Zcash
Zcash Community to Develop Wrapped Token for Ethereum
October 14, 2019
Zcash
Zcash Community to Develop Wrapped Token for Ethereum
October 14, 2019

Zcash (ZEC), the privacy-focused cryptocurrency, is seeking access to Ethereum’s decentralized finance (DeFi) ecosystem.

On October 13, it has been reported that the topic of interoperability was the theme of the concluded Devcon 5 developer conference in Osaka, Japan, where a number of smaller cryptocurrency projects displayed interest in accessing Ethereum’s DeFi ecosystem.

James Prestwich, the co-founder of Summa, told the news outlet: 

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

James Prestwich

However, the developers from 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, the Vice President of Marketing and Business Development at Electric Coin Company, said that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network.

ALSO READ :  SBI Holdings Plans To Integrate Ripple-Powered Settlements Across ATMs In Japan

He added:

“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.”

Josh Swihart

After asking about why decentralized app creators might want the shielded address and smart contract options, Ian Miers, the Board Member of Zcash Foundation said:

“You don’t want to be the kid at Chuck E. Cheese where everyone knows you have all the tokens.”

Ian Miers
Ian Miers

Zcash gets delisted on Upbit and OKEx

Earlier, it has been reported that Upbit, the South Korean cryptocurrency exchange was ceasing trading support for six cryptocurrencies, including Zcash. However, 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.

Likewise, OKEx Korea confirmed that it would halt trading of Zcash and other privacy-focused coins.

ALSO READ :  Solana Partners With Chainlink To Build A Speedy Oracle For DeFi Apps

Thus, the exchange said that the coins fall foul of new guidelines set out by the intergovernmental body of the Financial Action Task Force.


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!