Zerocash

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Zerocash is the name of new anonymous cryptocurrency protocol developed by some of the same authors of the original Zerocoin protocol. Although Zerocash and Zerocoin share several similarities, there are some important differences. Anoncoin will not implement Zerocash as it requires trusted third parties for the initial setup.

Pros

  • In Zerocash, there is only "one" currency, as opposed to Zerocoin which possesses two (the anoncoin base currency and zerocoins). Confusingly, in the paper of Ben-Sasson et al. (2014), the Zerocash anonymous currency is referred to as zerocoins, even though these are different from those of the original Zerocoin protocol of Miers et al. (2013).
  • All Zerocash transaction are anonymous: There is no need to convert between zerocoins and a base currency as was necessary in the original Zerocoin protocol.
  • In Zerocash, there are no restrictions on the amount of a transaction. This is opposed to the original Zerocoin protocol, where zerocoins are minted only for a given denomination (or set of denominations).
  • In Zerocash, not only is the payment origin and destination hidden in the block chain by zero-knowledge proofs, but so is the transaction amount.

Cons

  • Whereas Zerocoin can be set up in a trustless manner using RSA UFOs, Zerocash can not. The initial setup of Zerocash will require trusted third parties.
  • The total money supply of Zerocash can not be monitored. If there is a security flaw in Zerocash (either with the initial setup parameters being known or cracked, or with software bugs), this would go undetected, potentially resulting in massive inflation of the money supply.

External links

See also

References

Ben-Sasson, E., A. Chiesa, C. Garman, M. Green, Ian Miers, E. Tromer, M. Virz (2014). Zerocash: Decentralized Anonymous Payments from Bitcoin (extended version), Proceedings of the 2014 IEEE Symposium on Security and Privacy, 56 pp.

Miers, I., C. Garman, M. Green, A. D. Rubin (2013). Zerocoin: Anonymous Distributed E-Cash from Bitcoin, 2013 IEEE Symposium on Security and Privacy, IEEE Computer Society Conference Publishing Services, pp. 397-411, doi:10.1109/SP.2013.34.