Well, the mystery is solved. The privacy coin Zcash came out in 2016 as a cryptocurrency heavily inspired by Bitcoin. However, it maintained great emphasis on the anonymous aspect of crypto by adding a few twists. Essentially, a team of six key developers helped create the coin while one of them remained unknown. As it turns out, the pseudonym John Dobbertin is none other than the controversial whistleblower Edward Snowden. And to think of it, it makes perfect sense for Snowden to participate in such project.
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What is Zcash?
ZCash is a cryptocurrency with great emphasis on anonymity. The decentralized blockchain network is similar to Bitcoin in many regards. Utilizing the Proof of Work consensus algorithm, as an open source network, ZCash has no access restriction based on demographic. However, unlike Bitcoin, all transactions are shielded in order to achieve maximum privacy and freedom.
To put it simply, all transactions made on ZCash network are first encrypted then recorded on the blockchain. However, they transactions are not transparent to the public. Only users who have been given access can see the encrypted transaction data. And that is only one specific transaction and no the others.
This privacy is achieved thanks to the zk-SNARKs cryptographic technology that stands for zero knowledge of Proof. Essentially, this technology allows both parties to make the transaction without revealing their payment addresses to one another. And to seal the deal, this tool allows the ZCash blockchain to make it impossible for anyone to trace the addresses and the amount of transactions.
To continue learning about ZCash, read “What is ZCash”
Edward Snowden
In a leaked video from Zcash Media, the former National Security Agency consultant has revealed his connection with the project.
“I saw [Zcash] being worked on by a number of trusted academic cryptographers and I thought it was a very interesting project,” said Snowden in the video. Snowden also goes on to speak on how the project is vastly different from Bitcoin in the video.
But, the big topic of conversation is “The Ceremony” which used to be like a folktale in the crypto community. Basically, the ceremony is the initial gathering of all six creators to split the private key with a promise to destroy it. Interestingly, Bitcoin core developer Peter Todd was also one of the six members. With this event, the private key which is a random assortment of letters and numbers is fully destroyed.
Why is it so important to get rid of the key? If someone got hold of the key, they could potentially create counterfeit Zcash coins. Snowden also says about the ceremony: “When it came to this concept, that they needed many people…cooperating in the hopes that just one of them might not be compromised…and that was necessary for the ceremony to succeed, I was happy to say ‘Sure, I’ll help,”
