Zcash updates its wallets to provide more privacy

Zcash is updated and prepares to launch its mobile wallet

The Zcash network has just activated an update that unifies its types of wallet addresses under a single format, making them more private when making transactions.

The Electric Coin Company (ECC), the company behind the cryptocurrency zcash (ZEC), ad update number 5 of this protocol (Zcash Network Upgrade 5 or NU5), the first since November 2020.

As they explain, With this update, they introduce the Orchard shielded payment protocol“which removes the complexity of having to use multiple types of addresses” to make private transactions.

In wallets that support the NU5 update, a unified address is generated from a pool of multiple Zcash address types (for example, transparent, Sapling, and Orchard).

In combination with self-shielding, a feature actually included in ECC wallets, every zcash (ZEC) received at a unified address can be routed to a shielded address. So if a user is only willing to send ZEC transparently, it will end up in the receiver’s private storage, which is shielded by default.

Electric Coin Company.

so orchard introduces a new unique address format walletto avoid handling several formats at the same time. In its previous versions, Zcash addresses were separated into normal addresses and shielded addresses. The procedures to handle both could become complex for certain users and even reveal information if they were not executed well.

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Halo: solution to promote decentralization and scalability

In addition to the Halo method, which renders obsolete the previous process by which a group of entities enabled each Zcash update, through a procedure known as “The Ceremony”.

They also announced, on April 27, that one of the people behind the Zcash launch ceremony was activist Edward Snowden, who used the name “John Dobbertin”.

Nevertheless, in the documentary where Zooko Wilcox, founder of Zcash, also participates, it is established that, as good as this process was, it did not finish generating trust among Zcash users.

Zcash updates its wallets to provide more privacy
In an official statement, the Electric Coin Company revealed the fifth update of the Zcash protocol. Source: Electric Coin Co.

A mobile wallet on the way and greater payment efficiency for Zcash

The NU5 update, they say, will make it possible bring Zcash payments to mobile devices. Furthermore, it could allow Zcash to be interoperable with other cryptocurrency networks on a larger scale.

To do this, they are preparing the launch of the ECC wallet, which will allow Zcash to be managed from its official application for Android and iOS devices.

The ECC wallet (which has yet to have an official name) will be available on Android and iOS later this year [2022]. Our goal is to deliver a wallet that provides an industry-leading user experience for ZEC, as well as features that will benefit cryptocurrencies in general.

Launching a wallet on our own will allow us to deliver updates faster than is possible with a normal protocol update and leverage third-party wallet providers..

Electric Coin Company.

At the moment, Zcash only has a desktop wallet backed by the ECC, which has already been duly modified to receive the NU5 update.

In addition, it has other mobile wallets with support for Zcash shielded payments like Nighthawk, Zecwallet Lite, Unstoppable and Edge.

Since its publication, the ECC explains that this update has been reviewed by several auditing and security firms, such as NCC and QEDIT. In addition, they have the advice of Mary Maller, who works as a cryptographer at the Ethereum Foundation, and who did not detect security gaps in the update of the Zcash protocol.

Zcash originated in 2016 as a fork of the Bitcoin protocol and has been focused ever since as a privacy-oriented cryptocurrency, using advanced cryptography for this purpose and competing with other cryptocurrencies such as monero (XMR) on these features.

It currently has a market capitalization of 1,157 million dollars (USD) and is ranked number 56 in the ranking of cryptocurrencies with the largest markets, according to the portal CoinGecko.

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