It was last year when a project by the name of Zerocoin came about. First designed to be a proposed privacy extension built atop the already widely-used bitcoin digital currency, Zerocoin has decided to take things to the next level by morphing into its own altcoin.
The news was announced by John Hopkins University cryptography professor Matthew Green today at the Real World Crypto conference in New York. Green says that Zerocoins will enter circulation in May, when Zerocoin enters a beta period.
Much like bitcoin, Zerocoin will have its own blockchain and miners, but it will also have the added benefit of user privacy built right into the protocol.
Green says Zerocoin has been “naive” in hoping their technology would become part of bitcoin, which is most certainly has not. Separating into its own cryptocurrency offers Zerocoin the flexibility to bake in features without having to worry about compatibility with bitcoin.
Zerocoin is designed to use the “zero-knowledge proof” scheme, which allows a mathematical statement to be proven without the need to reveal the computation itself. In application, Zerocoins can be put together, spent, and divided without the need to publicly disclose the amount in question and destination of the transaction.
More information as it becomes available. (via Forbes)