I believe ZCash’s zk-Snarks is much bigger than Monero’s RingCT, XVG or even PIVX. ZCash’s privacy approach is more sound than Monero’s imo and it continues to lead the way with massive developments such as Sapling Hard fork. Privacy coins are the next best use-case for Crypto after ‘store of value’ argument and ZEC is poised to lead way.
Just a recap so I’m getting this right… ZCash utilizes ‘zero-knowledge’ cryptography AKA zk-Snarks where computations get performed without needing to know underlying information and without needing to confirm the transaction. This means total privacy for user, unlike Monero where only obfuscation occurs.
With recent ‘Sapling’ hard fork ZCash has gone through following changes:
- Computation reduced from requiring 3 GB to 40 MB RAM (which means first time ever Mobile nodes privacy)
- ZCash shielded transaction will be performed within less than 1 second now.
- ZEC token-generation ceremony will now be performed by 90 participants. You will have to compromise all 90 to breach privacy which is impossible since participants are geographically distributed throughout the world.
Apart from this following projects are utilizing ZCash zk-Snarks tech:
Coda Protocol is using it to solve problem of bloating by reducing 600 GB blockchain size to few kbs.
Now, I’d like to pivot to something I’ve learned surfing pools and forums and like to probe opinions and any knowledge on this. Some of you may or may not know, there’s an upcoming exchange called Resistance io (website to be released shortly) ‘ResDEX’ will be using zk-Snarks shielded transactions, instant atomic swaps & TOR routing for full privacy.
It is powered by its own blockchain and utilizes atomic swaps for fast, direct, anonymous trades.
It uses RES coins as an intermediary for Privacy and their consensus ‘Proof of reward splitting’ allows for democratic CPU-based mining and master nodes/ proof of research to secure network.
ZCash’s former advisor Alexander Peslyak and Whonix founder are in the team as well. I heard they are going through Private ICO round at the moment. Does anyone know about this?
All-in all future looks really bright for ZCash, moreso than Monero. But the innovations zk-Snarks are bringing are intriguing. Would like to gather any information on the coverage of Resistance here.