Which Major Privacy Coin Primarily Utilizes zk-SNARKs?
Zcash (ZEC) is the major privacy coin that primarily utilizes the zk-SNARKs cryptographic proof system. Zcash offers users the option of "shielded" transactions, which use zk-SNARKs to fully encrypt transaction details on the public blockchain.
Users can also opt for "transparent" transactions, which behave more like Bitcoin's pseudonymous transactions.
Glossar
Zcash
Cryptocurrency ⎊ This digital asset utilizes advanced cryptographic techniques, primarily ring signatures and stealth addresses, to ensure that all transactions remain confidential regarding sender, receiver, and value.
Zk-Snarks
Abstraction ⎊ Zero-knowledge succinct non-interactive arguments of knowledge (Zk-SNARKs) represent a cryptographic primitive enabling verification of computations without revealing the underlying data, a crucial element for preserving privacy within decentralized financial (DeFi) systems and sustainable blockchain applications.
Major Privacy Coin
Category ⎊ This classification refers to cryptocurrencies engineered specifically to shield transaction amounts, sender, and receiver identities from public view, often utilizing advanced cryptographic techniques.