Zcash Price Down 10% Even as Coin Makes Privacy Faster
Zcash has a saying, all coins are created equal. There couldn’t be a truer demonstration of that sentiment than trading in most of the cryptocurrency coin prices of late. The Zcash price, along with that of its peers, continues its decline and is down more than 10% today. The coin price board is seeing red on the heels of some negative comments about cryptocurrencies out of the traditional banking community, not to mention the pushback from China regulators on the industry.
Even as Zcash is increasingly being targeted by cryptocurrency mining malware groups for the anonymity it provides to users in the ecosystem, the company has found a way to protect people’s privacy even faster.
Apparently keeping transaction details private zaps a great deal of power from a computer’s memory, which slows the process down for users. For instance, a transaction using Zcash’s proprietary technology can take a couple of minutes compared to a couple of seconds for other deals.
Enter Jubjub, which is Zcash’s solution to the speed problem. Jubjub, which is described as the “next-gen zk-SNARKs (zero knowledge proofs), relies on mathematical algorithms to slash the time of transactions, resulting in an “80% reduction in prove times” and enormous reductions in computer memory demand.
“Zero knowledge proof is a way to prove to someone else that you know some mathematical construct, like you know a solution to a puzzle without letting them solve the puzzle,” Zcash CEO Zooko Wilcox recently said to the International Business Times, adding that these proofs assure accuracy in ledger transaction records while still protecting the details of a transaction.
JubJub is being developed by engineers and cryptographers who will be debuting a live prototype upgrade, dubbed Sapling, in 2018. It takes an open-sourced technology approach so that other projects and companies can adopt the formulas.
Another new feature is that users will now be able to participate in Zcash transactions on their mobile phone, which wasn’t possible before. That’s good news as Zcash makes its way more into the mainstream, evidenced by the addition of the coin on Living Room of Satoshi, allowing Aussie bills to be paid with Zcash.