discussion 2

5 days ago

Srikanth Tangudige 

Discussion 2

COLLAPSE

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According to Narayanan et al, (2016), Blockchain is a shared database. Cryptocurrency is electronic money created with technology controlling its formation and protecting transactions while hiding the user identities. Cryptocurrency is not controlled by any central authority. It can be sent directly between two parties of interest both privately and public keys. The two examples of cryptocurrency in the discussion are Ripple cryptocurrency and Zcash.  Ripple cryptocurrency intends to aid the sector, primarily through the facilitation of global payments. The company is faster growing and it says the top five global money transfer companies are likely to Ripple’s cryptocurrency to make their payments soon. Part of Zcash has enhanced security and privacy. The record of the transactions is made in the blockchain but the details of the sender, the recipient and the amount send remain private. Zcash has the ability for users to make either private or public payments. It also more efficient during the transaction with low fees while ensuring that digital transactions remain more private.

According to Kappos, et al, (2018), the differences between Ripple and Zcash cryptocurrency include, Zcash is the most open, permissionless cryptocurrency that can fully protect the privacy of a transaction using the zero-knowledge cryptocurrency. Ripple connects banks, payment providers, digital assets exchanges and cooperates through Ripple net to provide one frictionless experience to send money globally. The similarities of the two cryptocurrencies are that their speed is high compared to bitcoin. Both the Ripple and Zcash have improved the security of the transactions and the user identifications compared to bitcoin. Things are sorted privately in Ripple and Zcash compared to bitcoin where things are publically sorted. I got an experience of using Zcash. My conclusion is that it is safe when doing transactions privately for the information is kept secure. The data and information recorded in it can only be accessed by the authorized personnel hence reducing information leakage.

Reference

Kappos, G., Yousaf, H., Maller, M., &Meiklejohn, S. (2018). An empirical analysis of anonymity in zcash. In 27th {USENIX} Security Symposium ({USENIX} Security 18) (pp. 463-477).

Narayanan, A., Bonneau, J., Felten, E., Miller, A., &Goldfeder, S. (2016). Bitcoin and cryptocurrency technologies: a comprehensive introduction. Princeton University Press.

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