now at our blogGetting the Wallethttps://github.com/zcoinofficial/zcoin/releaseshttps://github.com/zcoinofficial/zcoin/wiki/InstallationHow to Minehttps://github.com/zcoinofficial/zcoin/wiki/Pool-Mining-GuideFAQWhat is the distribution for Zcoin?
There will be 21 million Zcoins. Zcoin follows the same halving cycle as Bitcoin (every 4 years). 10% of the total Zcoin supply will be distributed to the Founders Reward as time passes. In the first 4 years, 20% of Zcoins will be distributed to the Founders Reward. In other words, during the first 4 years, 40 Zcoins will go to the miners and 10 Zcoins will go towards the Founders reward. After the first 4 years, the block reward goes completely towards the miners. What will Zcoin's Founders Reward be used for?
The Founders Reward will be given to early investors, developers, and Zcoin community members. We also have bounties for various tasks, such as Zcoin core development, web development, graphic design, marketing, ect. If you'd like to help out, please email or message us on Slack. Is Zcoin a fork of Zcash? What are the primary differences?
Zcoin is not a fork of Zcash in anyway. First of all Zerocoin is the tech, Zcoin is the coin, similarly to how Zerocash is the tech and, Zcash the coin.
Zcoin uses Zerocoin technology from the Zerocoin paper
. This is a very well peer reviewed paper with over 200 citations.
Zcash instead uses the Zerocash paper
Although Zerocash is a development from Zerocoin meant to address certain perceived shortcomings of Zerocoin, they are not simple forks of each other and rely on different protocols.
Zerocash was meant to improve on Zerocoin on these issues:
a) Zerocash's proofs are much more smaller than Zerocoin's
b) Zerocoin uses fixed denominations to mint (1, 25, 50, 100) while Zerocash is not subject to such limitations
c) Greater anonymity with Zerocash since sender/receiver/amount are all obscured.
However Zerocoin's advantage over Zerocash are as follows:
a) Although Zerocoin's proofs are larger and occupies more storage space, the computational requirements to generate a private transaction are many times faster. Zcash requires large amounts of RAM and minutes of computational time. Zerocoin requires seconds to use and is not memory intensive. Basically Zerocoin uses more storage space but is computationally much less intensive.
b) Parameter generation for both Zcoin and Zcash requires a trusted setup but Zcoin's parameters are arguably less controversial. (https://github.com/zcoinofficial/zcoin/wiki/Parameters-in-set-up-phase-for-Zerocoin-in-ZCoin
). A zero trust parameter setup is also within our roadmap.
c) Most importantly is that in Zcoin, total supply is still visible so if there's a flaw and someone is secretly creating coins for themselves, this can be much more easily detected. With Zcash, if a flaw is exploited, it may be almost impossible to detect as someone can mint coins for themselves without being detected.
d) Zerocoin's tech is much more reviewed and better understood than Zcash's. Zcash's use of zero knowledge proofs uses ZK-Snarks is much more experimental and only a handful of people understand it.
Here at Zcoin, we believe that multiple zero-knowledge cryptocurrency implementations is a blessing to society. Like Zcoin, Zcash is also enabling individual freedom and open commerce to the world by increasing financial privacy. We applaud the work that the Zcash team is doing. With that in mind, it is important to understand the inherent tradeoffs between the Zerocoin and Zerocash protocols. Zcoin has some major advantages over Zcash, as well as significant disadvantages. By increasing awareness of these tradeoffs, privacy-centric users can more effectively use either coin tailored to their concerns and specific use cases.
You may also read more at our blog post
The roadmap is sequential.
Accurate as at 8 February 20171 month
Completed on 29 November 2016 (opensourced pool code so anyone can run a pool).
Setup and run own Zcoin mining pool to ensure continuity in mining.3-5 months
Implement MTP: Merkle-tree based Proof-of-Work
We believe MTP is the way to prevent botnets from mining while allowing normal legitimate CPUs to perform proof of work. On the verification end, it will take less time to process compared with finding proof and it is better than Equihash in term of verification speed
Update codebase to latest Bitcoin core version1 month
Improve minting/spending process to make it more user-friendly to have auto selection to denominations to mint/spend.1-2 months
Implement TOR & I2P on client wallets2-4 months
Currently, our implementation doesn't do parallel verification on Zerocoin spend transactions. Once implemented, Zerocoin spend transactions can be sped up and there can be more than one spending transaction per block.6-12 months
Implement trustless setup in Zerocoin Protocol. We currently use RSA2048 parameters that were generated for a Factoring Challenge.
Based on an academic paper, it may be possible to implement the Zerocoin protocol without a trusted setup phase. We will do further research into this, and will implement it if it is possible.More info:ResourcesCommunityMining PoolsExchanges (Use at your own risk!)