The Zcash Foundation, the firm behind privacy-centric cryptocurrency Zcash (ZEC), has donated $40,000 to a Canadian private messaging developer.

On December 3, the organization announced that the Open Privacy Research Society, a non-profit group working on Cwtch, a decentralized metadata-resistant messenger, has received 1,044 ZEC from Zcash.

As described by Open Privacy, Cwtch is a platform for building decentralized infrastructure based on metadata-resistant communication applications. 

Derived from a Welsh word meaning “a hug that creates a safe space,” Cwtch is an extension of the metadata resistant protocol Ricochet to support “asynchronous multi-peer group communications through discardable, untrusted, anonymous infrastructure.”

ALSO READ :  Chai to Launch Mobile Blockchain-Based Payments in South Korea

Likewise, in line with the platform’s anonymity-focused vision, Open Privacy is also working on providing Cwtch users with anonymous payment options. As such, the firm has implemented a prototype system relying on ZecWallet, Zcash Foundation’s native crypto wallet.

In the announcement, Open Privacy wrote that Zcash is one of few cryptocurrencies that directly provide a way to transmit significant data alongside a payment and wouldn’t compromise the metadata resistance goals of Cwtch.

However, Open Privacy noted that the Zcash-based prototype doesn’t allow users to spend tokens as it was only written to demonstrate Zcash integration.

As it has been reported, Zcash uses a special iteration of zero-knowledge proofs called Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKs) that allows native transactions to remain fully encrypted while still being verified under the network’s consensus rules.

According to Vitalik Buterin, the co-founder of Ethereum, zk-SNARK is an example of the only global anonymity sets that are secure.

In mid-November, an industry expert argued that Bitcoin (BTC) must introduce anonymity features like those provided by Zcash or Monero. Otherwise, Bitcoin will lose its censorship resistance, the expert declared.

ALSO READ :  Naver Corporation Introduces Crypto Trading in Japan

Thus, according to Coin360, at press time, Zcash is ranked the 33rd-largest cryptocurrency, with a market capitalization of $219 million. The coin is down 1.2% over the past 24 hours, trading at $27 at the time of writing.

Source: | |

Share This

Share This

Share this post with your friends!