Zcash is a self-described “open, permissionless cryptocurrency that can fully protect the privacy of transactions using zero-knowledge cryptocurrency.” The platform has made a recent and game-changing announcement in the last week.
“The founding team are pioneers of some of the fundamental science of secure programming and distributed systems. And, some of them are my personal friends and mentors who have been among the biggest influences on my scientific career.”
Further, the announcement was followed MPC’s announcement [Multi-party computation protocol]. Transactions performed by Zcash rely on ‘zk-SNARKs.”
This system is a fast and simple way to verify random statements and further, it relies on public parameters to create and verify proofs for the computation of “circuits.”
If the construction of either of these change, new parameters will need to be created. Therefore, it is important for the parameters to be constructed in a secure and correct order so as to prevent counterfeiting. As a result, multi-party computation protocol will make the process more transparent and secure.
The latest Zcash release (1.1.1) contains support for Sapling, a protocol upgrade which includes some of the most sophisticated cryptography (most notably zero-knowledge proofs) ever to be used in a production system: https://t.co/weIZDDgcpd
— Tony Arcieri (@bascule) May 31, 2018
At the end of May, Zcash also announce Zcash 1.1.1. This is an overwinter-compatible version of node software and it is scheduled to be ready for mining by June 25, 2018. A few of the most notable changes include “ZCASH-CLI” Argument Privacy.
According to Zcash’s Simon Liu, “Zcash 1.1.1 has arrived! This release is an Overwinter compatible version of Zcash node software, with initial support for Sapling consensus rules and a Sapling testnet activation height set to block 252500.”
Additionally, Overwinter’s network will include a new feature called “Transaction Expir” to promote transactions in the mempool for automatic expiration after block time out due to unlikelihood of mining.