Zcoin official logo
|Original author(s)||Matthew D. Green|
|White paper||Zerocoin: Anonymous Distributed E-Cash from Bitcoin|
|Initial release||0.1 / 28 September 2016|
|Latest release||0.13.8.2 / 17 July 2019|
|Developer(s)||Poramin Insom |
|Source model||Bitcoin codebase|
|Hash function||Merkle Tree Proof|
|Block reward||50 XZC per block (next halving in year 2020)|
|Block time||5 minutes|
|Circulating supply||8.05 million XZC (1 August 2019)|
|Supply limit||21.4 million XZC|
|Exchange rate||US$ 8.54/XZC (1 August 2019)|
|Market cap||US$ 69,448,655 (1 August 2019)|
In the late 2014, Poramin Insom, a student in Masters in Security Informatics from Johns Hopkins University wrote a paper on implementing the zerocoin protocol into a cryptocurrency with Matthew Green as faculty member. The project to create a standalone cryptocurrency implementing the Zerocoin protocol was named "Moneta".
On 28 September 2016, Zcoin (XZC), the first cryptocurrency to implement the zerocoin protocol, was launched by Poramin Insom and team. Roger Ver and Tim Lee were Zcoin's initial investors. Poramin also set up an exchanged named "Satang" that can convert Thai Baht to Zcoin directly.
On 20 February 2017, a malicious coding attack on Zerocoin protocol created 370,000 fake tokens which perpetrators sold for over 400 Bitcoins ($440,000). Zcoin team announced that a single-symbol error in a piece of code "allowed an attacker to create Zerocoin spend transactions without a corresponding mint". Unlike Ethereum during the DAO event, developers have opted not to destroy any coins or attempt to reverse what happened with the newly generated ones.
In April 2018, a cryptographic flaw was found in the Zerocoin protocol which allowed attackers to steal, destroy, and create Zcoins. The Zcoin cryptocurrency team while acknowledging the flaw, stated the high difficulty in performing such attacks and the low probability of giving economic benefit to the attacker.
In December 2018, Zcoin implemented Merkle tree proof, a mining algorithm that deters the usage of Application-specific integrated circuit (ASIC) in mining coins by being more memory intensive for the miners. This allows ordinary users to use central processing unit (CPU) and graphics card for mining, so as to enable egalitarianism in coin mining. In the same month, Zcoin released an academic paper proposing the Lelantus protocol that remove the need of trusted setup and hides the origin and the amount of coins in a transaction.
On 30 July 2019, Zcoin formally departed from the zerocoin protocol by adopting a new protocol called "Sigma" that prevents counterfeit privacy coins from inflating coin supply. This is achieved by removing a feature called "trusted setup" from the zerocoin protocol.
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