Zcash Foundation Donates $40,000 To Canadian Private Messaging Developer
Zcash Foundation Donates $40,000 To Canadian Private Messaging Developer
December 4, 2019
Zcash Foundation Donates $40,000 To Canadian Private Messaging Developer
Zcash Foundation Donates $40,000 To Canadian Private Messaging Developer
December 4, 2019

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.”

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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.

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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: openprivacy.ca | ricochet.im | cointelegraph.com


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. 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.