Galaxy Digital Calls Zcash the “Spiritual Successor” to Bitcoin

Galaxy Digital has pointed to the growing popularity of the privacy-focused cryptocurrency among users concerned about Bitcoin’s increasing centralization due to major Wall Street funds and heightened government surveillance of transactions.

“Zcash allows users to shield their transfers through zero-knowledge proofs, ensuring anonymity. It has become an ‘encrypted’ version of Bitcoin — a currency that embodies the almost lost principles of the cypherpunk movement,” Galaxy Digital noted.

Amid a surge in clients preferring private transactions, Zcash has become the largest privacy-focused cryptocurrency by market capitalization, reaching $7.4 billion, with its closest competitor Monero trailing at $6.7 billion.

Experts link the growing interest in Zcash and other privacy coins to the broader debate over financial privacy rights amid increasing regulatory pressure on the crypto industry.

Zcash is an open-source cryptocurrency developed by the Zerocoin Electric Coin Company, designed to provide both confidentiality and selective transparency of transactions.
It supports two types of addresses:

• Transparent (t-addresses) — public transactions where addresses and amounts are visible on the blockchain.

• Shielded (z-addresses) — encrypted transactions ensuring privacy, using zk-SNARKs technology to conceal the sender, recipient, and amount.

The project was announced on January 20, 2016, and officially launched on October 28, 2016.

Earlier, cryptographer and smart contract pioneer Nick Szabo stated that Bitcoin has not yet completed its “learning phase” and is only beginning to reveal its full potential to the world.

See also: "Bitcoin Reserve Could Help Reduce U.S. National Debt — Cynthia Lummis"

#Bitcoin (BTC) #Zcash

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