Zcash: Impossible To Trace, Expensive To Buy
Bitcoin, it seems, is out — the cool digital currency taking the world by storm now is Zcash, a product designed by academics to be all but untraceable. Speculators love it — and have been paying for $1,000 a unit to get their hands on the next big thing.
Zcash is the brainchild of a firm led by developer Zooko Wilcox. It has already secured $3 million in backing from a number of Silicon Valley venture capitalists who are involved in the virtual currency industry.
The secret to its secretiveness — according to the developers that built it — is an advanced cryptography.
Though bitcoin had initially been billed as untraceable, to actually use bitcoin in any meaningful way, each user has a bitcoin address that law enforcement can — and has — linked to it owner. Zcash, on the other hand, allows transactions to be confirmed by the network without anyone recording the Zcash addresses involved in the transactions.