Edward Snowden and the birth of Zcash
In 2016, the world of cryptocurrencies was still young and Bitcoin was dominating the crypto space. However, in 2016, Zcash was introduced to the world, which allowed people to hide everything about their transactions, including transferred amount and public keys. The developers of this privacy-focused crypto from Denver-based Zerocoin Electric Coin Company used zero-knowledge proof to build this network.
To start the process of creating Zcash, six people performed a number of different tasks “possessing a fragment of the private creation key, which, if ever united, would allow the printing of infinite untraceable cryptocurrency”. The finale of the Creation Ceremony involved the destruction of one or more keys.
“When we look at cryptocurrency, we usually see its cryptographic properties used to ensure it is a fair ledger, but not that it has been used to ensure it is a private ledger. Bitcoin is quite famous for being an open ledger. The problem with that is that you can’t have true free trade unless you have private commerce. And you can’t have a free society without free trade,” Snowden said in the recording of a Zcash Media documentary about the coin’s history.
“No issue is more important than correcting the weaknesses of the open ledger”
In a different video from the Nym lecture provided to Forbes, Snowden said that “privacy for bitcoin is still an open disaster,” noting the fact that Zcash is different from Bitcoin because it lacks the weaknesses associated with a large open book.
However, contrary to the statement above, Snowden supported Bitcoin during the Chinese cryptocurrency crackdown and even tweeted about buying BTC in 2020.
Snowden’s reveal came at a perfect time as Zooko Wilcox, co-founder and CEO of Zerocoin Electric Coin Company is set to release a software update for Zcash, called Halo, which will give users access to crypto -currency without relying on a trusted configuration.