Despite digital currencies being often perceived as anonymous payment networks, much of them are in fact, probably the most transparent payment networks in the world. Many of the crypto currencies have a public blockchain that makes them totally transparent. In reality, Bitcoin works with an unprecedented level of transparency that most people are not used to dealing with; contrary to what many believe, all Bitcoin transactions are public, traceable, and permanently stored in the Bitcoin network, and the same is true for a bundle of other crypto currencies. On the other hand there are some crypto currencies that have been developing techniques and trying real hard to provide totally anonymous and completely private transactions.
ZeroVert (ZER) uses the Zerocoin Anonymity Protocol to implement privacy features; it is a Scrypt-N algorithm coin, merge-mineable on the VTC chain with a total circulation of 8.4 million ZER; 2% are going to be allocated to ZeroVert Foundation for future development and improvements, while 5% will be directed to fund giveaways.
“When Satoshi created Bitcoin, he or she solved the double spending problem by broadcasting all transactions on a permanent public ledger. A byproduct of having all transactions placed on a public ledger is that privacy is sacrificed.”
Recent studies show that the blockchain can be analyzed, making it possible to trace transactions. Anyone can use the public ledger to break privacy, including powerful corporations and institutions such as the NSA. The powers of large corporations and Big Brother have increased dramatically, and it is time to fight for your right to privacy.
Now ZeroVert (ZER) promises to completely solve the privacy issue of Bitcoin and all preceding crypto currencies. ZeroVert is the first crypto currency to implement the Zerocoin protocol, guaranteeing complete anonymity and absolute security through zero-knowledge cryptographic proofs.
Bitcoin and many other alternative crypto currencies have tried to solve this problem through the use of transaction mixers or ring signatures. However, there are a number of drawbacks to these proposed solutions. For one, a malicious or compromised member of a mixer or ring signature could break privacy. Furthermore, the anonymity set is a key metric to understanding how private a crypto currency is. The anonymity set in formerly proposed solutions is limited by the size of the mixing cycle or ring signature. Each mixing cycle or ring signature is limited by the number of transactions per cycle, which is transitively limited by the block size of the crypto currency. Thus, the anonymity set in previous attempts at privacy tends to only be a few hundred transactions.
With ZeroVert, the anonymity set is set to a dramatically higher magnitude. Instead of having an anonymity set limited in the few hundreds, ZeroVert has an anonymity set that encompasses all “minted coins” in the ZeroVert system. The magnitude of the anonymity set is on the order of millions, rather than hundreds – it makes all previous alternative crypto currencies aimed at privacy obsolete.
The ZeroVert team is dedicated to offering a new gold standard in crypto currency privacy. The founding team includes:
Poramin, the designer and lead developer of Vertcoin – considered one of the top 5 most valuable crypto currencies by market-cap this February.
Gary, who invented the world’s first cryptographic protocol to conduct Bitcoin-denominated peer-to-peer atomic cross chain option contracts for alternative crypto currencies.
Strategically released yesterday, November the 5th, (Guy Fawkes Day) ZeroVert (ZER) promises to provide the much awaited anonymity features along with a set of newly introduced features that will give users a chance to enjoy full privacy.
Nuno Menezes is a Portuguese Bitcoin Entrepreneur and a crypto currency’s enthusiast supporting the Bitcoin Portuguese Community. He is an Anthropologist and a Writer and his current field of work is virtual currencies. Complementing his Social Sciences Master degree with a Professional background in telecommunications along some experience in Computer Science, he intends to bring knowledge and understanding about the impact of crypto currencies in society.
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