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Privacy-Focused Zcash Demands Access To Ethereum’s DeFi Ecosystem

Stefan by Stefan
13/10/2019
in Ethereum News
Reading Time: 2 mins read
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Zcash broke, ZEC, price
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Privacy-focused Zcash is looking to find access to Ethereum’s decentralized finance ecosystem as we are about to find out more in the latest news on altcoin.

As reported just a day ago, the topic of interoperability was the key point of the now concluded Devcon 5 developer conference in Osaka, Japan. At this conference, many of the smaller crypto projects such as the privacy-focused Zcash but also many other smaller projects showed their interest into the Ethereum’s decentralized finance ecosystem. The co-founder of Summa, James Prestwich, stated:

 “Connecting to other chains doesn’t seem to be an Ethereum developer’s priority, but other chains seem to want to connect to Ethereum.”

The developers all over the world have been working on interoperability solutions just so they can enable different networks and to be able to interact more efficiently in an attempt to eradicate the existing issues in regard to scalability and speed. Related to this matter, the VP of marketing and business development at Electric Coin Company Josh Swihart, explained that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network by saying:

 “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 Ethereum smart contracts.”

The ZCash Foundation board member Ian Miers explained the issue of why decentralized app creators might want to protect their addresses and smart contracts. However, as previously reported in the blockchain news, the South Korean cryptocurrency exchange UpBit stopped the trading support for six cryptocurrencies including Zcash. The exchange decided to delist these six privacy coins in order to block the possibility of money laundering and the influx of external networks. Also, a few days ago, the OKEx crypto exchange confirmed that they will also stop the trading of Zcash and other privacy-oriented digital assets. the exchange made clear that all of the coins fall short on the new guidelines that were set out by the intergovernmental body which is the Financial Action Taskforce.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: decentralized finance ecosystemdefi ecosystemethereum's defi ecosystemethereum's systemprivacy orientedprivacy-focused zcashzcashzcash cryptozcash cryptocurrency
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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