Zcash is a decentralized cryptocurrency based on BitcoinCore with it’s own significant features. Working as a public ledger it has enchanted privacy and a hard limit of 21 mln coins.
ZCash started as a fork of Bitcoin on October 28, 2016, and at the beginning has a name ‘Zerocoin’, which later transferred into ‘Zerocash system’ and finally renamed as a ZCash.
ZCash team consists of the scientists, cryptographists and engineers with a great exprience in decentralized system creation. The key members are: Zooko Wilcox-O'Hearn and Matthew D. Green from Johns Hopkins University.
There are two types of addresses that can be used to make transactions:
1) T-address: this type is also identical as bitcoin address and it means that transaction can be made between two parties,and a third party will be able to view the details of this transaction.
2) Z-address: this type provides an enchanted security protocol which gives a lot more privacy, and secure transaction from third-paries.
Here is an illustration about this process.
The reason why ZCash can handle high level of securty is because of implementing zk-SNARKS protocol.
There are two parties when it comes to a zero knowledge proof (as stated above), the prover and the verifier. Zero knowledge states that a prover can prove to the verifier that they posses a certain knowledge without telling them what that knowledge actually is.
Zcash’s roots lie in Zerocoin, which was developed in the 1980s. It was developed by Matthew Green, currently a professor at John Hopkins University. Back then, he was a graduate student at the institution. Zerocoin employed a novel, sophisticated mathematical technique called zero-knowledge proofs in order to conduct blockchain transactions. The proofs ensured that the transaction’s contents remained anonymous even as the transaction was publicly visible on a decentralized ledger.
Total supply of ZCash is estimated like in Bitcoin, counting 21 mln coins. Mining reward is halved every 4 yesars also.