Zerocash: Decentralized Anonymous Payments from Bitcoin
Eli Ben-Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer, Madars Virza
Zerocash presents a protocol for decentralized anonymous transactions on top of a base ledger like Bitcoin. It utilizes zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge) to allow users to hide the origin, destination, and amount of transactions while maintaining the integrity of the ledger and preventing double-spending. The research demonstrates how to construct a privacy-preserving payment system that is both secure and auditable without trusted third parties. This protocol significantly advanced blockchain privacy, serving as the technical basis for the Zcash network. The paper effectively bridges high-level cryptographic theory with practical implementation for real-world financial privacy.
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