Zcash Ushers brings Privacy Coins: do anonymous, untraceable transactions

The Zcash (ZEC-USD) network is now one of the most popular privacy cryptos. 

This is all due to the buzz that has been spreading in the privacy coin industry. 

What users can do

The Zcash chain, along with Monero, is one of the most popular privacy currency blockchains in the world (XMR-USD). 

To facilitate these secret transactions, it employs a method known as the zero-knowledge succinct non-interactive argument of knowledge or zk-SNARKs. In essence, zk-SNARKs allow users to confirm the legitimacy of their transactions to validators without revealing the actual data.

Whether you like them or not, privacy coins have become a popular way for cryptocurrency users to perform entirely anonymous, untraceable transactions. 

And, thanks to the much-anticipated NU5 version, the use cases for Zcash are growing even larger this week.

Zcash users may make transactions in a variety of ways thanks to its technology. 

A private address may be used for completely private transactions, whereas a non-private address can be used for completely public transactions. 

Similarly, a person on one end of a transaction can hide their identity, while the other user may not. 

The model provides a wide range of alternatives to meet the needs of both parties in a transaction.

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All attention to privacy coin

With the launch of NU5, Zcash expands its privacy coin options.

This year, privacy coins have attracted increased attention. 

This comes as governments throughout the world strive to tighten their grip on digital assets. 

As the EU considers implementing know-your-customer (KYC) regulations for all crypto businesses in Europe, privacy currencies like Zcash are becoming havens for those who don’t want their personal information shared publicly.

This week, Zcash is capitalizing on the growing interest in privacy currencies. 

It’s doing so with its first significant upgrade since August 2020 and the protocol’s sixth major upgrade overall. Developers have even gone so far as to remark that the update marks a turning point for cryptocurrency.

Zcash developers began touting the NU5 update two weeks ago, and it was formally launched on Tuesday. 

Most significantly, the improvement eliminates the network’s requirement to set up elaborate “ceremonies” for each transaction, which reduces the mechanics of data exchanges.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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