ZCash - A Truly Anonymous and Privacy Oriented Coin
What is Zcash?
ZCash is a highly anonymous crypto currency which is highly privacy centric with zero knowledge proofs, making transactions completely private and encrypted. So, though Zcash trades are available on the blockchain, the sender, receiver and value of payments becomes private. This is an addition to Bitcoin Privacy.
Which algorithm does ZCash Uses?
Zcash uses the Equihash hash algo which is a memory-hard POW algorithm that uses generalized birthday problem. It uses high RAM requirements to deny ASIC developments to develope the generation of proofs.
So how does it exactly operates?
Since the contents of Zcash trades are private and encrypted, the system works on the new cryptographic technique to check payments. This enables the network to keep a risk-free ledger of balances without revealing sums or the parties called for.
Zcash is a de-centralized and open source cryptocurrency that offers particular and seclusion transparency of trades. The sender, receiver, and quantity of a trade stay private, although zcash payments are printed on a publicly viewable blockchain.
It's main progress over Bitcoin is the inclusion of secrecy. Zcash uses sophisticated cryptographic techniques, specifically zero-knowledge proofs, to vouch for the validity of trades without disclosing additional info about them.
ZCash Coin Launch Date
ZCash will be available for mining on 28th October, 2016 and currently available on the "testnet" for those who wants to get a feel of how the mining works.
Is It available on All Platforms (Windows, Linux etc)
The official launch supports only Linux and once the first version gets available to the public, you may expect the Windows version to hit the market
How to Mine ZCash?
Steps to Mine Zcash On Linux Systems -
First step is to install all the required package dependencies. Use the respective package manager available on your linux flavors (Ubuntu, Debian, Fedora etc)
Build all the essential utilized as mentioned at https://github.com/zcash/zcash/wiki/Beta-Guide
Once all the dependencies gets installed, the next step is to download and install Zcash
Execute the following command - "git clone https://github.com/zcash/zcash.git". This step will create ZCash in your "Files" directory.
Upon successful downloading the repository contents, get into that folder and enter the command
git checkout v1.0.0-rc1 (you can download the whatever latest revision available on the github and use here)
and then enter the command ./zcutil/fetch-params.sh
The above takes time a lot of time as keys size is GB's
Second Step - Compiling ZCash
To compile ZCash execute the following - ./zcutil/build.sh -j$(nproc)
Final step is to run Zcash by doing the following steps -
Go to Files -> Create ".Zcash" Folder -> Create a file zcash.conf and enter the following details and save the conf file
and thats all, now go back to the terminal and enter the following command, ./src/zcashd -daemon and Zcash daemon will start and to stop the daemon, run the command ./src/zcash-cli stop.
So, with the above your ZCash mining starts and you will start seeing the testnet coins with all the hashrate being displayed at the screen.
How to Mine Zcash using Cloud Mining?
Genesis Mining offers Zcash cloud mining mining contracts so if you are interested in doing cloud mining of ZCash by 29th October which is the launch date, you can purchase contract and get ready for mining without any hassles.