Let’s start the review with the fact that ZCoin is also well-known through the world as XZC or Zerocoin. This is an open source decentralized cryptocurrency. The project concentrates on providing the impressive level of both privacy and anonymity for every user of the platform while making transactions. This can be gained due to the active usage of zero-knowledge proofs via Zerocoin protocol. The last one is among the most cited cryptography papers now. Shortly saying, when you make transactions using BTC or ETH and some cryptocurrencies similar to these.
It must be marked here that the transaction history is linked to the customer’s coins. This feature is capable of making the customer totally vulnerable. And the given option is enabled by default.
It is extremely easy to use this platform as all is necessary to do here is just to provide the single link to your personal information. The individual IP can be also used in order to discover the origin of the coins.
Nevertheless, the customers should pay attention that if they make the above-mentioned transactions using ZCoin’s Zercoin feature, then the transaction histories cannot be linked to the actual coins. Then the receiver and sender are the only ones who get access to the information regarding the exchanged funds.
How Does ZCoin (XZC) Work?
It must be marked that the given platform represents the first full implementation of the Zerocoin Protocol. It has been enhanced greatly. This allows guaranteeing the complete privacy of every user of ZCoin. The Zerocash Protocol is used here.
In practice it can be described in the following way, as soon as the customer is eager to send a private transaction with ZCoin then all is required to do is just to choose the number of coins that must be mint. Meanwhile, the normal ZCoin balance automatically decreases automatically. There is the possibility to be credited with the new coins and there won’t be any transaction history. And when the user of the platform receives his Zcoin, he knows how the exact amount of ZCoin received. But some additional identifying information about the sender and receiver is not provided.
Pay attention that the old coins are burned cryptographically here. This is a benefit indeed as this prevents the second usage of the coin.
The denominations available for mint are the following: 1, 10, 25, 50, 100. This works in such a way that if you select, for instance, “50” coins to be minted then you are credited with 50 ZCoins instantly. This is made automatically. And the history is not attached.
Features of ZCoin (XZC)?
The given coin includes two layers, namely the base layer and the anonymized one. The first layer that is mentioned here functions similarly to BTC, and the second one offers the anonymization. It is allowed to mint and then spend your Zerocoins from the wallet.
You can purchase ZCoin from the numerous well-known exchanges. For instance, Bittrex is among them.
CPU, Nvidia, AMD GPUs – available variants for ZCoin mining.
The company uses the chained Lyra2z algorithm.
The important note: before starting it is necessary to be sure that you have an XZC address where all your further mining payments will be kept. All that is required to do is just to download the ZCoin wallet and then sync it.
ZCoin wants to enhance greatly the things like privacy, exchangeability as well as miner’s centralization. The customers of the project will enjoy all these aspects fully as there is the best proof of work algorithm at the platform. Do not miss the chance to join ZCoin community and earn the immense profits you deserve.