Introduction to Zcash, the anonymous Bitcoin

BitsPlan

Bitcoin is an anonymous currency – this is one of greatest misconceptions surrounding Bitcoin which is, In a sense, the exact contrary of anonymous as every transaction is publicly listed on the Blockchain. Even though a wallet address does not reveal personal information about its owner, there are still ways to discover to whom the wallet belongs via blockchain analysis. This means that Bitcoin is a pseudonymous cryptocurrency since it replaces our personal information with a random segment of numbers and letters, a wallet address.

When Bitcoin was first created, Satoshi Nakamoto mentioned the importance of using multiple addresses to preserve one’s privacy, and even doing so won’t save you from potential blockchain analysis. Using a coin mixer Is a less than ideal approach, as fungibility is not assured (The coins you get out may be “dirtier” than the ones you’ve put in). ZCash wants to solve these problems once and for all.

“Privacy is necessary for an open society in the electronic age. Privacy is not secrecy. A private matter is something one doesn’t want the whole world to know, but a secret matter is something one doesn’t want anybody to know. Privacy is the power to selectively reveal oneself

Read more ... source: TheBitcoinNews

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