3:33 PM GMT, Sunday 16th September 2018 heralded the arrival of ColossusXT’s new Zerocoin Protocol which went live at block 500,000. This is another major leap forward for their bleeding-edge privacy coin called COLX.
Zerocoin is an enhanced privacy protocol that allows users to convert COLX to zCOLX and send transactions with complete anonymity. This is the very latest privacy enhancement to their already super-private privacy coin solution.
In layman’s terms, what this simply means is that COLX employs ‘Zero-Knowledge Proof’ technology, which, in itself, enables the user (prover) to prove to another user (verifier) that a transaction is true, without publically providing any information aside from the fact that the money was indeed sent or received.
So, what is a ‘Privacy Coin’ and why do you need one?
As its name suggests, a privacy coin focuses on privacy for all of your transactions. Bitcoin, the very first Cryptocurrency, is only pseudo-anonymous per se as all transactions are recorded on the blockchain global ledger – which is publically available, thus viewable by anyone and everyone who cares to take a look, they are not ‘private’ as such. Although no personal details are stored, just the transaction ID and the value, anyone interested in tracing transactions can build a network tree linking all transactions from one wallet to another wallet. They can then build up a list of known wallet identities – mainly when people withdraw funds via an exchange that holds their personal ID – and start to build a picture of transactions detailing who is sending what, to whom, and to where. So, with that in mind, a lot of work has been invested into developing the ultimate ‘privacy coin’ for the future.
Sadly, today, we are living in a world where everyone and every institution wants to know, even to pry and spy into your own private world and financial affairs, so one is perfectly entitled to try and keep themselves ‘privacy aware’ thus ‘privacy protected’.
Many anti-Cryptocurrency naysayers say that it is only people who want to use Cryptocurrency for nefarious ends that need the ultimate privacy coins, whereas, in fact, nothing could really be further from the truth of the matter because when we flip the coin over we find the major banks and other financial institutions starting to adopt blockchain technology privacy for their own customers’ transactions which is vital to them if they are to start developing and using Cryptocurrencies themselves, at once complying with global client privacy regulations.
For example, Zcash – one of the very first encrypted blockchain coins; its price literally doubled overnight from $100 per coin to $200 per coin on the news announcement that JP Morgan Chase was partnering with Zcash to incorporate their developing encryption protocol into JP Morgan’s new Quorum blockchain platform:
The company behind Zcash, the Zerocoin Electric Coin Company (ZECC) announces a partnership with JP Morgan Chase to add Zcash’s privacy technology to Quorum, an enterprise blockchain platform JP Morgan built on Ethereum, a network similar to Bitcoin’s but focused on smart contacts.
– 22nd May 2017. www.Forbes.com.
Not that long ago, the idea that JP Morgan might integrate technology developed explicitly for a Cryptocurrency would have seemed highly far-fetched.
Back in November 2015, JP Morgan CEO Jamie Dimon ruffled some feathers in the blockchain community when he publically stated that “no government” would tolerate a Cryptocurrency that is designed to evade government control. But in the same speech, he expressed interest in distributed ledger technology for its potential in the finance space.
Since then, the bank, valued at $300bn, has become a leader in the blockchain space, first with Juno, an early experiment with the technology unveiled at a Hyperledger meeting last March.
By October, the project had evolved into Quorum, an enterprise-grade blockchain designed specifically to let large financial institutions comply with regulatory requirements, especially on the privacy protection front.
The fear among bankers is that there’s this guy out there, and he can do whatever he wants, and nobody can stop him, I would be afraid too if I were a bank.
– Dick Bove, longtime U.S. analyst.
ColossusXT is the ‘new kid on the block’ in the Privacy Coin arena – it’s 3rd Generation to Bitcoin… Bitcoin, Dash, Pivx, ColossusXT. It’s the very latest Pos 3.0 with masternodes; it’s self-governing and self-funding with no pre-mine or ICO.
It’s got a great development and support team of dedicated enthusiasts and an ever-growing community of loyal supporters…
Want to know more! Join their Discord: discord.gg/q3cGz9
Download Their Wallet: colossusxt.io/downloads-wallet
Android Wallet: play.google.com/store/apps/details?id=colx.tech.team
Current Price: coinmarketcap.com/currencies/colossusxt
Images courtesy of ColossusXT