On the linkability of Zcash transactions

Today I’m publishing a paper (PDF, arXiv) I wrote about the linkability of certain types of Zcash transactions. I’m also publishing a list of round-trip transactions generated as part of the research. The code used is up on GitHub (parser, database generator). If you don’t feel like reading the whole thing, there’s a summary below!

Note: A draft of the paper was shared with the Zcash Company before publishing. They have published a blog regarding the results.


As you probably know, Bitcoin is a “transparent ledger”, which means that it is very simple (and in fact, essential to verifying its correctness) to trace the flow of coins from one address to another. In this way, the transactions are “linkable”. Zcash is a fork of Bitcoin that adds in a new type of address called shielded addresses or a “z-addrs”. Transactions involving z-addrs use a special type of cryptography (zk-SNARKs) to obscure the parties and amounts of transactions.

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