ZCoin (XZC) is a cryptocurrency that was launched in 2016 with the goal of providing privacy and anonymity to users. It is based on the Zerocoin protocol, which uses zero-knowledge cryptography to obscure the sender and recipient of a transaction. ZCoin is the first cryptocurrency to implement the Zerocoin protocol, which allows users to hide the amount and recipient of their transactions.
The ZCoin network is powered by miners who verify transactions and add them to the blockchain. Transactions are secured using a Proof-of-Work consensus mechanism and require miners to solve cryptographic puzzles in order to be added to the blockchain.
The privacy and anonymity of the ZCoin network is provided by its zero-knowledge cryptography, which obscures the transaction details from the public ledger. This means that transactions cannot be traced back to their sender or recipient. ZCoin also uses a “minting” process to obscure the amount of a transaction, which further protects user privacy.
The ZCoin network also utilizes a “Proof-of-Burn” consensus mechanism, which requires users to burn coins in order to receive new ones. This process is designed to protect against double-spending and make the network more secure.
Overall, ZCoin is a cryptocurrency that provides privacy and anonymity to its users. It utilizes zero-knowledge cryptography to obscure transaction details, as well as a “Proof-of-Burn” consensus mechanism to protect against double-spending. These features make ZCoin an attractive option for users who value their financial privacy.