WHAT IS ZCASH?
Zcash defines itself to be the first open, permission-less cryptocurrency that can fully protect the privacy of transactions using zero-knowledge cryptography.
WHAT IS A ZK-SNARK?
A zero-knowledge proof construction, allowing the network to maintain a secure ledger of balances without disclosing the parties or amounts involved. The transaction metadata is encrypted, and zk-SNARKs are used to prove that nobody is cheating or stealing.
HOW DOES ZCASH COMPARE TO BITCOIN?
Zcash allows users to send public payments, as with Bitcoin. Zcash supports both shielded and transparent addresses, giving users the option to send Zcash publicly or privately.
WHAT ARE ALTCOINS?
The term ‘altcoins’ is short for alternative coins. Given that Bitcoin was the first cryptocurrency to surface in the market, the other digital currencies that emerged are referred to as altcoins.
WHAT IS BLOCKCHAIN?
A blockchain is a digital ledger recording cryptocurrency transactions, maintaining records referred to as ‘blocks’ in a linear, chronological order.
WHY USE A BLOCKCHAIN?
Using a blockchain ensures security and manages digital relationships as part of a system of record.
WHAT IS DISTRIBUTED LEDGER?
A distributed ledger is a database, digitally recording transaction information using cryptography, making it secure and unforgeable.
WHAT IS THE DIFFERENCE BETWEEN A BLOCKCHAIN AND A DATABASE?
There are several differences between a blockchain and a database, including the level of control. Blockchains are under a decentralized control, whereas a centralized database creates a dependent relationship between users and administrators. Users tend to prefer confidentiality, which is better achieved through a centralized database. Performance also differs, as a centralized database is able to compute information faster than blockchains.