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Zcash News

Zcash Suddenly Became The Black Sheep On The Market-Why?

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FO6E3842CAC44 - Zcash Suddenly Became The Black Sheep On The Market-Why?

Zcash suddenly became the worst performer on the market after it dropped by more than 15 percent this week as Bitcoin’s dominance reaches 70 percent as we read in the latest cryptocurrency news reports.

The privacy-focused cryptocurrency Zcash suddenly declined to a market cap of less than $400 million and it was only trading at $66 less than seven days ago. Among the leading 30 altcoins by market cap, Zcash’s decline is surpassed by Maker which is a token built on the ethereum blockchain. The double-digit drop comes right after Coinbase UK announced they will delist the privacy coin and this is ten months after the platform first announced the support for the coin.

The crypto exchange asked the customers in the United Kingdom to convert their Zcash holdings into other cryptocurrencies or simply move them to another platform by August 26th. The users who won’t manage to take the prescribed steps will see their Zcash coins forcibly converted into sterling pounds after the deadline has elapsed. The move will only affect the users from the United Kingdom. Other exchanges in the country remained unaffected but the delisting has still raised questions about the regulatory status of the cryptocurrency overall. Coinbase UK still hasn’t explained the move but the speculations explain that the platform has a plan to access the Faster Payments Scheme designed to reduce transfer times.

In July, the crypto exchange announced that they will temporarily suspend the support for the FPS as we read in the coming altcoin news with regards to deposits and withdrawals being made in the sterling point. At that time, Coinbase UK gave no indication that it is planning to delist any coin. The talks about the regulatory backlash have been rebuffed by the senior market analyst Mati Greenspan who believes that Zcash is the most complaint cryptocurrency among the privacy coins. Greenspan also noted that Coinbase UK is being forced to delist Zcash:

“Hard to imagine that any particular financial institution will specifically hinder business operations with Coinbase solely due to their dealings with Zcash in particular, especially given their overall business operations that have exposure to all types of crypto assets.”

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Ethereum News

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

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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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Zcash News

Zcash Bug Could Leak Data Containing Full Nodes’ IP Addresses

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A new Zcash bug was discovered lately, showing that the implementations and most of the coin's forks could leak metadata that contains nodes with the IPs of the shielded addresses (zaddr). As the crypto news show, the bug was first discovered by the Komodo (KMD) core developer Duke Leto, who disclosed in a blog post published on his personal website.The Zcash bug was identified on time, and a Common Vulnerabilities and Exposures (CVE) code has already been assigned to track the issue. According to Leto:
“A bug has existed for all shielded addresses since the inception of Zcash and Zcash Protocol. It is present in all Zcash source code forks. It is possible to find the IP address of full nodes who own a shielded address (zaddr). That is, Alice giving Bob a zaddr to be paid, could actually allow Bob to discover Alice’s IP address. This is drastically against the design of Zcash Protocol.”
The announcement also shows that everyone who published their zaddr (shielded addresses IPs) or provided them to a third party could be affected by the vulnerability. According to Leto, users should also consider their “IP address and geo-location information associated with it as tied to [...] zaddr.”In fact, Leto is in the cryptocurrency news today for stating that users who never used a zaddr - or only used it over the Tor Onion Routing network or as a way to send funds - are not affected. Furthermore, Leto also claimed that Zcash is not the only cryptocurrency that is affected and provides a non-exhaustive list.The cryptocurrencies which are included and potential victims of the Zcash bug include Zcash, Hush, Pirate, Komodo smart chains with zaddr enabled by default, Safecoin, Horizen, Zero, VoteCoin, Snowgem, BitcoinZ, LitecoinZ, Zelcash, Ycash, Arrow, Verus, Bitcoin Private, ZClassic and Anon.Leto also pointed out that Komodo already disabled the shielded addresses feature and transitioned them to the Pirate chain, which means that KMD no longer contains the Zcash bug.As we previously reported, Electric Coin Company (the company behind the development of the privacy coin Zcash) recently published a paper describing a trustless cryptographic system named Halo.
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Zcash News

Coinbase Ditched Zcash And Here’s The Real Reason Why

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Coinbase ditched the privacy-focused cryptocurrency Zcash just a few days ago unexpectedly and in today’s altcoin news we find out why.The coinbase users in the UK got the announcement a few days ago saying that their Zcash holdings will have to be converted to the sterling or to other cryptocurrencies. The Barclays UK-based banking giant severed the relationship with Coinbase UK and the exchange platform is now cooperating with ClearBank who demanded from the exchange Zcash to be delisted. The decision to give Zcash the kick raised questions about how this decision will affect other privacy-focused cryptocurrencies. The Editorial Director for the American Institute for Economic Research Jeffrey Tucker commented on the split saying that this created even more problems for Coinbase and Zcash itself:
 “Another solution for moving from Coinbase crypto to cash and back again will emerge. At the same time, it is not getting easier for crypto banking institutions like Coinbase. It is getting harder. Keep in mind that Coinbase is a financial intermediary itself, of the very type that crypto was supposed to make unnecessary.”
Instead of individuating the banking processes, the crypto market developed a mediated token market. This according to Tucker led to requiring a new layer of onramps and off-ramps. The reason why Coinbase ditched Zcash is now clear but still confusing for many users. Tucker also commented:
 “There is a growing consensus that traditional Bitcoin, which enjoys a 65% market domination, is not suitable as a means of exchange. Other tokens might benefit from this shift. But the market is extremely crowded and will continue to shake itself out in the coming years.”
As we read previously in the latest cryptocurrency news, Zcash is accepted and embraced by holders of its optional privacy features. However, there have been some concerns about the so-called anonymous token not really passing the regulatory checkpoints in the United Kingdom. Now, all of the holders of the privacy-focused Zcash cryptocurrency who used the Coinbase UK platform, have until August 26 to convert their holdings into another crypto or run the risk of having them forcibly converted to the sterling pounds as reported.
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Zcash News

Zcash’s New Upgrade Will Make Crypto Privacy More Accessible

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Zcash’s new upgrade has been at the forefront of the entire crypto industry for quite some time now. By market cap, the altcoin is the 23rd largest public digital asset and compared to other digital assets, Zcash has a large community and user base. More about this update we read in our latest cryptocurrency news below.Zcash in its nature was not enough for the founders so the company backing up the asset-The Electric Coin Company proposed Zcash’s new upgrade. During the ZCon1 In Croatia, the developers announced that they are looking to build a better blockchain for Zcash which could be used by more than 10 billion people.  For quite some time now, Monero and Zcash are known to be the forerunners in the cryptosystem because of their privacy features. While Monero became extremely popular with low transaction times and immense fungibility, Zcash has not so the blockchain cannot enable private transactions by default yet.As noted by Decrypt, however, the Electric Coin Company will change how Zcash works and will make the crypto anonymous, easier to use and increase its accessibility to a global population. The company will build a brand new blockchain and will throw away the current chain since 2016. The company also pointed out that it will involve sharding in the chain. Sharding became a leading scaling solution mainly for the Ethereum developers who intend to implement Proof of Stake and sharding in the next two years. The mechanism splits information in a database into different servers and this is why cryptocurrencies could allow for different groups of nodes in one blockchain to process different requests.As noted in the coming altcoin news this Zcash’s new update will be entirely separate from the current Zcash chain. When the new digital assets get activated, there will be no need for much effort to ensure that the users are doing the right thing. However, it is unclear how this new system will work. The upgrade aims to revolutionize Zcash’s place in private finances. Currently, less than 2 percent of all transactions are with the help of the on-chain privacy mechanism since shielded transactions can be more expensive.
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