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Ethereum founder Vitalik BUTERIN spoke about privacy-focused ZCash, offering a different approach to development funding. He envisioned a merger in which ZCash would remain “conservative in technology, insistent on privacy, and experimental on economics.” Buterin’s idea centers around off-chain-governed RPGF rounds, possibly integrating a yearly issuance or an anonymous voting system for decision-making. The concept utilizes decentralized governance principles.
ZCash uses zk-SNARK technology to ensure the privacy of its users. This technology currently requires significant computing resources, limiting wallet support to computers rather than mobile devices. As for the timing of the availability of mobile wallets, they largely depend on the development of lighter zk-SNARK protocols. Ordinary traders may choose transactions with increased privacy in scenarios where privacy is required for security reasons, during high-value transactions, or when trading in politically unstable regions.
To support confidential transactions, ZCash may have to advertise the benefits of privacy and create various incentives for such transactions to promote their use. ZCash is at the forefront of the debate, supporting privacy and potentially facilitating the shift to more secure and private transactions. Thanks to the contributions of visionaries like Buterin, ZCash may well be on its way to redefining economic privacy in the future.
Image: CoinCentral
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