Search Results For: zcash
How Zcash is Changing The Crypto Game With its Wrapped Debut
When it comes to cryptocurrencies and altcoins, there are a huge range of diverse crypto offerings, each offering unique value in its own way. While mainstream attention continues to be directed towards altcoins such as Ethereum and Ripple, privacy coin Zcash (ZEC) is an intriguing alternative that is flying under the radar of many investors.
Here is a rundown of Zcash and how it is using Wrapped and Anchorage to increase its functionality while maintaining the privacy and security benefits that it already offers.
How Zcash Provides Privacy with Cryptography
Zcash, based on Bitcoin’s codebase, is an altcoin that was initially released in 2016, and shares many similarities to Bitcoin. With this being said, the areas in which it differs are in regard to privacy and anonymity.
Zcash offers enhanced privacy through its ability to offer two types of addresses – those that are transparent, and those that are shielded. With shielded accounts, while Zcash transaction data is still posted to a blockchain that is public, personal and transaction data remain confidential. This is achieved through zero knowledge proofs, which allow for verified transactions without information such as transaction amount, sender and receiver.
Wrapped Zcash
Wrapped, which is a partnership between Anchorage and Tokensoft, launched WZEC as their first asset in late 2020. In understanding how wrapped Zcash is providing value, it is important to understand the idea of wrapping a token.
Essentially, wrapping a token involves representing a blockchain asset on another blockchain – with the example of Bitcoin, it would involve issuing a BTC equivalent on the Ethereum blockchain network. This exists in the form of wrapped bitcoin (WBTC). Wrapped tokens are backed on a 1:1 basis with the cryptocurrency upon which they were based, and need to be held in reserve by a qualified custodian.
Wrapped Zcash follows this same process, and as a result provides a number of benefits which are in many ways unprecedented.
How WZEC Provides the Best of Both Worlds
When it comes to the benefits of wrapped Zcash as opposed to ZEC, the functionality of this altcoin is dramatically shifted with WZEC.
Put simply, shielded Zcash holders can now use their Zcash whilst keeping their information private. They can now keep their assets in a shielded account, and are able to privately use a fraction of them on Ethereum blockchain by wrapping these assets. This addition means that Zcash users can benefit from the best of both crypto privacy and functionality.
In addition to this added capability, WZEC also provides benefits in regard to regulation – this is because wrapping Zcash on the Tokensoft platform results in a know-your-customer (KYC) process for shielded ZEC, in addition to the fact that ZEC holders need to be on the same page as Anchorage in terms of their compliance as qualified custodians.
Finally, it allows ZEC holders to invest and make transactions within the various Dapps built on Ethereum.
The Importance of Privacy in the Crypto World
When it comes to cryptocurrency in 2021, the growing demand for crypto is bringing with it an increase in the demand for safety, security and privacy in making transactions and using crypto assets.
While it was once not an option for shielded ZEC to be traded on crypto exchanges, WZEC makes this functionality a reality. Essentially, Wrapped is creating a crypto offering that includes the best of privacy and usability.
This is a product that is catering to a growing audience of crypto enthusiasts and investors, whether retail or institutional, and is a contributing factor to the increasing price of ZEC – 2020 saw huge increases in ZEC value, and this growth has so far continued into 2021.
While cryptocurrencies such as Bitcoin and Ethereum are popular within the wider crypto community, their shortcomings in regard to privacy are meaning that more and more investors with concerns regarding privacy are beginning to consider crypto offerings such as Zcash – with this being said, only time will tell whether ZEC ends up as a success.
Author Bio:
Chelsea Rogers is a marketing student and freelance writer for Current.com.au based in Melbourne, Australia. She is passionate about growing her crypto and finance portfolios. She is an avid music lover and regularly performs at local venues with her band.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
ZCash Bug: team releases software fix
A ZCash bug has been discovered a few days ago and now the development team has released a new software update to fix this denial of service (DoS) vulnerability.
In fact, in a new blog post, Zooko Wilcox and Paige Peterson – both developers at ZCash – explained how the bug could allow an hacker to crash a zcash node remotely by sending a specific kind of transaction.
ZCash bug found on Wednesday
The bug was found in an update included in the ZCash’s 1.0.4 release, related to how transactions are given priority in a node’s mempool.
This vulnerability was discovered back on Wednesday (April 12nd, 2017).
The blog explains:
“ZcashCo, and several exchanges, wallet vendors, and miners have already deployed a mitigation as well as detectors for this attack vector. No attacks have been detected.”
Zcash published a software update to address this bug, asking users to upgrade their platforms in order to delete the denial of service risk.
The Zcash team also commented that, should signs emerge that an attack attempt is being made, it would issue alerts and coordinate with related services on a response.
If you don’t know what I’m talking about, Zcash is a digital currency with the special feature of total anonymity thanks to its zero knowledge proof of work called zk-snarks.
ZCash Wallet – Open yours at HolyTransaction
Recently, we at HolyTransaction implemented the ZCash Wallet on our multicurrency wallet platform.
Together with Bitcoin, Ethereum and more than 10 other digital currency, from now on you can use HolyTransaction to store also ZCash coins.
Open your ZCash wallet here in 1 minute.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Zcash Market Cap: top 10 cryptocurrencies
Zcash Market Cap climbed as much as $64.7m on April 4th, becoming one of the top 10 digital currencies by market capitalization.
This completely anonymous cryptocurrency was launched back in 2016 and it uses the so-called zero-knowledge proofs “zs-SNARKS” to help users hide their information during the transaction process.
In fact, the Zcash blockchain hides any information related to users and transaction amount, becoming one of the first completely anonymous digital currency together with Monero.
The major reason that helped to push zcash market cap is the rising supply of the protocol’s ZEC tokens, with the supply recently passing 1m ZEC.
While its token price rose to almost $6,000 after going live, the Zcash market cap grown only of about $1.9m.
Even if the current Zcash market cap fell back to twelfth place at press time, we expect it to rise again soon.
Zcash Wallet
Recently we at HolyTransaction launched our Zcash Wallet.
On our desktop wallet you can now store zcash, bitcoin, ether and more than other 20 digital currencies within the same login.
HolyTransaction, in fact, is a multicurrency wallet where you can buy and spend all the major cryptocurrencies, including: bitcoin, zcash, ether, dogecoin, litecoin, blackcoin, faircoin, gamecredits, tether, omni, decred, peercoin, gridcoin, dash and more, within the same account, allowing you to manage your cryptocurrencies in a safe and easy way.
Open your multicurrency wallet here.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Best ZCash Wallet: store 20 digital currencies in 1 place
Are you looking for the best Zcash Wallet? Read here the ultimate guide about Zcash and find out how to store your coins in a safe place.
Zcash is one of the latest digital currencies appeared on the market. It is completely anonymous, as Zcash is based on a cryptographic tool called “zk-SNARK” that doesn’t require that the parties involved in a transaction exchange any information.
This means that on the blockchain you cannot read sender, receiver and amount-related information.
Also, another important feature of ZCash is that transactions clear in a fraction of the time, compared with bitcoin, for example.
New features for Zcash
Recently, the Zcash team published a new blog post in which they explained their plans to upgrade functionality of the digital currency that focuses on integrating new innovations into the protocol.
These changes include:
- A Payment disclosure feature that allow only people involved in the transaction to read the information embedded into the blockchain;
- inter-blockchain transactions with popular public blockchains such as bitcoin and ethereum will be available through a tool called XCAT (Cross-Chain Atomic Transactions).
Once implemented, these new protocol features will allow to issue Zcash tokens – similar to Ethereum-related ones.
The best Zcash Wallet
If you want to invest in Zcash you migh looking for the best Zcash wallet in the market.
Recently HolyTransaction added this cryptocurrency into its platform, allowing you to store Zcash and other 20 digital currencies in only one place, within the same login.
HolyTransaction, in fact, is a multicurrency wallet that provides a safe and low fees wallet where you can store not only Zcash but also bitcoin, dogecoin, litecoin, dash, ethereum, tether, blackcoin, faircoin and gamecredits, among the others.
It is a user-friendly wallet useful both for experts and non-technical users.
Each transaction can be followed on the blockchain thanks to a new tool we recently implemented: when your transaction is confirmed you will receive an email with your transaction ID, so you can track it on the blockchain.
Just like Bitcoin, you can now:
- Send Zcash to any address, even to addresses of other cryptocurrencies with instant conversion on the fly;
- Receive transactions;
- Exchange Zcash with any supported coins;
- Make instant transactions between HT users;
- Get real time exchange rates on the website;
- Set OTP for additional protection.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Wallet Zcash: how to store Zcash
We always work to provide you with a better service, and now we are glad to announce our new Wallet Zcash.
We are very proud about this new implementation for storing safely this disruptive digital currency.
So, from now on you can instantly purchase Zcash through your own Holytransaction wallet, transfer them to any HolyTransaction’s user for free, and make crypto-to-crypto transfers from/to Zcash, and 12 cryptocurrency’s networks.
All HolyTransaction customers can create a new address for their own Wallet ZCash and use the simple HolyTransaction Web Wallet to send and receive transactions or to instantly convert them to any other supported cryptocurrency.
Just like Bitcoin and 11 cryptocurrencies we currently support, you can now:
- Send ZCash to any address, even to addresses of other cryptocurrencies with instant conversion on the fly;
- Receive transactions;
- Exchange Zcash with any supported coins;
- Make instant transactions between HT users;
- Get real time exchange rates on the website;
- Set OTP for additional protection.
If you can’t see your newest Wallet Zcash, you just need to click on the “plus” button that you find at the top right of the balance page, once you successfully enter into your wallet.
You can use the “plus” button to select the wallets you want to see in the main page like shown in the picture below.
We’re really excited to be part of this new community!
NOTE: on our multicurrency wallet you can store 21 digital currencies, including: Bitcoin, Dash, Ethereum, Dogecoin, Faircoin, Gamecredits, Litecoin, Dogecoin, Blackcoin, Gridcoin and Zcash, among the others.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Understanding the Basics of Zero-Knowledge Proofs (ZKPs) Before Examining zk-STARKs and zk-SNARKs
Ethereum now has privacy thanks to zero-knowledge proof technologies, specifically zk-STARKs. But before we can assess zk-STARKs, it is important to define a zero-knowledge proof (ZKP).
Understanding the Basics of Zero-Knowledge Proofs (ZKPs)
A ZKP is a cryptographic technique that enables a prover to confirm another person’s assertion without disclosing any supporting data. zk-STARKs and zk-SNARKs are two of the most compelling zero-knowledge technologies available today, standing for zero-knowledge succinct non-interactive argument of knowledge and zero-knowledge scalable transparent argument of knowledge, respectively. These technologies allow one party to demonstrate their knowledge to another without actually revealing the knowledge, making them both scaling technologies, as they can enable faster proof verification, and privacy-enhancing technologies, as they reduce the amount of information shared between users.
zk-STARKs, specifically, enable users to communicate validated data or carry out computations with a third party without the other party knowing the data or results of the analysis. They are an advancement over zk-SNARKs because of their reduced algorithmic complexity, making them easier for even crypto experts to find mistakes in. These types of knowledge testing tools are primarily used to build highly private and secure systems that are decentralized and can only be accessed under specific, difficult-to-obtain conditions, such as those found in cryptocurrencies. These systems not only secure the network but also protect and anonymize users.
Comparing zk-SNARKs and zk-STARKs
There are a few main differences between zk-SNARKs and zk-STARKs. Firstly, zk-SNARKs require a reliable configuration phase, while zk-STARKs create verifiable computing systems without trust using publicly verifiable randomness. Secondly, zk-STARKs are more scalable in terms of speed and computational size when compared to zk-SNARKs. And thirdly, zk-SNARKs are vulnerable to attack by quantum computers, while zk-STARKs are currently immune. However, it is important to note that STARKs have larger proof sizes than SNARKs, meaning they take longer to verify and require more gas. In addition, the STARKs developer community is smaller and has less documentation compared to SNARKs.
Support from the Developer Community
Despite these differences, both the SNARKs and STARKs communities have support from developers. The Ethereum Foundation, in particular, has shown support for Starkware, a company using STARKs, by awarding them a $12 million grant. While documentation for STARKs is currently less comprehensive than that for SNARKs, the technical community has recently created more resources for those interested in the technology.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Generation X vs. Generation Y | Adopting Cryptocurrencies
Generation X and Generation Y Adoption of Cryptocurrencies: A Comparison
The world’s financial institutions are currently observing a vast digital ecosystem being expanded with reports for new digital currencies akin to the likes of cryptocurrencies to be launched soon. While these CBDCs (central bank digital currencies) are proclaimed not to harm or replace cash and other forms of legal tenders, we cannot help but talk about the ones instigating the change.
Cryptocurrency became popular since the launch of Bitcoin back in Jan 3rd, 2009. Ever since then, cryptocurrencies have seen a rise in popularity amongst the masses.
According to a recent study by Tech Jury, the cryptocurrency market cap has reached $265.545 billion as of May 2020. By 2023, the global blockchain market is expected to reach $23.3 billion. Furthermore, Bitcoin alone accounts for $6 billion of daily online transactions.
Moreover, cryptocurrency users have exceeded 40 million globally. In light, of this information, let’s take a quick look at how Millennials compare to Generation X when it comes to adopting cryptocurrencies.
Generation X
Generation X is widely regarded as the generation that followed Baby Boomers and preceded Millennials. Their age groups range from 40 to 55 years old as of 2020. Here is how Generation X is reacting towards cryptocurrency:
-
Investment Growth among Boomers & Gen X
While Millennials are regarded as the prime suspects for capitalizing on the crypto market, surprisingly both Baby Boomers and Gen X are being currently observed to closely follow the trends.
Hence in recent years, many sources have cited an increase in investment of cryptocurrency as both Boomers and Generation X take charge to close the gap. In some cases, they were also found to have more than doubled their investments.
-
Month on Month Growth
It seems like the word of mouth and awareness about cryptocurrency is spreading like wildfire as Generation X is seen to understand the value and find blockchain as a reliable security measure. Understanding the benefits of fast and instantaneous transactions, the group of disaffected people and entrepreneurs is already showing signs of crypto is affecting their thinking for the future.
Reports are coming in, showing an evident increase and Month on Month growth patterns. According to a study by Mode Banking, both Baby Boomers and Gen-X have shown a trend of increasing their investment in cryptocurrency by over 100%, especially during the COVID-19 pandemic.
-
Wealth Protection & Asset Diversification
With the current economy ridiculed by the pandemic, the growing fear for wealth protection has led Baby Boomers and those belonging from Gen-X to invest in resources that can allow for asset diversification. Cryptocurrency so far has been observed as the most favorable type of investment to safeguard personal wealth.
Generation Y
Otherwise known as Millennials, Generation Y is widely regarded as the generation succeeding Gen-X and Baby Boomers. Their age groups range from 24 to 39 years of age. Often regarded as the parents of Generation Alpha (like my darling son!) they were born into a world that as quickly becoming familiarized with the internet, mobile devices, and social media.
-
Growth of Alternative Asset
Millennials view of cryptocurrency is that of an alternative asset. Surprisingly not many of us want to invest in stocks and are more interested in assets that are backed by technologies. According to a recent study by Coin Telegraph, Millennials are three times more likely to invest in cryptocurrency as compared to Generation X. Furthermore, 9% of Millennials chose crypto as their long-term investment option.
Students applying for and seeking dissertation assistance are also looking for ways to invest alternative asset that can help secure their personal wealth for the future. It is important to note here that while both real estate and stocks are also good options for Millennials, they are currently dominated by Baby Boomers in the present times.
-
Shifting Presence for Everything Digital
Studies from different financial institutions and digital currency markets are coming in showcasing Millennials as a driving force for the adoption of Bitcoin for years to come. Zac Prince, the CEO and founder of BlockFi, identifies a major trend for Millennials where they seek everything digital.
Furthermore, with Bitcoin reaching its all-time high and pushing over $23,000 per coin as of Dec 17, 2020, who can blame Millennials for making the right choice so far!
-
Wealth Transfer to the Young
There is a Japanese idiom that states the next generation as the actual king of the world. Come to think of it this world will always belong to the next generation that is how our life expectancy is all about. We may get to live 100 years, but eventually, the circle of life catches up to us. As we depart, the new generation takes to the throne.
For countless eras, this is how wealth has been passed down from old to the young. Currently, Millennials are in the process to take control and eventually move Boomers out to take their seat on the ruling chair. This transfer of power and wealth on a massive scale will indefinitely cause investment in cryptocurrency to rise by a tremendous rate.
Conclusion
Cryptocurrency is on the rise with Bitcoin riding the tidal wave in recent times. Not only digital assets and crypto are skyrocketing, but even the BIS (Bank of International Settlements) is also considering launching digital currencies with the help of IMF and 60 central bank members.
Someone really has to be blind enough to not see how things are rapidly changing and converging towards digital resilience. So far Millennials and Gen-X have shown their growing interest in adopting cryptocurrencies with Boomers lagging behind to catch up on the trend.
Author Bio
Samantha Kaylee currently works as an Assistant Editor at Crowd Writer. This is where higher education students can acquire literature review writing service UK from professionals specializing in their field of study. During her free time, she likes to catch up on all the latest tech developments happening across the globe.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Wallet Maker: MKR token is available on HolyTransaction
As of today, you can instantly purchase MKR on HolyTransaction, transfer them to any HolyTransaction’s customer for free, and do crypto-to-crypto swaps between your Wallet MKR and more than other 30 cryptocurrencies.
MakerDAO it’s a prime example of Ethereum’s smart contract platform.
Maker is a decentralized autonomous organization on which the MKR token and DAI operate, and it is built on Ethereum. Essentially, it exists to reduce the price volatility of the Dai against the US Dollar. MakerDAO’s native cryptocurrency token is MKR, which can be stored on HolyTransaction now.
Dai and MKR are dependent on each other to operate, Dai offers stability, while MKR offers involvement and potential on MakerDAO.
As the technology and methodology behind MakerDAO continues to progress the future of stablecoins and DAO are certain to bring interesting evolution to the cryptocurrency economy.
All HolyTransaction customers can create a new address for MKR and use the simple HolyTransaction Web Wallet to send and receive transactions or to instantly convert them to any other cryptocurrency.
Just like with Bitcoin, you can:
- Send MKR to any address, even to addresses of other cryptocurrencies with instant conversion on the fly;
- Receive transactions;
- Exchange MKR with any supported coins;
- Make instant transactions between HT users;
- Get real time exchange rates on the website;
- Set OTP for additional protection.
To add Wallet Storj just click on the “plus” button you find at the top right of the balance page, once you successfully enter into your wallet.
You can find the “plus” button to select the wallets you want to see in the main page like shown in the picture below:
We’re excited to be part of the STORJ community!
NOTE: Our multicurrency wallet can store more than 30 cryptocurrencies, including: Bitcoin, Dash, Ethereum, Dogecoin, Litecoin, Decred, Zcash, Dai Stablecoin, DigixDao, Augur, 0x Project, Gamecredits, Enjin Coin, Blackcoin, Gridcoin, Aidcoin, Peercoin, Syscoin, Groestlcoin, Power Ledger, BAT, BlockV, PIVX, TrueUSD, Cardano, STORJ, Monero and MakerDAO among the others.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Wallet Monero: how to store XMR
As of today, you can instantly purchase Monero on HolyTransaction, transfer them to any HolyTransaction’s customer for free, and do crypto-to-crypto swaps between your Wallet Monero and more than other 30 cryptocurrencies.
Monero (XMR) was released in April of 2014, it was originally called BitMonero and launched as a preannounced and fair launch of the CryptoNote reference code. Since its original launch, Monero has migrated the blockchain to another database structure, improving flexibility and efficiency. The developers also set minimum ring signature sizes to make all transactions private, and RingCT was added. Almost every improvement made so far has made Monero easier to use or enhanced its security and privacy. The cryptocurrency was founded by Riccardo Spagni alongside 6 other developers, 5 of whom have decided to remain anonymous till date, but more than 240 have contributed to the code.
All HolyTransaction customers can create a new address for XMR and use the simple HolyTransaction Web Wallet to send and receive transactions or to instantly convert them to any other cryptocurrency.
Just like with Bitcoin, you can:
- Send XMR to any address, even to addresses of other cryptocurrencies with instant conversion on the fly;
- Receive transactions;
- Exchange XMR with any supported coins;
- Make instant transactions between HT users;
- Get real time exchange rates on the website;
- Set OTP for additional protection.
To add Wallet Monero just click on the “plus” button you find at the top right of the balance page, once you successfully enter into your wallet.
You can find the “plus” button to select the wallets you want to see in the main page like shown in the picture below:
We’re excited to be part of the XMR community!
NOTE: Our multicurrency wallet can store more than 30 cryptocurrencies, including: Bitcoin, Dash, Ethereum, Dogecoin, Litecoin, Decred, Zcash, Dai Stablecoin, DigixDao, Augur, 0x Project, Gamecredits, Enjin Coin, Blackcoin, Gridcoin, Aidcoin, Peercoin, Syscoin, Groestlcoin, Power Ledger, BAT, BlockV, PIVX, TrueUSD, Cardano, STORJ and Monero among the others.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Wallet Storj: STORJ token joins HolyTransaction
As of today, you can instantly purchase Storj on HolyTransaction, transfer them to any HolyTransaction’s customer for free, and do crypto-to-crypto swaps between your Wallet Storj and more than other 30 cryptocurrencies.
The Storj project provides for a decentralized cloud storage facility and is originally pronounced as “storage“.
Storj’s main aim is to rent a space on the secondary storage devices of the members of its network and pay them in cryptocurrency, for their service they provide. Therefore, Storj’s native cryptocurrency token is STORJ, which can be stored on HolyTransaction now.
“The main difference between Storj and other decentralized cloud storage platforms is that Storj only uses blockchain to manage payments and not to store data. This is due to the high cost and slow speeds found in blockchains. For example, even the fastest blockchains process data/payments in seconds. Meanwhile, traditional cloud storage solutions, like Amazon S3, can store files in milliseconds – many orders of magnitude faster than even the fastest blockchains.”
Shawn Wilkinson (Founder of Storj)
The Storj platform offers online storage similar to Dropbox or Google Drive, but does so over a distributed network. Renting out unused extra space on our hard drives is referred to as, Farming, for instance. The process as simple as downloading a client from the network, choosing the amount of space to be rented, and a wallet address to store the incentives received in the form of cryptocurrency.
All HolyTransaction customers can create a new address for STORJ and use the simple HolyTransaction Web Wallet to send and receive transactions or to instantly convert them to any other cryptocurrency.
Just like with Bitcoin, you can:
- Send STORJ to any address, even to addresses of other cryptocurrencies with instant conversion on the fly;
- Receive transactions;
- Exchange STORJ with any supported coins;
- Make instant transactions between HT users;
- Get real time exchange rates on the website;
- Set OTP for additional protection.
To add Wallet Storj just click on the “plus” button you find at the top right of the balance page, once you successfully enter into your wallet.
You can find the “plus” button to select the wallets you want to see in the main page like shown in the picture below:
We’re excited to be part of the STORJ community!
NOTE: Our multicurrency wallet can store more than 30 cryptocurrencies, including: Bitcoin, Dash, Ethereum, Dogecoin, Litecoin, Decred, Zcash, Dai Stablecoin, DigixDao, Augur, 0x Project, Gamecredits, Enjin Coin, Blackcoin, Gridcoin, Aidcoin, Peercoin, Syscoin, Groestlcoin, Power Ledger, BAT, BlockV, PIVX, TrueUSD, Cardano, and STORJ among the others.
Open your free digital wallet here to store your cryptocurrencies in a safe place.