The development team behind Zcash which is considered the most privacy-focused cryptocurrency with a market cap over $270 million, has fixed a critical security flaw secretly by cryptographer Ariel Gabizon and we are about to find out more in today’s crypto news.
Zcash said that the vulnerability that was extremely subtle didn’t pose a threat to the network nor to its anonymity but could have been manipulated by hackers in order to create an unlimited amount of a counterfeit type of Zcash.
If someone else discovered the flaw in the network, he could have asked for potentially millions of dollars from the users and could have further damage the market’s trust in the privacy-oriented coin.
With millions of dollars being exposed to theft, Zcash remained silent about the flaw and chose to only notify Komodo and Horizen which are the two most coins that employ flawed cryptography. The team managed to fix the issue which earned their praise from Edward Snowden.
He praised the team for discovering the flaw and taking the right steps to fix it while at the same time protecting millions of dollars worth of crypto. He tweeted:
‘’A lot of people wonder why I like #Zcash despite the Founder’s Reward. Here’s a reason: that tax funds a quality team that catches and kills serious bugs in-house, before they get exploited. Some other projects learn about bugs like this only AFTER people have lost money.’’
And he continued:
‘’Zcash’s privacy tech makes it the most interesting Bitcoin alternative. Bitcoin is great, but “if it’s not private, it’s not safe.”
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“Rug pull senses tingling. I managed to make it here up in $BTC, up in $USD. Going to keep it that way – tethering ~75% of my $crypto holdings. Playing with the rest. Maybe I get left behind, but I don’t think so.”Despite Bitcoin's increased dominance which now sits at its all-time high of 54.2%, the technical perspectives show that the great altcoin boom on the market is likely to produce a boost - and that the future altcoin news may show us a lot of new capital and confidence from investors. However, this altcoin boom is only possible if Bitcoin sees a strong upside movement and stabilizes above the crucial resistance levels. Currently, the daily spot volume of BTC is at around $580 billion which is still a big up since the first week of March - and a good sign that the great altcoin boom may be around the corner.
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