Privacy coin Zcoin's new protocol launches on mainnet

Cryptocurrency • July 30, 2019, 4:00AM EDT
UPDATED: July 30, 2019, 12:58PM EDT
The Block

Zcoin, an anonymity-focused cryptocurrency, is hoping to ramp up adoption by launching the Sigma protocol on its mainnet today, the firm shared with The Block on Tuesday.

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Zcoin was among the first cryptocurrencies to use zero-knowledge proofs but is now replacing its Zerocoin protocol with the Sigma protocol, aiming to fix underlying vulnerabilities. In particular, the protocol is geared at preventing an attacker from creating counterfeit privacy coins and inflating the supply, which fellow privacy coin Zcash faced earlier this year.

Specifically, the firm says the zero-knowledge proof Sigma protocol is the “the realisation of Zcoin’s vision to improve on privacy coin usability without compromising on security." The mainnet is expected to go live today through a hard fork. Users will have six months to redeem Zerocoin protocol mints for new Sigma mints.

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Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.

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