Privacy Coin Zcash Community to Develop Wrapped Token for Ethereum

Privacy Coin Zcash Community to Develop Wrapped Token for Ethereum

The privacy-focused Zcash (ZEC) is seeking access to ’s decentralized finance (DeFi) ecosystem.
Zcash’s shielded addresses on the network
On Oct. 13, Coindesk reported that the topic of interoperability was the theme of the now concluded Devcon 5 developer conference in Osaka, Japan, where a number of smaller projects displayed interest in accessing ’s DeFi ecosystem. Summa co-founder, James Prestwich, told the news outlet:
“Connecting to other chains doesn’t seem to be an developer’s priority, but other chains seem to want to connect to Ethereum.”
Developers all over the world have been working on interoperability solutions to enable different networks to interact more efficiently in an attempt to eradicate existing issues in regard to scalability and speed. 
In that regard, Josh Swihart, VP of marketing and development at Electric Coin Company, said that the Zcash community will develop a wrapped ZEC token that can be used on the blockchain network, adding:
“If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with Zcash as well … Ultimately, we want Zcash shielded [addresses] to be usable in smart contracts.”
When asked why decentralized app creators might want shielded address and smart contract options, Zcash Foundation board member Ian Miers said:
“You don’t want to be the kid at Chuck E. Cheese where everyone knows you have all the tokens.”
Zcash gets delisted on Upbit and OKEx
Cointelegraph previously reported that South Korean exchange Upbit was ceasing trading support for six cryptocurrencies, including Zcash. The exchange clarified that the reason for delisting these six privacy coins is to block the possibility of money laundering and the inflow from external networks.
Just days before, OKEx Korea confirmed it would halt trading of Zcash and other privacy- focussed coins. The exchange said that the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force.

See also  Bitcoin Price Soars 42% to $10,500 — Biggest Daily Gain Since 2011

Leave a Reply

Your email address will not be published. Required fields are marked *

Want to automate your crypto Trading?
Try this new trading Robot!

Your information will be validated and you will be automatically redirected to the trading robot advanced dashboard.