Zcash cryptocurrency brings new level of anonymity to digital purchases

Cryptocurrency
Zcash uses a technique called zero-knowledge proofs, which allow accounts to be completely hidden from blockchain records.

Zcash, a new cryptocurrency launched this month amid a storm of controversy and anticipation.

After years in development and fever pitch levels of hype, Zcash has finally been released to the public. Unlike Bitcoin, Zcash users have the option to encrypt the details of their transactions, making the sender and recipient address, as well as the amount sent, hidden from public view.

Zcash uses a technique called zero-knowledge proofs, which allow accounts to be completely hidden from blockchain records. According to the Zcash company website, their mission is to “create an open financial technology platform that everyone in the world can use.”

“We believe that personal privacy is necessary for core human values like dignity, intimacy, and ethics. Companies need privacy in order to conduct their business; and we believe that privacy strengthens social ties and social institutions, protects societies against their enemies, and helps societies to be more peaceful and more prosperous. ”

Authorities around the world have reacted to the launch of Zcash with calls to ban the cryptocurrency. Zcash’s high level of anonymity has governments worried about potential illegal activities. Stefano Quintarelli, a member of Italian Parliament and IT Expert, publicly stated that 14 MPs have proposed a bill in Italy to ban what they termed ‘fully anonymous cryptocurrencies.

New cryptocurrencies are often met with apprehension when first released. Bitcoin also received a tremendous amount of trepidation from authorities in its early days. However, it is now more widely accepted by authorities. Bitcoin’s acceptance, despite its association with drugs and money laundering, is due in large part to the fact that Bitcoin is not anonymous, giving authorities the ability to catch and hold account any criminal activities that occur.

While the future of Zcash at this early stage remains unclear, expect to see massive value fluctuations and continued skepticism from government officials in the coming weeks.

More Here [yahoo]

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