When it comes to cryptocurrency, being able to trace a specific transaction can prove to be useful in certain situations, but on the other hand privacy matters when utilizing a 100% non-traceable transaction you make sure that neither your pseudo-anonymous address nor your transaction details can be viewed or traced publicly. This is one of the reasons why the community behind BitcoinZ developed the feature of two different addresses on the BTCZ network.
Transparent Address
A transparent BitcoinZ address is public address like Bitcoin or Bitcoin cash which are pseudo-anonymous currencies that are in fact traceable with enough time and resources. All transparent BitcoinZ addresses start with the letter "t".
Example: t1YUoD5yUSncgt8mY9FaKrmnyeBbhqgR1XH
Private Address
The technology behind BitcoinZ draws from the successful ZCash and utilizes "Zero Knowledge Proof" or "Zero-Knowledge Succinct Non-Interactive Argument of Knowledge" also known as zkSNARKs. This technology allows users the choice to send currency to another users without leaving any signature of where the money is coming from, therefore making the transaction completely anonymous.
Example: zcDFnb1Cp2hzvN2LzNq4Ug9nAKrwAtCFwWv4Ve2w25KKQJtoPFhsBRcsV41pZ95nwH317JJBeTYdYa6PPuga7qVaFQxhHqG
To get your own transparent or private address check out this BitcoinZ address generator.
Follow
Upvote
Comment
Follow on Twitter
Not necessarily commenting on this coin specifically, but I tend to not trust the altcoins that have Bitcoin in their name. I mean if you're so confident of the tech why cling on to Bitcoin's name and brand?
BTW as far as zkSNARKs goes, why not stick to ZEC alone? My understanding is right now there are many coins implementing zkSnarks. I don't really understand the difference between those coins now, but I found it very interesting that even Snowden seems to like ZEC.
Although, the only reason for me to not like ZEC was because of 20% coins "Genius Tax" for the founders.
Of course you can't trust any altcoin out there. I mean there are hundreds of them. But for me, I tend to trust a bit more on open source, community driven projects. In the case of BitcoinZ they just had a big anonymous donation for BTCZ to be listed on one of the top 10 exchanges and we'll see how that works out :)
Nice to know that, thank you for that! \m/
Disclaimer: I am just a bot trying to be helpful.