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The Zcoin Coin is a cryptographic currency that aims to provide an answer to the increasing digitalization of money transfers. For centuries, a coin or banknote had a certain value, but no history.
So it was impossible to understand how the owner got the money. A person's assets could also simply be hidden - in a safe, for example. In the meantime, however, most payments are processed digitally and thus also documented. The anonymity of the money has thus been lost.
This also applies in principle to crypto currencies. The Bitcoin, for example, is often referred to as an anonymous currency, but in fact a blockchain analysis is often sufficient to track cash flows.
The Zero-Knowledge-Proof provides the necessary privacy
The difficulty for the Zcoin Coin is the confirmation of individual transactions. If it is not even clear how many tokens a user actually has, how can he be sure that he actually has enough units for a planned money transfer? One solution is the ZeroCoin protocol. In simple terms, this allows a kind of squaring of the circle:
A user can now prove that he has sufficient ZCoin tokens without having to prove which ones he actually has in his possession. This makes completely anonymous transactions possible. The Zcoin coin would thus be even more secure than other crypto currencies that rely on anonymity, such as the Monero coin.
On the one hand, the anonymity of payments should protect the privacy of users. If they used to buy cash in the past, no central office could trace what the money was spent on. This is now also to be guaranteed by the Zcoin Coin. But the objective goes even further: to promote free trade across borders.
Especially in many authoritarian regimes, the lack of anonymity of digital payments is a major problem for entrepreneurs and traders. The promotion of free trade is intended to increase prosperity and peace worldwide. In order to achieve these high goals, however, the Zcoin Coin still needs to achieve a much greater distribution.
These people have brought the Zcoin Coin into being
The original idea for the Zcoin Coin was developed by Matthew D. Green, Professor at the renowned Johns Hopkins University, and students Ian Miers and Christina Garman. At that time, however, it was intended to be a purely additional protocol to enable completely anonymous Bitcoin payments.
But this was not possible. That's why Poramin Insom finally founded its own crypto currency under the name Zcoin in September 2016. Insom remains the team's leading developer to this day, but has since strengthened its position with numerous respected employees.
The Zcoin Token and its function
Similar to the Bitcoin, a fixed number of tokens was fixed in advance: The number of Zcoin tokens is to remain limited to 21 million units. However, an error in the code caused 388,450 units to be overproduced. This was not reversed, so that the final number of tokens will probably amount to almost 21.4 million.
These are distributed via the mining process. In the beginning, however, the team behind the crypto currency receives 10 tokens from each of 50 excavated tokens. This is to finance the further development of the project. After four years this participation is cancelled and all tokens go to the Miner.