Tag: approval
Zcash Protocol Review: Providing Financial Privacy to Public
People use bitcoin by sharing their payment address that looks like this : mp525tN8b3v4aos32hQT8E6cepdhZVyqVC Let us suppose this bitcoin address belongs to a shopkeeper. The shopkeeper puts this address on a poster behind the shop in the form of a QR code. Now, customers can scan that code with their bitcoin wallet application to pay for their bought items. The problem is anyone can look for that address in the bitcoin blockchain and can see every incoming or outgoing transaction of that address and the total bitcoin balance of the address. Anyone with that information can get an idea of how rich the shopkeeper is and how successful the shop has been in the past. This information can be exploited by bad actors such as robbers for their personal gains. Also, if we are sitting next to someone while they pay for their bought items, then we can get the idea of how rich the customer sitting next to us is, by seeing the most recent incoming transaction to the shopkeeper’s address and then looking up the balance of the sending address i.e the customer address. So, Bitcoin does not provide full financial privacy, and your average innocent user gets no privacy whatsoever. There are various examples like this, where user privacy can be breached and information gained through it can be exploited by bad actors for their personal gains. Zcash protocol solves this problem of financial privacy for the users. It allows users to send money anywhere without risking their privacy. What is Zcash and How does it enhance privacy? Zcash is a privacy cryptocurrency that provides anonymous value transfer using zero-knowledge-proof cryptography technology. Zcash is a bitcoin fork and most of the Zcash code is built from bitcoin’s original open-source code but there is a key difference that it uses encryption techniques in payments for privacy. The protocol provides two choices to the user when they transact, they can choose a shielded address for their transaction which will be fully anonymous or they can choose a transparent address where their transactions will be fully visible on the blockchain. When the user uses a shielded address for their transactions, details of transactions are not available for the public to see on the blockchain. Shielded addresses transaction information is encrypted and is not visible to the public. All the transactions that are executed by transparent addresses are visible publicly on the blockchain. How does Zcash Works? The above diagram shows the whole process of Zcash transactions Zero-knowledge proofs are required to be generated when the user uses shielded addresses for transactions. It allows others to verify transaction details by keeping them private and not revealing them to the public. Shielded addresses always start with a ‘z’ and are called ‘z-addrs’. Similarly, when the user uses transparent addresses, all the transactions interact with the Transparent Value Pool and transactions details are publicly available in the blockchain. These transparent addresses always start with “t” and are called ‘t-addrs’. All the details of transaction fees of both transparent addresses and shielded addresses transactions pass through the Transparent Value Pool and are easily visible in the blockchain. Tokenomics Zcash token symbol is $ZEC. Similar to bitcoin, the maximum supply of Zcash tokens is 21 million. All Zcash tokens will be mined by 2032, and Zcash block rewards will get halved every four years. In the initial four years after the starting of Zcash mining, 20 percent of its block rewards will be distributed to Electric Coin Company, and 80% of its block rewards will be distributed to miners. At the time of writing this article, the circulating supply of Zcash is 11.99 million, the price of Zcash token is 144.40 US dollars and the market cap of Zcash is 1.73 billion US dollars. Main Features of Zcash Low-Fee Transactions Transactions fees on Zcash protocol are very low i.e 0.0001 Zcash. Zcash token is supported by various crypto wallets and exchanges. Encrypted Memos When a user does transactions from a shielded address, a memo field is available to fill in any information. Encrypted memos allow the sender to send information that is encrypted and not available for the public to see. Messages and important information can be passed in the memo field. The Rules of compliance made by the Bank Secrecy Act “Travel” are also followed. Viewing Keys For the purpose of regulatory compliance or auditing, transaction details can be revealed by the owner of shielded addresses. The owner can reveal all the incoming transactions and the info in the memo field but can’t disclose the sender’s address unless any information identifying the sender’s address is already mentioned in the memo field. Multi-Signature Transactions Zcash also supports transactions that require signatures of multiple parties and after their approval, the funds … Continued
The post Zcash Protocol Review: Providing Financial Privacy to Public appeared first on Cryptoknowmics-Crypto News and Media Platform.
Coinbase Enters Derivatives Market Following Acquisition of FairX
The US-based cryptocurrency exchange Coinbase has announced the acquisition of FairX, a CFTC-regulated derivatives exchange. According to the official announcement, the acquisition ‘is an important step toward Coinbase ultimately making the derivatives market accessible’ to its millions of customers in the United States. FairX is the operating name of LMX Labs, LLC, which received approval as a designated contract market (DCM) under the Commodity Futures and Trading Commission in (CFTC) November 20202. Launched in May 2021, the trading platform has already secured brokerage partnerships with industry leaders like TD Ameritrade and E*Trade, ABN AMRO, Wedbush, Virtu Financial. Coinbase will be initially looking to offer regulated crypto derivatives to market through the FairX existing partner ecosystem. The acquisition is set to close in the first quarter of 2022 with terms of the agreement not disclosed. “Over time, we plan to leverage FairX’s infrastructure to offer crypto derivatives to all Coinbase customers in the US. We want to make the derivatives market more approachable for our millions of retail customers by delivering an easy-to-use user experience that Coinbase is known for,” the announcement post read. Over the past seven days, crypto derivatives accounted for $137 billion in 24-hour trading volume over the past day according to CoinGecko. In the same period, spot trading volume across crypto exchanges accounted for $55 billion. This is not the first time a US-based crypto exchange has looked towards the derivatives market. In August, FTX.US, bought LedgerX, another derivatives trading platform regulated by the CFTC. Similarly, last month, Singapore-based Crypto.com announced the purchase of the North American Derivatives Exchange, revealing its entry into the US crypto derivatives market.
The post Coinbase Enters Derivatives Market Following Acquisition of FairX appeared first on Cryptoknowmics-Crypto News and Media Platform.
US approves ADF purchase of Hellfire missiles
The US State Department has sanctioned the sale of hundreds of Hellfire missiles to the Australian Defence Force, to support armed reconnaissance and anti-tank warfare mission capabilities for the Army. Latest Intelligence
