The Zcoin (XZC) team announced that it is conducting its own resource and development into implementing the Zerocoin protocol on the Ethereum blockchain.
The company stated in its bog that this recent announcement comes in accordance with Ethereum’s philosophy of redundancy and having multiple implementations, especially when it comes to cutting-edge and still highly experimental cryptography.
“There are already several projects trying to implement privacy on Ethereum, most notably Zcash-on-Ethereum (ZoE) and Hawk. Zcoin is looking to implement Zerocoin spending verifications on smart contracts with the goal of creating a decentralized and in the future, trustless coin mixer for Ether,” the announcement said.
Zerocoin permits for Ether transactions by breaking any transaction links, to be obscured with plausible deniability of up to several thousand that compares to other anonymization mechanisms. It does not require users to trust any third parties and does not need other users to provide liquidity for a mixing transaction.
The other features of Zcoin on Ethereum include ‘untraceable’ tokens for anonymous voting and blind auctions and ICOs, among others.
“After initial calculations and correspondence with Vitalik Buterin, we believe that implementation should be feasible with the upcoming Metropolis release. As running these operations directly in the EVM is too costly, we also are looking to implement pre-compiled contracts instead,” it added.
