Coinbase Increases the Number of Assets on Platform, Zcash Now Available for Trading

One of the planet’s most well-known digital assets businesses has added the privacy-focused cryptocurrency Zcash to the list of assets it supports.
The move is in line with efforts from the San Francisco startup to hasten the addition of different digital assets and further broaden the appeal of its successful brokerage platform.
Coinbase Continues to Add New Digital Assets to Its Listings
One of the United States’s largest cryptocurrency exchange platforms, Coinbase, has just announced via a blog post that it will be listing the anonymity-focused digital currency, Zcash (ZEC).
Buying, selling, sending, receiving, and storing of the new asset will begin today for some customers. However, those residing in either the United Kingdom or New York are currently exempt from the extra trading pairs added to the Coinbase platform. The post does mention that these jurisdictions may be added later.
The announcement gives a little background on Zcash, for those unfamiliar with the project:
“Zcash is a cryptocurrency that uses recent advances in cryptography to allow users to protect the privacy of transactions at their discretion. The distinction between Zcash’s “transparent” and “shielded” transactions is analogous to the distinction between unencrypted HTTP and encrypted HTTPS. In both cases, the unencrypted/transparent version of the protocol allows third parties to see metadata associated with the communication or transaction, while the encrypted/shielded version protects this information.”
Additional information is provided about Zcash and a host of other digital assets by Coinbase using the recently launched Coinbase Learn platform.
The post goes on to state that customers will be able to send Zcash to Coinbase using both shielded and transparent addresses. However, to avoid stirring unwanted regulatory attention, the San Francisco exchange giant will only allow users to withdraw using non-shielded transactions at first. There are plans to allow those in jurisdictions allowing for the use of shielded address cryptocurrencies to withdraw using the more privacy-preserving features of ZEC.
Related Reading: US Government Aims to Make Privacy Coins’ Use Case Obsolete
It’s a Curious Time for Regulatory-Compliant Coinbase to Be Messing with Zcash
Interestingly, the news of the Coinbase listing comes just hours after NewsBTC reported on a U.S. crackdown on privacy-focused cryptocurrencies such as Zcash, Monero, and Dash.
According to the report, the federal government is preparing blockchain forensic tools to help remove the anonymity features of the currencies and allow the identities of those in possession of them to be revealed. This certainly does not mean their use will be prohibited, but it does take away much of the appeal of such projects.
With Zcash being named explicitly in the source document, it seems an odd move for Coinbase (which is usually as compliant as possible) to become involved with a potentially problematic cryptocurrency dedicated to preserving anonymity at this particular time.
Coinbase Working on Ways to Appeal to More Users
In other recent Coinbase news, the platform has announced that it will support near-instant, fee-less PayPal withdrawals. Along with the recent additions of new digital assets such as Zcash, Basic Attention Token (BAT), and Ethereum Classic (ETC), such moves are clearly aimed at appealing to as many potential digital currency users as possible in the wake of the 2018 bear market.
That said, the platform is certainly not hard up for business. It received a staggering valuation of $8 billion less than two months ago, with investors pouring a sizeable $500 million into the San Francisco startup.
Featured image from Shutterstock.
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Big Brother Will Now Watch Your Zcash and Monero Transactions

CoinSpeaker

Big Brother Will Now Watch Your Zcash and Monero Transactions

The U.S. DHS wants to track Zcash and Monero transactions with a view to prevent illegal activities performed with the help of these coins.

Big Brother Will Now Watch Your Zcash and Monero Transactions

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Source: CoinSpeaker

US Government Aims to Make Privacy Coins’ Use Case Obsolete

A branch of the United States Department of Homeland Security (DoHS) is researching the possibility of using blockchain forensic analysis tools to better trace privacy coin transactions.
Privacy No More: US Government Preparing Forensic Analysis Tools
Among the biggest concerns surrounding cryptocurrencies like Bitcoin are fears that the emerging technology could facilitate money laundering by rogue countries, terrorist organizations, and cybercriminals.
However, the United States government has increasingly bolstered their ability to trace blockchain transactions, and have even learned how to track Bitcoin transactions back to the source and identify the wallet holder, as was the recent case where the U.S. Treasury sanctioned two men from Iran over their involvement in ransomware attacks.
Related Reading: Iran Is Prepping National Crypto to Evade US Sanctions
Next on the government’s agenda, is to begin looking into privacy-focused cryptocurrencies, such as Dash, Zcash, Monero, and more.
According to a pre-solicitation document published by the DoHS’s Small Business Innovation Research Program. The document, discovered by The Block, the U.S. government is allegedly investigating ways to better track transactions on the blockchains of the aforementioned privacy coins.
The report does speak positively about some of the aspects of privacy coins, but calls attention to transactions of “illegal nature” that occur using said cryptocurrencies. The eventual goal is to build out a platform that law enforcement agencies, government branches, and even private financial institutions can use to analyze and enforce important anti-money laundering laws.
Since the document is just a pre-solicitation, the notice is “merely an opportunity for interested parties to comment on or request information about the attached topic areas,” and doesn’t mean that the government already has such tools in its possession. It does, however, prove that the DoHS has concerns over privacy coins and their potentially illegal usage.
Japan Bans Privacy Coins, Will the United States Follow?
Zcash, Dash, Monero, and many other privacy-focused cryptocurrencies allow users to hide transaction and address data from anyone outside of the sender and receiver.
Monero is the cryptocurrency of choice for most cryptojackers as cybercriminals are able to easily hide their tracks. Monero has also unseated Bitcoin as the most-used cryptocurrency on the dark web, so it’s no surprise to see that the United States is joining Japan in addressing concerns around privacy coins.
Related Reading: Japan’s FSA Grants Self-Regulatory Status to Crypto Industry
In Japan, where cryptocurrency-related theft has skyrocketed, the Financial Services Agency (FSA) has imposed a ban against any cryptocurrency exchanges in the country from offering privacy coins. The ban took effect this past June, and the ripple effect is just now reaching the United States.
Coincheck, which suffered the largest cryptocurrency exchange hack in history at the start of this year, was among the exchanges that were forced to comply with the FSA’s ban, and removed Monero, Dash, Zcash, and Augur’s Reputation coin.
Featured image from Shutterstock.
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Privacy Coin Zcash Launches on Coinbase Pro Trading Exchange

CoinSpeaker

Privacy Coin Zcash Launches on Coinbase Pro Trading Exchange

Coinbase continues adding new cryptocurrencies to its platform. Now Zcash (ZEC) will be available for Coinbase Pro customers.

Privacy Coin Zcash Launches on Coinbase Pro Trading Exchange

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Source: CoinSpeaker

Cryptocurrency Market Update: Stellar (XLM) Climbs to Fourth Spot

FOMO Moments
Crypto markets have held their gains, Stellar and Zcash leading the way.
Cryptocurrency markets have held on to their gains following two days of recovery from extremely low levels. Things are not great mind you and markets are still at very depressed levels for the year, but the good news is that they haven’t dumped any further over the past 24 hours and total market capitalization is still just below the $140 billion level.
Bitcoin has stayed above the $4,200 resistance turned support level but has not moved and remains at just above $4,200 at the time of writing. BTC actually made it to $4,400 over the past day but could not get above it. Ethereum has remained flat just below $118, and falling back again its lowest level for 18 months. XRP in second hasn’t moved much either but remains firmly above ETH.

Altcoins are generally on the up at the moment with some outperforming others. The top ten’s clear winner over the past day is Stellar which has made another 3% to take it above Bitcoin Cash and into fourth spot. XLM is currently trading at $0.167 with $100 million more in market cap than BCH which has fallen back slightly. EOS is also dropping while BSV and ADA fall another couple of percent each.
Zcash is making moves in the top twenty as it gets listed on Coinbase Pro. ZEC made a further 10% on the day but fell back in the last hour as it hovers just above $80. The rest of the altcoins in this section have lost a percent or two during today’s Asian trading session aside from Tezos which is sliding 7%.
Today’s big pump is Theta Token on 100% and Centrality with 8%. Getting dumped on is Sirin Labs Token which has been up and down like a yoyo in recent days. Today SRN is down 27%, Verge and Zilliqa also losing double digits in the top one hundred.
Total market capitalization lower than it was this time yesterday, $136 billion, with a 3% slide. Trade volume has dropped back to $17 billion and things seem to be calming down as we round out another week. Bitcoin dominance is just under 54% maintaining its ratio over the altcoins which, as usual, suffer greater losses during market dumps.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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Zcash Climbing as Coinbase Pro Launches ZEC Trading

There can be no better boost for a cryptocurrency during hard times than a major exchange listing. They come no bigger than Coinbase which has recently announced that it would be adding Zcash to its Pro trading platform.
In a company blog post yesterday Coinbase revealed that it would be enabling Zcash deposits on November 29. Deposits will be accepted for 12 hours before trading is opened and sufficient liquidity for the ZEC/USDC pair has been reached. The post also noted that ZEC trading will only be available for customers in limited countries, namely the US (excluding New York), UK, EU, Canada, Singapore and Australia.

ZEC is launching on Coinbase Pro. Starting at 10am PT, customers can transfer ZEC into their Coinbase Pro account. Traders can deposit ZEC, but cannot place or fill orders. Order books will remain in transfer-only mode for at least 12 hours. https://t.co/5nADybxqKk
— Coinbase Pro (@CoinbasePro) November 29, 2018

The launch will occur in four stages, the first being inbound transfer only as mentioned above. Secondly clients will be able to post limit orders but there will be no matches In the third stage the limit orders will be matched but market orders still unavailable. Finally full trading will be enabled in the fourth stage.
This has been done to limit volatility during the launch of a new asset. Coinbase added that ZEC was not available on the primary platform or its mobile apps, just Coinbase Pro which is the rebranded version of GDAX.
The post highlights some of the features of Zcash which include transaction privacy protection via advanced cryptography using ‘shielded’ or ‘unshielded’ options. Essentially transparent addresses are visible on the blockchain and shielded addresses are not. Zcash also uses zk-SNARKS to verify transactions which, to put it simply, is the concept of proving that you know something without revealing what it is that you know.
ZEC Market Reaction
Zcash has been smashed with the rest of the altcoins this year dumping 90% from its all-time high of just under $900 in January. ZEC lost over 50% alone this month when it dumped from $130 to a 2018 low of around $60 on November 25. Since then, however, it has recovered around 45% to its current price levels as crypto markets rebound from their lowest level for well over a year.
At the time of the Coinbase announcement a few hours ago ZEC spiked around 15% to a weekly high of $93.50 according to Coinmarketcap. Since then it has pulled back a little and is currently trading at around $89, up 13% on the day. It has a market capitalization of $475 million which puts ZEC at 18th spot, above Tezos and below Ethereum Classic.
 
Image from Shutterstock
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Coinbase Wallet Adds Support for Ethereum Classic and More that 100k Other ERC20 Tokens

CoinSpeaker

Coinbase Wallet Adds Support for Ethereum Classic and More that 100k Other ERC20 Tokens

In the wake of upcoming upgrade Coinbase Wallet will serve Ethereum Classic (ETC) and all of the 100,000+ ERC20 tokens available on the Ethereum blockchain, the official statement revealed.

Coinbase Wallet Adds Support for Ethereum Classic and More that 100k Other ERC20 Tokens

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Source: CoinSpeaker

Cryptocurrency Trading Update: NEM Back Over $1 Billion Market Cap

FOMO Moments
Markets are still generally flat; Nem, Zcash, XRP, and Iota climbing, Stellar and MOAC sliding.
Red is still dominating most cryptocurrencies this morning as the slow selloff continues. Downward pressure has eased somewhat though and total market capitalization has not fallen that much overnight, it remains above $210 billion for now.
Over the past 24 hours Bitcoin has dropped a little further falling to $6,365. It remains supported at $6,300 but the weekly trend is downwards and BTC has lost almost 3% on the week. Ethereum is showing no positive signs either and remains in a downwards spiral dropping below $210 again.
At the time of writing all of the altcoins in the top ten are red with the exception of XRP which has added 3.5% on the day to take it to $0.521. CEO Brad Garlinghouse met with IMF’s Ross Leckow at the Singapore Fintech Festival yesterday to discuss developments for the ASEAN region. The rest have lost less than a percent on the day aside from Stellar which is down over 3% at the moment.

The top twenty is showing a lot more activity with NEM surging ahead and posting over a 20% gain on the day to take it to $0.119. XEM took off last night when trade volume surged from $5 to $70 million in a few hours. Coincheck has resumed trading which has driven momentum for Nem over the past 24 hours. Its market cap is back over a billion for the first time in over two months.
Zcash is also performing well at the moment gaining 7% on the day to take it to $135. Also in the green is Iota, up 2% on a Bosch post about bridging data communications from its IoT sensors to the Iota Marketplace.
NEM’s big jump today is the top one hundred’s fomo winner. Joining it at the top is Eternal Token which has spiked 13% as trade surges on the IDAX exchange. Chainlink is also having a good morning, up 12% on the day. At the messy end of the top one hundred chart is MOAC and Waltonchain, predictably dumping their recent gains by 8 and 6 percent respectively.
Total crypto market capitalization is currently at $212 billion with no movement since the same time yesterday. Trade volume remains flat at $13 billion and aside from the odd pump and dump for some of the lower cap altcoins there is little to report, the tedium continues.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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Cryptocurrency Trading Update: Sapling Keeps Zcash Green in Red Crypto Market

FOMO Moments
Crypto land is still stagnant; Zcash, Ravencoin and MobileGo on the up, Decred and Bitcoin Diamond dumping.
There has been another slight pullback today on crypto markets but nothing noteworthy. The sideways channel is still intact and total market capitalization is still at the same level it has been for the past ten days.
There has been no movement in the Bitcoin camp overnight and it is still trading at $6,490 where it has been for over a week. While no movement is bad for day traders, it is good for overall stability and lowering that volatility that the institutions keep complaining about. Ethereum is still falling with another percent lost today taking ETH down to $202.
Red is the dominant color on the altcoin charts at the moment. In the top ten Stellar has taken the biggest hit with a 3% slide to $0.236. The rest are down just over a percent at the moment while Tether still tries to claw back its peg. USDT is currently valued at $0.989 on Coinmarketcap.

There is only one climber in the top twenty, and that is Zcash making 5% on the day to reach $127. The upcoming activation of the Sapling update on October 28 is currently driving momentum for ZEC.

Activation block 419200 will be mined October 28, 2018 18:21 UTC-05:00 assuming 150 seconds/block. Learn more: https://t.co/MuhVtIFA6m #Zcash #Sapling pic.twitter.com/dXr2WbEOEe
— Zcash Company (@zcashco) October 24, 2018

Over the past seven days Zcash has made 8% but on the month it is flat, trading at the same price again. South Korean traders are all over ZEC this morning with Bithumb taking over 50% of the volume in KRW.
The rest of the top twenty are falling between one and three percent right now. There are a couple of fomo pumps going on as usual way down the top one hundred charts. Ravencoin, MobileGo, Veritaseum, Komodo and Metaverse ETP are all making 13-17 percent on the day, however tomorrow they will likely dump.
Speaking of dumps, yesterday’s winners, Bitcoin Diamond and Decred, are losers today, dumping around 12%. The cycle continues with different altcoins but none can hold on to their gains at the moment.
Total crypto market capitalization has dropped a little today, falling back a percent again to $208 billion. Aside from the pump and dumps from low cap altcoins nothing else is happening right now. Both the bulls and the bears are sleeping and it is all calm in crypto land.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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Litecoin [LTC] founder Charlie Lee says privacy improvements in Monero [XMR], ZCash [ZEC] are toppling blockchain ecosystem

Charlie Lee, the developer of Litecoin, spoke at the Money 2020 conference on Tuesday about how he developed Litecoin after being inspired by Bitcoin in 2011. He explains how cryptocurrencies, in general, are one of the better forms of money ever developed in the history of mankind.
During the conference, Lee explains how fungibility is one of the key reasons why privacy is needed in our present world. Lee takes his point forward by saying that money is meant to be spent, however, the user chooses to spend it and not and this is what makes it valuable.
In a comparison between Monero and Bitcoin, Bitcoin is not fungible as it can always be traced back to where it came from, he said. Hence, the Bitcoins received are not ‘fresh’ and if these Bitcoins were involved in shady transactions, the address for those Bitcoins can be blacklisted for avoiding future transactions.
However, in the case of Monero, the blockchain is opaque, as in, the transaction history of the coins can’t be looked up.
He further explains saying fungibility is the one good things that is missing from Bitcoin. Charlie Lee explains fungibility as two $200 bills are essentially one and the same. He then compares it to Bitcoin, which, when transferred to a person, allows the person to see the amount of Bitcoins the user has. He says that it is not a good thing when it comes to privacy and one shouldn’t be able to know how much money a person makes.
“Right now, there are some altcoins that are doing a lot of privacy-related improvements like, Monero [XMR] with RingCT, Zcash [ZEC] & Tezos [XZT],” said Charlie Lee. “New innovative technology is turning blockchain upside down.”
Speaking of the bad side of privacy, Lee takes Monero’s Bulletproof update, which makes transaction size 90% smaller, but still larger than Bitcoin’s transaction size, concluding by saying that “it doesn’t scale as well as Bitcoin”.
Charlie Lee says that he is really optimistic about the future of privacy in terms of cryptocurrencies and that there will always be a tug of war between privacy and regulations.
The post Litecoin [LTC] founder Charlie Lee says privacy improvements in Monero [XMR], ZCash [ZEC] are toppling blockchain ecosystem appeared first on AMBCrypto.
Source: AMB Crypto

Stellar Lumens [XLM] and Dash to be supported on BitGo blockchain security platform

Recently, California-based blockchain security company, BitGo announced their support for two major players in the cryptocurrency market, Dash and Stellar Lumens.
The Founder and CEO of BitGo, Mike Belshe stated that both the platforms offer advancement in payments. He added that Dash has been focusing on offering instant payments and one of their unique features is that the privacy payments can be accessed through their platform. He also spoke about Stellar Lumens [XLM] and how the platform had been contributing towards tokenization. He added:
“They have been focusing on the global payments for consumers which is a little bit different than what Bitcoin does”
BitGo, with the help of its custody product, supports 85 cryptocurrencies in the market, including Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], and Zcash [ZEC]. According to Fortune, BitGo announced that it will be supporting Lumens in a couple of weeks. The company had recently introduced BitGo Trust, which is a qualified custodian for digital assets approved by the financial regulators of South Dakota.
Mike stated that BitGo does not use its platform for trading but provides custodianship and securities. He added:
“In our view custodianship has been the missing piece in the infrastructure of digital currency”
He also spoke about the difference in the custody solutions offered by BitGo and other platforms. He said that exchanges are usually focused on retail investors, where they focus on signing up a hundred thousand users a day and the problem with this is that they have a very small team working behind the security. BitGo, on the other hand, has a fully dedicated research and development team whose sole purpose is to provide security to any company in the world.
BitGo had recently become one of the first cryptocurrency companies to offer custody solutions, especially for cryptocurrencies. The company has also agreed to open itself to audits, start the common scheme of ‘Know Your Customer’ and also reveal the company books on a monthly basis.
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Source: AMB Crypto

Ethereum’s Vitalik Buterin gives his outlook on EOS’s on-chain governance and its drawbacks

On 13th September, Vitalik Buterin, the Co-Founder of Ethereum [ETH] appeared in an interview with Zcash. The interview was focused on the cons of pursuing an on-chain governance system wherein changes to a blockchain are proposed through code updates and solely occurs online. Vitalik Buterin stated:
“A couple of years ago, I would have been firmly attached to the same belief that EOS and other camps hold about the fact that we should be explicit about on-chain governance. And now I’m absolutely against that and I think that stuff is crazy.”
Vitalik further stated that digital assets like EOS have 21 delegate slots and to get into one of these slots, a user must first vote or must have people with enough coins to vote for them to get in. In total, about 17% of EOS holders have voted and out of these, the delegate with the largest number of votes is BitFinex, added Vitalik.
According to Buterin, BitFinex has about 3.5 percent or so of all the Eth voting for it [EthFinex is a subsidiary of BitFinex, which serves as an exchange for the Ethereum community]. Out of the 3.5%, 1.8 percent of it is coins that are owned by BitFinex itself, and the other 1.7 percent is owned by other individuals. Vitalik said:
“With this 1.8%, BitFinex is basically able to single-handedly get themselves into this list of 21 delegates when they otherwise would not have been able to do so. This privilege gives them the ability to take a share of the 1% a year annual interest that’s allocated to EOS delegates.”
Vitalik maintains that this kind of voting mechanism has created a superlinear pro-plutocratic effect. This means that if a platform or individual is big enough of an entity to have more than 1.8 percent of all the coins, the entity has enough votes that can be used to buy up a delegate slot.
The individual or platform can then use that delegate slot to earn even more currency and get access to a 2.6 4% extra premium interest rate that nobody else has access to. Vitalik Stated:
“That’s one example of how I think coin voting governance manages to fail in the case of allocating capital. I actually think that allocating capital is the killer app of on-chain governance. “
He further added:
“Ultimately, in terms of the quality of decision-making, I have the public opinion that Bitcoin’s governance has been fairly bad because it is overly conservative and values very specific things to more extreme extents than most actual users of the technology.”
Apart from these obvious cons, if a platform has been fairly capable of delivering on future improvements that people want – just as what the Zcash governance has been delivering on its roadmap, Buterin believes that this has made the Zcash constituents happy.
However, Vitalik maintains that on the protocol level and on the decision-making side, there just isn’t a case to say that off-chain governance has serious problems that need to be solved. Vitalik stated:
“Now the one big argument that on-chain governance has in its favor is the idea that, ‘oh now you can have these big treasury pools that inflate the currency by five percent every year, then use that to pay out big bounties and donations.’ So from a raw and economic power perspective, it has clear advantages.”
Vitalik further added that in all of the existing examples of on-chain governance that is seen, a mechanism has been created that can be easily captured in such a way that it doesn’t fail completely.
But at the same time, it creates a kind of massive, ‘rich-gets-richer effect’ wherein people at the top of the peak get access to the premium 2%, 3%, or 4% extra r interest rates that no one else has access to. Vitalik concluded by stating:
“On top of all this, issues around bribing attacks crop up, with added problems like if you have 4 percent of all of the coins, you can elect to outbid everyone else and get delegates. There’s also the fact that regular voters don’t have much incentive to serve as an effective “policeman”.  So, I really am pessimistic about the ability of on-chain governance to properly deliver on all of those things.”
The post Ethereum’s Vitalik Buterin gives his outlook on EOS’s on-chain governance and its drawbacks appeared first on AMBCrypto.
Source: AMB Crypto

Zcash [ZEC] developers provide an insight on the Sapling network upgrade

On 11th September, Zcash, a privacy-focused blockchain company, on their official Twitter handle, tweeted the development updates on the upcoming Sapling network upgrade.
The announcement read:
“The upcoming Sapling network upgrade includes a new kind of shielded address and a turnstile migration for auditing the shielded monetary supply. Read more about that in our newest blog, “Sapling Addresses & Turnstile Migration.”
The team stated that they have targeted the launch of Sapling Network upgrade on 28th October this year.
The blog is the first in the short series of blogs describing the features of ‘Sapling’ to enhance understanding and clear doubts.
The team said, with the migration to the Sapling network, there will be a new type of shielded address to support the “improved efficiency of Zcash’s cryptography”.
In contrast to the existing long shielded address that requires 1.5 gigabytes of computer memory and 40 seconds to create a transaction, the sapling shielded addresses are shorter in length, saving time and memory, it stated.
The Sapling shielded address will take only a few seconds and 40 megabytes of computer memory, reducing time utilization by 90% and memory utilization by over 97%, it further explained.
Regarding the migration from Sprout, the team stated that Sapling will support Sprout shielded addresses, however, it recommends users to migrate funds to Sapling address to be at par with the ecosystem.
In addition to moving funds, the migration will behave like a ‘monetary auditing system’.
The company believes that preserving the scarcity of ZEC will act as a driving force for a long-term value sustainability. They said:
“Zcash engineers have gone through great lengths to protect the network from any deviation in the expected ZEC in circulation. “
In order to audit the existing shielded ZEC, the company stated that it has implemented a process termed as ‘Sapling turnstile.’
In its Sapling Turnstile documentation, the team describes in detail the working of the sapling turnstile.
The blog also informs that users will be required to send funds [ZEC] in Sprout shielded addresses to transparent addresses before transferring it to Sapling shielded addresses. The team has made direct transfers impossible.
The safety while de-shielding ZEC to transparent address raised concerns with many. The team assured that the ZEC is de-shielded only to unused transparent addresses which will not be used the second time. The team also stated that it will be possible to send ZEC back to Sprout shielded addresses from the transparent addresses.
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Source: AMB Crypto

Bitcoin is Dragging Other Cryptocurrencies Down as Correlation Between Them Increases

The increasingly high positive correlation between Bitcoin and other cryptocurrencies is bringing their prices down, now that the tide has turned against Bitcoin since the spectacular rally towards the $20,000 area in mid-December 2017.
With a market capitalization of $111 billion, the BTC continues to recoup the cryptocurrency market dominance it once had.
Correlation Between Bitcoin and Altcoins at 0.7, Up from 0.1 in Early 2018
Correlation amongst assets is the degree to which they move in tandem.
A value close to zero reveals not much dependence between them. This tends to be the case between digital currencies and the stock market. Correlation values range between -1 (returns move in opposite directions) and +1 (returns move in the same direction). However, cryptocurrencies usually present values corresponding to strong positive relationship (0.5 – 1) and moderate positive relationship (0.3 – 0.5).
The 90-day Pearson coefficient show extremely high correlations between Bitcoin and Bitcoin Cash (0.88), Litecoin (0.86), Ethereum (0.83), NEM (0.83), Zcash (0.82), Monero (0.82), Ripple (0.78), Stellar Lumens (0.78), Siacoin (0.77), Nxt (0.76), Dash (0.69), Lisk (0.68), Ethereum Classic (0.6), and Augur (0.55), according to the cryptocurrency correlation matrix by Sifr Data.
The ties between Bitcoin and these altcoins have led to significant damage in their market valuation in 2018. As the BTC moved throughout the year from its $20,000 peak to approximately $6,500, where it currently stands, Bitcoin Cash plunged from $3,400 to the $500 line.
Litecoin fell from $366 to $56. Ethereum dropped from $1,377 to $218. NEM crashed to $0.10 down from $1.90. Zcash declined from $888 to $127. Monero fell from $494 to $112. Ripple dived from $339 to as low as $0.29 as the cryptocurrencies continually print new lows in 2018.
The strong positive relationship between Bitcoin and altcoins prices wasn’t always a given. Correlation between Bitcoin and MVIS CryptoCompare indexes of the 10 biggest and the 100 smaller coins has jumped to 0.7 from lower than 0.1 at the start of the year. The highest correlation this year was found in April, where it went as high as 0.9 in April, virtually mimicking each other in a bearish momentum.
The 90-day Pearson rolling correlation also shows an interesting behavior as Bitcoin Cash moves higher from the third place (0.79) to become the digital currency with the strongest positive correlation against Bitcoin (0.88).
Ethereum, which was in the lead 90 days ago with a coefficient of 0.90, dropped gradually to the second place (0.83). Ripple also made a downward trajectory during the last three months, easing from 0.84 to 0.78.
The number of digital assets available for trading in the cryptocurrency market has increased continually, completely disregarding this year’s downward slope in volumes traded – $31 billion on January 01, 2018 to $13 billion today – and market capitalization – $613 billion on January 01, 2018 to $203 billion today.
There are now 1,926 cryptocurrencies being traded in 13,727 exchanges around the world, according to CoinMarketCap, but BTC dominance keeps rising.
Featured image from Shutterstock.
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