When was Zcash issued? Learn about the origin of Zcash in one article

Zcash emerged on October 28, 2016, as a fork of Bitcoin, introducing enhanced privacy through zk-SNARKs.

Oct 02, 2024 at 11:36 am

Zcash: Origin and Issuance

1. Genesis Block: Genesis Block
Zcash was launched on October 28, 2016, through the creation of the genesis block, which marks the beginning of the Zcash blockchain.

2. Development Team:
Zcash was developed by a team led by Zooko Wilcox, a renowned cryptographer and privacy advocate. The project received support from the Electric Coin Company, a non-profit organization dedicated to promoting privacy-enhancing technologies.

3. Forking: Zcash as a Fork
Zcash originated as a fork of the Bitcoin blockchain. It retained many of Bitcoin's features but introduced the concept of zero-knowledge succinct non-interactive arguments of knowledge (zk-SNARKs), which provide strong privacy enhancements.

4. Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs):
zk-SNARKs are cryptographic primitives that allow users to prove the validity of a transaction without revealing any underlying data. This enables transactions on the Zcash network to be shielded, concealing the sender, recipient, and amount involved.

5. Shielding and Transparency:
Shielding transactions provide anonymity to users, but Zcash also offers a transparent mode in which transactions are fully visible. This allows for compliance with regulatory requirements while still offering optional privacy.

6. Governance:
Zcash is governed by a set of community-elected officials known as the "Electric Coin Company Directors." The directors oversee the project's development, finance, and policy.

7. Mining:
Zcash is mined using the Equihash algorithm, which is designed to make mining less efficient on ASICs, reducing the centralization of mining power.

8. Adoption:
Zcash has gained adoption as a privacy-centric cryptocurrency for various use cases, including personal transactions, business payments, and as a store of value.