Privacy-focused Zcash announces more services are using shielded addresses
ZCash recently posted that more and more services are using shielded addresses after the Sapling upgrade. With this new upgrade, Zcash hopes that people will inevitably prefer to use shielded or private addresses, as Zcash mentioned in its blog, “This is just the beginning for Zcash’s mission toward a shielded ecosystem.”
According to the blog post, mining pools and many other services have started to support shielded addresses for withdrawals and also for exchanges. However, interestingly, majority of the Zcash transactions were publicly viewable over the past 30 days. According to Blockspur, which is known to track Zcash and Zcash Classic network data, no significant uptick in shielded transaction activity were noted.
It is to be noted that shielded addresses are not the same as transparent addresses in which anyone can see the activity. In case of private cryptocurrencies information related to transaction is not readily available for public.
In the blog post, Paige Peterson wrote, “The increased adoption of shielded addresses is due to the underlying advancements of Zcash cryptographers. They have developed and implemented significant changes to the zero-knowledge proving mechanism in Sapling. Years of research and cryptographic design work have produced these improvements which build upon existing schemes and invent new ones.”
Reportedly, despite the upgrade, the overall network activity in Zcash is very low as compared to many other cryptocurrencies. And, it is to be noted that the transaction volume is one of the main indicators showing the growth of a blockchain network.
In other news, Coinbase, the San Francisco-based exchange announced earlier this month that that it is extending support for Zcash at Coinbase.com and in the Android and iOS apps. Coinbase customers can now buy, sell, send, receive, or store ZEC. During that time, the distinction between the “transparent” and “shielded” transactions was compared to the distinction between encrypted HTTPS and unencrypted HTTP.
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