ZCash ( ZEC ) becomes one of Vitalik’s favourite non Ethereum ( ETH ) based project
Ethereum co-founder Vitalik Buterin is no stranger to speaking his mind on Twitter. From openly accusing Craig Wright, to asking centralized exchanges ( such as Binance ) to “burn in hell”, Vitalik has had his fair share of controversies. A couple of days back, Vitalik even conducted a poll for Bitcoin Core supporters on the best possible block size for Bitcoin blockchain.
“Vitalik is a person who is passionate about Blockchain and sees it as a truly world-changing technology”
Among all these controversies, Vitalik is seen as a person who is passionate about Blockchain and sees it as a truly world-changing technology, which cannot be said for many people in the cryptocurrency space who are in just for the money.
When asked by Twitter user “The Crypto King”, on apart from Ethereum what all projects does Vitalik support, Vitalik replied, “ZCash is cool”.
What’s interesting to note is that Vitalik usually supports either Ethereum and Ethereum based projects. It is very rare that Vitalik would support a non-Eth based project. And if Vitalik calls a non-Eth based project “cool”, it means that the project has a huge potential.
What is ZCash?
ZCash like Bitcoin is a cryptocurrency used primarily for payments. But unlike Bitcoin whose transactions are all public and can be seen by anyone, ZCash transactions are private. That means the sender’s address, receiver’s address and the transaction amount are all hidden.
All the transactions on ZCash are published on a public blockchain. To achieve complete privacy ZCash uses a specially designed zero-knowledge proof protocol called zk-SNARKs, which “shields” the transactions.
Privacy coins and government
The cryptocurrency community praises privacy coins and calls them as the next step in the evolution of cryptocurrency. But the government’s and cybersecurity experts are not so thrilled by privacy coins, as the coins are harder to track and may promote criminal activities.
On June 18, the Japanese Financial Security Agency (FSA) announced that there will be an outright ban on all cryptocurrencies that provide a sufficient degree of anonymity to its end users.
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