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How to Use Zoin’s Zerocoin Protocol

By 29 December 2017 No Comments

Dear Zoin Community,

Today you will learn about the Zerocoin Protocol.

The Zerocoin protocol is a key feature of our blockchain to allow the complete anonymity of all your Zoin coins; nevertheless, learning how to use it properly will increase the privacy and safety of all of your prior and future transactions.

Without the Zerocoin protocol, all Zoin coins would be completely public and traceable since their creation. Zerocoin allows you to completely erase the history of your Zoins by using the Mint and Spend commands.

The Mint command basically cleans your Zoins by converting a certain number of Zoins into Zerocoins. All of the new Mints will be together on the blockchain and it would be impossible to determine who processed them. After doing a MINT you must wait for 6 confirmations until those Zerocoins are available to spend.

The Spend command converts back your specific number of Zerocoins into clean, new Zoins which lack any prior transaction history and can be used safely. After doing a SPENT you must wait for 6 confirmations until those Zoins are available in a new address.

 

For Minting a Zerocoin, you must go to the Zerocoin tab in your personal wallet and then click the Mint Zerocoin button.

You will then choose to mint a specific number of Zerocoins: 1, 10, 25, 50 or 100.

Once you choose the number of Zerocoins to Mint, it will take a couple of confirmations on the blockchain to process. Be aware that your wallet must be completely synchronized with the blockchain in order to proceed with the Mint and Spend commands.

Once the Mint command is fully confirmed on the blockchain, you can use the Spend command which will place your Zerocoins as safe-to-use Zoins in a new address with no prior history.

Tip: Don’t Mint and Spend right away. If you mint 50 coins and you spend 50 coins right after the Mint command is confirmed, this transaction can be assumed as yours. It’s convenient to Mint and let your confirmations merge with thousands of other Mint transactions on the blockchain before spending them.

Remember, the objective is to remain anonymous.

The Zoin Team.

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