Zcoin – Private financial transactions, enabled by the Zerocoin Protocol
As an extension of Bitcoin privacy, the realization of Zcoin is based on a zerocoin essay published in 2013 and its first block was mined at September 28th, 2016. Zcoin is dedicated to private financial transactions enabled by the Zerocoin Protocol.
While the Zerocoin paper and Zerocash paper share common authors and both use zero knowledge proofs, they rely on different cryptography.
- Cryptographic Implementations: Zcoin uses RSA accumulators which were introduced in 1993 as the foundation of our anonymity scheme while Zcash uses zk-SNARKs which was recently formulated in 2014.
- Trusted Setup: Zcoin uses the Sigma (Σ) protocol that would allow them to continue using the high anonymity of zero knowledge proofs without worrying about trusted setup.
- Supply data: Zcoin features a fully auditable coin supply and an auditable supply allows bugs to be found and fixed while Zcash uses private transactions and addresses where amounts are also hidden.
At first, Zcoin uses a temporary algorithm Lyra2z; On December 10th, 2018, this algorithm was replaced by MTP which promotes fair and democratic mining by making ASIC development expensive. MTP’s advancement means that hard memory intensive proof of works can be verified quickly with low resources.
A new Zcoin block is generated in every 10 minutes and the total supply is 21.4 million Zcoins. Zcoin follows the same halving cycle as Bitcoin (every 4 years).
It was originally planned that 20% of Zcoins (10 XZC per block) in the first 4 years will be distributed to the Founders’ Reward which is equivalent to 10% of total supply. The Founders’ Reward consists of Poramin Insom (lead dev and Founder) (4%), seed investors (12%) and the team wallet (4%). However upon the launch of Znodes, the Founders and the team have agreed to reduce this to 14% of the block reward: 2% Poramin Insom, seed investors (6%) and team wallet (6%).
After the first 4 years, the block reward goes completely towards the miners and Znode rewards.
Poramin Insom Founder and Core Developer
MSc in Information Security, Johns Hopkins University
Peter Shugalev Lead Core Developer
15+ years of experience in software architecture
Graduated from Moscow State University magna cum laude with a Master’s Degree in Computer Science and Mathematics
11 members in core development team, 6 members in Operations and Marketing Team
3. About Zcoin
Type: Public blockchain
Total supply: 21.4 million
Circulating supply: 6.41 million