Presentation and definition of the crypto-currency ZCoin (XZC)
- Name of the crypto-currency : ZCoin
- Acronym : XZC
- Where to buy Zcoin? Binance
- Creation Date : September 2016
- White paper of ZCoin
- Web Site of ZCoin
Presentation of ZCoin
ZCoin is a crypto-currency where privacy is at the heart of the protocol. It is based on the technology of the altcoin Zerocoin. Its properties in the field of cryptography are fairly similar to Zcash, which is another virtual currency. In fact, both use the process “Zero knowledge” for ensuring privacy during transactions.
The operation of ZCoin
ZCoin uses the consensus validation of the blocks, Proof-of-Work (proof of work). Technology ZK-Snarks allows total anonymity in financial transactions. ZCoin can therefore compensate for some of the disadvantages of Bitcoin, especially concerning the encryption of the transactions. In fact, on Bitcoin, every transaction is recorded and published in the blockchain, thus making easy the identification of the issuer. ZCoin uses of the technologies best-in-class encryption in order to erase all traces of the operation. During a transaction, the user must prove that he has a token XZC, which will then be burned to make room for the new token without history. As these two tokens will no longer any link between them or with the holder, it will be impossible to find the identity of the user.
The tokens XZC
The network ZCoin uses its own virtual currency, tokens XZC. Just like Bitcoin, the emission limit of Zcoin has been set at 21 million units and every 4 years, the rewards are divided by two. The corners can undermine with the protocol Lyra2RE. This process makes the mine accessible to a large number of users, and particularly the minor CPU.