Re: [ANN][ZEN] ZenCash: Private, Secure, Resilient CryptoCurrency with zk-SNARKs
Question RE: ZENCash - Was there any sort of a Trusted Setup like with Zcash? If so - how was that handled?
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So what is the Trusted Setup and why should I care?
The Trusted Setup is a vital part of what makes Zcash work. Zcash is the first coin to use a simplified implementation of a new cryptographic proof called zk-SNARKs (SNARKS for short). These SNARKS are the engine that can quickly and efficiently verify a transaction and add it to the blockchain without revealing any details to the public. The tricky thing about these SNARKS is that (like many algorithms) they need to have a one time setup. And the reason that this setup is called the Trusted Setup is because you have to trust that whoever generated those keys destroyed them when they were done.
The Trusted Setup is a vital part of what makes Zcash work. Zcash is the first coin to use a simplified implementation of a new cryptographic proof called zk-SNARKs (SNARKS for short). These SNARKS are the engine that can quickly and efficiently verify a transaction and add it to the blockchain without revealing any details to the public. The tricky thing about these SNARKS is that (like many algorithms) they need to have a one time setup. And the reason that this setup is called the Trusted Setup is because you have to trust that whoever generated those keys destroyed them when they were done.
Zclassic, a Zcash clone that changed some key parameters our community felt were important: removed both the 20% Founders Reward for the first four years (10% lifecycle equivalent) and the slow start to the money supply.
ZenCah - Release date: 8PM EDT, 23rd May 2017 as a fork from Zclassic (0:00 UTC). Anyone who held Zclassic prior to the block 110,000 chainsplit was allocated a 1:1 amount of Zen automatically. Simply import the Zclassic private keys into the new Zen wallet after the launch to redeem your tokens. Bittrex credited everyone who owned Zclassic at block 110,000 with an equivalent amount of ZenCash.