What is Zcoin's mission?
Zcoin strives to increase individual liberty. By guaranteeing financial privacy, Zcoin can help ensure freedom of commerce. People should be able to transact however they want, as long as it does not infringe on the well-being or individual liberty of others. We are also big believers that freedom of commerce also facilitates peace and prosperity across countries and cultures. By guaranteeing financial privacy, Zcoin can directly guarantee fungibility, an essential property for free commerce.
Why create a new coin, when we already have Bitcoin?
The Zerocoin Protocol, created in 2013, was originally meant to be an extension on top of Bitcoin. There was a lot of support for Zerocoin from key members of the Bitcoin community. However, Bitcoin has the primary goal of ensuring stability in its money supply, by moving slowly with only unanimously agreed upon changes. As a result of the political deadlock, the Zcoin project was created.
As a truly anonymous cryptocurrency, won't Zcoin be used for terrible things?
As with any other technology, Zcoin can be used for both good and evil. However, we are firm believers that the net good for Zcoin far outweighs the bad. Throughout history, freedom of commerce has been shown to prevent wars, promote prosperity, and increase cross-culture exchange.
Zcoin is designed to benefit legitimate users who have realized the risk of using a cryptocurrency with a completely transparent public ledger, and the danger of having all their financial details made public with Bitcoin. Because there are already pre-existing mechanisms for such activities, Zcoin does not affect the status quo for such activities, while it provides notable benefits to legitimate users.
Even without Zcoin, such transactions can take place via existing financial systems (e.g. by using cash. Although not actually private, Bitcoin has faced the scrutiny of regulators with its potential use in money laundering.
Where can I download Zcoin?
The wallet is available for download here: https://github.com/zcoinofficial/zcoin
What are the differences between Zcoin and Zcash?
Please see here: http://blog.zcoin.tech/zcoin-and-zcash/
What 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.
Where can I buy Zcoin?
Nova Exchange: https://novaexchange.com/market/BTC_XZC/
How can I mine Zcoin here?
Mining from wallet ( Linux) : https://github.com/zcoinofficial/zcoin/wiki/Mining-Guide
Mining from wallet ( Windows ) : https://github.com/zcoinofficial/zcoin/wiki/Mining-on-Windows-10-64bit
Pool mining guide: https://github.com/zcoinofficial/zcoin/wiki/Pool-Mining-Guide
What mining algorithm does Zcoin use?
Zcoin uses the ASIC-resistant Lyra2 key derivation function.
Lyra2 is designed for democratic mining, and is currently a very CPU friendly mining algorithm.
The parameters for Lyra2 are as follows:
How does blockchain-tracking software work, and why is it so dangerous to anonymity?
To best understand how blockchain-tracking software works, it helps to view Bitcoin as a kind of financial social network. The same kinds of mechanisms used to break privacy in social networks, by analyzing social network topology, can be used to break privacy in the Bitcoin network. By taking a pre-existing social network like Facebook, we can use that information to generate heuristics about who is transacting with whom on Bitcoin.
There is a relevant research paper that attempted to identify twitter users by using data from flickr. They took the twitter data, and stripped away all identifying information about the user such as name or username. Then, by looking at the social network topology of the anonymized twitter data and comparing it to the flickr data, they found that they could identify one third of twitter users, even though the twitter data was anonymized.
This research also applies to Bitcoin. If we take an anonymous network such as Bitcoin, and use data from a social network from Facebook, we can use topological analysis to identify a lot of users.
How do we know that Zerocoin is truly anonymous?Zerocoin was one of the most cited cryptography papers in the last 3 years, with over 200 citations. The cryptography principles behind Zerocoin are well-understood and battle-tested. Zerocoin uses zero-knowledge proofs to ensure that zero information is leaked regarading sender and receivers of Zerocoin.
What is a Zero-knowledge cryptographic proof, and how does it work?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.
How do Zero-knowledge cryptographic proofs ensure Zcoin's anonymity?Zcoin's zero-knowledge proof makes a cryptographic statement. When someone is sent Zerocoin, the person only knows that X amount of money was sent to their wallet. Unlike Bitcoin, there is no other unintended identifying information about the sender and receiver. Zero Knowledge proofs ensure that there is zero information leakage about the sender and receiver of a transaction.
How does Zcoin compare to other cryptocurrencies with anonymizing properties?Bitcoin and preceding alternative cryptocurrencies have attempted to solve this problem through the use of transaction mixers or ring signatures. But in the end of the day, they score very poorly on this metric called the traceability set. The traceability set is a key metric to understanding how private a cryptocurrency is. The traceability set in formerly proposed solutions is limited by the size of the mixing cycle or ring signature. Each mixing cycle or ring signature is limited by the number of transactions per cycle, which is transitively limited by the the block size of the cryptocurrency. Thus, the traceability set in previous attempts at privacy tends to only be a few hundred.
What parameters does Zcoin use for its setup?
Zcoin uses the RSA-2048 number from the RSA factoring challenge. The computer's hard drive which generated the factors were destroyed over 25 years ago. No factoring solution to the RSA-2048 number has been found for the past 25 years, and it is unlikely to be factored in the next several decades. In the long term, Zcoin would eventually shift to a different cryptographic scheme for its setup parameters.
How can I get involved with the Zcoin community?
Where can I find a Zcoin block explorer?
Please see: Explorer here
Do you have a blog?
Please see: blog here
I have a question that is not listed here, please help!
Please drop by our slack to ask any questions: Slack