Both of these #cryptocurrencies
that are at the #cutting #edge
of #blockchain #technology
. They have both proven themselves over an extended period of time and are relatively well known in the #crypto #ecosystem
ZCash (ZEC) was released as a Fork of #Bitcoin
in 2016. Hence, it shares some commonality with Bitcoin in that it is also a Proof-of-Work coin and has the same total mineable supply of 21m coins.
However, that is where the similarities end.
ZCash was specifically forked by the main #developer
, #Zooko #Wilcox
, in order to be a #private #alternative
to Bitcoin. As such, there is some pretty advanced technology that has been included in the Zcash protocol in order to facilitate this.
ZCash Privacy Protocol
One of the most important privacy features on ZCash has to be it’s use of zero-knowledge proofs and its implementation in their #zk
A full explanation of these are is beyond the scope of this text. Yet, the basic principle of a zero-knowledge proof is being able to prove something is true without conveying anything other than it being true.
This can be particularly useful for occasions when you want to prove that you know a password or have access to a cryptocurrency’s private key without actually sending them.
Monero is also a fork of another cryptocurrency called Bytecoin. It forked in April of 2014 and is based on the #CryptoNote
Monero is like ZCash in that it uses a proof-of-work protocol but uses a different hashing algorithm called CryptoNight which is slightly more ASIC resistant than ZCash’s #equihash
However, the real #innovations
of Monero are when it comes to their privacy enhancing features.
Protoco :lMonero relies on some pretty advanced #cryptographic
technology in order to hide a user’s #transactions
. These include the following concepts:
: These are used in order to hide the receiver’s address from the blockchain. They are one-time addresses that are created by the sender and are based on the address given to them by the receiver. Only these two parties will know where the Monero was sent. RingSignatures: While Stealth addresses help.