- Zcash donates $40k to Canadian private messaging developer
- Open Privacy is set to provide Cwtch users with anonymous payment options based on the technology of Zcash
Zcash News Today – The company behind the privacy-oriented digital currency Zcash (ZEC) – Zcash Foundation – just donated $40k to a Canada-based private messaging developer. The non-profit group working on Cwtch – Open Privacy Research Society – recently received 1,044 ZEC tokens from Zcash. Cwtch is a decentralized metadata-resistant messenger, and the organization made the announcement of the donation on December 3.
According to the Open Privacy Society, Cwtch is a platform for creating a decentralized infrastructure based on metadata-resistant communication apps. Cwtch was derived from a Welsh word that means ‘a hug that creates a safe space.’ The platform is an extension of Ricochet, a metadata-resistant protocol, to support “asynchronous multi-peer group communications through untrusted, discardable, and anonymous infrastructure.”
Zcash (ZEC) Price Today – ZEC / USD
Open Privacy Wants to Provide Cwtch Users with Anonymous Payment options Based on Zcash’s Technology
In line with the anonymity-centric vision of the platform, Open Privacy Society wants to provide the users of Cwtch with anonymous payment options. As a result, the company has implemented a prototype system that relies on the native digital currency wallet of the Zcash Foundation – ZecWallet. In the announcement, Open Privacy said that Zcash is one of the few digital currencies that directly provide a way to transmit vital data alongside a payment and would not compromise the metadata-resistance goals of the platform.
Nevertheless, prototypes based on the Zcash network do not allow users to spend tokens as it was only written to demonstrate the integration of Zcash, according to Open Privacy.
Zcash Is One of the Top Privacy-Oriented Digital Currency Projects
Zcash came into the crypto space back in 2016 and it is a major digital currency focused on providing users with private transactions, like coins such as Monero [XMR]. According to a report, the privacy-centric digital currency uses a special iteration of zero-knowledge proofs known as Zero-knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKs).
This zero-knowledge proof allows native transactions to remain encrypted while still being verified under the consensus rules of the network. According to Vitalik Buterin, the co-founder of Ethereum, zk-SNARK is an example of the only global anonymity sets that is secure.
Sometime last month, an industry expert said that Bitcoin needs to introduce anonymity features such as those provided by Monero and Zcash. Else, the world’s largest digital currency by market cap would lose its censorship resistance.
At the time of writing, Zcash (ZEC) is changing hands at $27 after a decrease of about one percent over the past day. It is currently the 33rd largest digital currency by market cap, with a total market cap of $216.58 million.