Zcash vulnerability could have resulted in the loss of millions of dollars

Zcash, a leading privacy cryptocurrency in the market, recently announced that they had found counterfeiting vulnerability in the “cryptography underlying some kinds of zero-knowledge proofs”. Interestingly, this vulnerability was detected by the Zcash company in March 2018, around eleven months back. This was later fixed in October 2018 during the Sapling Network upgrade.
The details of the vulnerability was not disclosed earlier because the Zcash company did not want the attackers to exploit it. Notably, in an attempt to prevent an attack from happening, three members from the Zcash community including Zooko Wilcox, the CEO of the Zcash Company, decided to delete the MCP protocol transcript, “which would allow an adversary to create false proofs” from all the platforms it would have been available to the community. It was deleted “under a coinciding operational security cover story.” Soon after this, the team decided to delete all the back-up there was of the transcript as well. The team further claimed that this transcript was hardly downloaded.
According to the official announcement, the vulnerability did not have any effect on users’ privacy and was limited only to counterfeiting. This means that an attacker could have only been able to create fake Zcash. The attacker also had an opportunity to pull this off successfully without being detected. More so, the team also revealed in the report that the counterfeit vulnerability was present in the Zcash code for several years, prior to its detection.
Despite its severity, the team claims that the vulnerability has not been previously exploited and also laid down reasons as to why it would have not been discovered by anyone in the space. The reasons laid down by the company as to why they are confident that the vulnerability was not discovered are:

Required high-level of technical and cryptographic sophistication to detect the vulnerability and according to them, only a very few people possess such high-level skills
It managed to go undetected for several years by auditors, cryptographers, scientists, and even engineering teams who launched new projects based on Zcash code
The team has not yet found any evidence pertaining to the exploitation of the vulnerability. They added that if it had occurred, it would have been detected by monitoring the total amount of Zcash held in sprout addresses
The company took “extraordinary” steps to minimize the possibility of an attack
Based on their study on the blockchain, an attack would have left a footprint and the team did not find any

However, the company did add that even though Zcash itself is in safe haven right now, there are projects that can be affected by this. This can be any project that is dependant on the “MPC ceremony used by the original sprout system that was distributed in the initial launch of Zcash.” Furthermore, the company also revealed that this was disclosed to third-party projects: Horizen [aka ZenCash] and Komodo.
The announcement read:
“We believe that the steps we have taken to mitigate the issue while working to ensure the safety of Zcash users has been successful. More information on the specific events that transpired from the initial discovery of the counterfeiting vulnerability through this disclosure will be covered in a future post.”
Peter Todd, an applied cryptography consultant said on Twitter:
“Reality is bleeding edge crypto is risky; second inflation bug they’ve had. (first being caught prior to release) BTC has categorically worse privacy than ZEC on L1, but the trade-off is a safer system re: total loss. Had this been exploited, it could have easily been a hundreds of millions of dollars loss.”
He further said:
“Zcash has gotta be the least honest competent team in crypto. Also, their story that the transcript was hardly downloaded shows how right my criticisms of the lack of auditing was: basically no one had actually checked that the ceremony was correct which they refuted multiple times. For instance the “deterministic” build broke ~1mth after.”
The post Zcash vulnerability could have resulted in the loss of millions of dollars appeared first on AMBCrypto.
Source: AMB Crypto

Why Edward Snowden Likes Zcash Despite the Controversial Founders’ Reward

Unlike many fans of cryptocurrency, Edward Snowden has no problem with the Zcash founders’ reward. The former CIA employee-turned whistle-blower Tweeted his support for the anonymity-focused digital asset earlier today.
For Snowden, the founders’ reward incentivises and funds the team behind the privacy coin to address issues with the project, such as that identified and patched by them recently. However, other cryptocurrency community members pointed out that teams working on coins that lack the controversial founders’ reward were just as adept at patching issues in their own code bases.
Snowden Praises Zcash Founders for Patching Counterfeiting Vulnerability After Years of Existence
Controversial US government secrets discloser Edward Snowden is a fan of the privacy-focused cryptocurrency Zcash. The former CIA employee does not even mind the much-debated founders’ reward included in every Zcash block mined. For many in the digital currency community, this founders’ reward is contrary to the spirit of cryptocurrency and decentralisation generally.
However, Snowden claims that such a reward is important to attract the best minds to work on the Zcash project. For him, such a consistent payment of the developers allows them to discover issues and patch them before they can be exploited by opportunistic parties.
One such vulnerability was discovered 11 months ago by Zcash developers. In a report posted to the Zcash blog today, the flaw in the code is described along with the method used to patch it.
The counterfeiting vulnerability, as the team refer to it as, was first discovered on March 1, 2018. The decision was made to keep the discovery secret to avoid the risk of attackers exploiting the flaw in the code. It has since been rectified without Zcash users needing to do anything to protect their funds.
According to the blog post:
“The flaw allows an attacker to create counterfeit shielded value in any system that depends on parameters which are generated as described by the paper.”
Zcash developers are confident that no such attacks were made on the network owing to the sophistication of the knowledge required to identify the flaw in the first place, along with the lack of a “footprint” highlighting that the vulnerability had been exploited.
For Snowden, the Zcash founders’ reward, which is 20% of each block reward earned by the network’s miners, financed the addressing of the vulnerability:

A lot of people wonder why I like #Zcash despite the Founder's Reward. Here's a reason: that tax funds a quality team that catches and kills serious bugs in-house, before they get exploited. Some other projects learn about bugs like this only AFTER people have lost money. https://t.co/i9MD1CpeNx
— Edward Snowden (@Snowden) February 5, 2019

In the above Tweet, Snowden compares Zcash to different cryptocurrency projects that do not offer such a founders’ reward. He states that other coins have only discovered bugs in the code after they were exploited, costing the projects’ users money.
However, as members of the crypto community highlighted, other projects have been just as adept at identifying vulnerabilities in the code without such a founders’ reward. Both Monero and Bitcoin were mentioned as examples of coins that do not rely on a centralised group of developers being paid out of a single purse for their work but were still driven to patch flaws in code as quickly as humanly possible. In fact, a recent Bitcoin flaw took just days to rectify following its discovery (admittedly by a Bitcoin Cash developer).

Monero has caught serious bugs before they were exploited and they have an altruistic community driven funding mechanism. Centralized money, controlled by a select few is dangerous https://t.co/BWitsyyI40
— wowario (@w0wari0) February 5, 2019

Interestingly, the post on the Zcash blog highlights how the vulnerability has existed in the code for years now. Going off Snowden’s logic, perhaps it would have been identified and patched even quicker if the controversial founders’ reward was even higher than 20%.
 
Related Reading: eToro Adds ZCash
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ZCash Becomes the 14th Crypro Asset Added on eToro

CoinSpeaker

ZCash Becomes the 14th Crypro Asset Added on eToro

eToro, the global multi-asset investment platform, is expanding the list of crypto assets available to its users. ZCash has become the 14th digital asset added.

ZCash Becomes the 14th Crypro Asset Added on eToro

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Source: CoinSpeaker

Bitcoin Miners’ Refuge? Zcash Mining Hash Rate Sees 650% Growth

While the bitcoin hash rate has taken a downward shift during the latter half of last year, Zcash has been on a constant upward movement that could make it a crypto miners refuge.
Miners Flocking to Zcash
The reports of Bitcoin miners leaving the crypto mining scene has been doing the rounds since mid-2018 after the crash of 80 to 90 percent in cryptocurrency prices. Bitcoin is down about 82 percent from its all-time high at $20,000 to about $3,500.
Around October, Bitcoin hash rate took a dip and only started upward descent in mid-December. According to Diar’s latest report, cryptocurrency miners are flocking to Zcash due its block reward halving period.
“Cryptocurrency miners have found refuge in solving for Zcash with the block reward still two halving periods behind Bitcoin (Zcash follows the same controlled supply model with differing block times).”

The privacy-focused cryptocurrency, Zcash is a code fork of Bitcoin protocol that uses  zero-knowledge proofs to “enable privacy-preserving transaction data.” It first came into existence in late October 2016. The hash rate of Zcash has been growing on a constant upward movement as can be seen in the 1-year chart above.
“With 7200 ZECs up for grabs daily the networks mining hash rate has been able to sustain a 650% growth as other cryptocurrencies lose equipment in the face of the ongoing bear market and stiff competition.”
Earlier this month, zooko Took to Twitter to share the ongoing developments in Zcash to share that “As expected, the GitHub thread about radically revamping Zcash mining is heating up. https://github.com/zcash/zcash/issues/3672 … It’s important because at today’s prices there is more than $400K/day of new Zcash issuance”
The community is also working on Zcash blossom, a “dual-proof-of-work scheme, where one algorithm is backward compatible with current mining equipment, and another is designed to work well with GPUs on a temporary time scale.”
Harmony mining will be affecting the miners as its goal is to make the Zcash ecosystem more resilient by “spreading issuance and political influence among distinct kinds of stakeholders.”
The post Bitcoin Miners’ Refuge? Zcash Mining Hash Rate Sees 650% Growth appeared first on Coingape.
Source: CoinGape

December Crypto Roundup: Markets Hit Lowest Level of The Year

Best recovery in crypto for the month; Ethereum, Tron, Iota and Maker, still falling were Stellar, Monero and Zcash.
The final month of 2018 saw cryptocurrency markets hit their lowest levels for the year. On December 15 crypto market capitalization had tumbled to $100 billion, down almost 88% from the peak in January. Since then it has recovered somewhat ending the month at the same level it began, around $130 billion which is still painfully low.

Despite these lows, November remains the worst month for crypto markets in 2018. Bitcoin lost 11% over the course of December starting at just over $4,000 and ending at around $3,850. BTC could not break resistance at $4,300 and plunged to a 2018 low of just below $3,200 in mid-December before recovering a little. Since its all-time high Bitcoin had lost 80% over the course of the year.
Ethereum has fared no better over the course of the year but did manage to recover 24% in December. After getting completely hammered the previous month ETH started out at $113 and ended the month at just below $140 following a dive to a yearly low of $85.
Ripple’s XRP held on to second spot but only just by the end of the month. It had recovered just 2% by month end where XRP traded at $0.369. There was much less volatility on XRP markets throughout December compared to other crypto assets.
Bitcoin Cash had some wild swings in December plunging to depths at $75 before recovering 190% to $220. It had lost a lot of those gains though and was down over 5% by month end trading at $163.
EOS managed to hold fifth spot but also lost out in December with a 7% decline to $2.63. Its low for the year came on the 8th when EOS hit $1.57, a marginal recovery has occurred but it still ended the month lower than it started. Stellar had a pretty dismal month in December with a 26% loss to end it at $0.117. The recovery from the low of $0.093 has been slow for XLM which has performed better than most in previous months.
Litecoin remained at around $32 at the end of December which is where it started so there was no gain or loss. LTC had recovered almost 40% from its 2018 low of $23 but things were not moving much by the end of the month.
Over 7% was lost by Bitcoin SV over the course of December when it fell from $95 down to $65 then back to $88 by the end of the month. Rounding out the top ten is Tron which made an impressive gain of 38% over the course of the month. TRX did not suffer the big dump on the 15th and has been steadily gaining over the course of December, ending it at $0.020.
Cardano failed to get back into the top ten despite gaining 7% over the month. Iota did even better with a 27% rise to end December at $0.366 but Monero had a miserable month dropping 17% to end it at $47.
Binance Coin fared better with a 20% gain in December to end it at $6.13. Dash dumped 13% and ended the month at $80 while Nem joined it with an equal loss. Ethereum Classic ended December 12% higher than it started, trading at $5.18. There was very little activity with Neo last month which remained at around $7.80. Maker made an impression on the top twenty with a 28% climb over the month to end it at $463. Finally there is Zcash joining the other privacy cryptos with a dump of 27% in December from $80 to $58.
Recovery was mixed for the top twenty cryptocurrencies in December. Looking back at 2018 all of them have been beat up and are close to their lowest levels for around 18 months.  The crypto winners for December were those that recovered the most which included Ethereum, Tron, Iota and Maker. The losers for the month were Stellar, Monero and Zcash.
All figures from Coinmarketcap.com
Previous months: February | March | April | May | June | July | August | September | October | November
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Bitcoin Private [BTCP] considering hard fork to remove 2 million illegitimate coins in circulation

With the year coming to an end, many scams surrounding the cryptocurrency world are now coming into the limelight, with many trials underway. Bitcoin Private [BTCP] has been surrounded by a controversy involving the creation of 2 million additional coins without disclosure in the project’s white paper. This had lead to many enthusiasts and investors questioning whether they were intended to exist at all.
BTCP is a part of one of many hard forks that happened in the past two years. It is a merged fork of Bitcoin and Zclassic, which is also a fork of Zcash. The fork took place earlier this year in February after developers wanted to create a privacy-focused version of Bitcoin that borrowed elements from Zcash or Zclassic, reported Cryptopotato.
Even though hard forks happen due to real disagreements between developer communities, many have alleged that the many Bitcoin forks were just a mere trick get money and opportunities to make money while capitalizing on the brand name Bitcoin.
This was first discovered by digital assets analytics website, Coinmetrics. The site had published a report that read:
“2.04 million units of altcoin BTCP — about $3.9 million at the time of the discovery, were secretly minted”.
BTCP swiftly responded to the claims made by launching an internal investigation to verify the validity of the claim. They found that the allegation was “mathematically accurate”.
One of the developers, after solving an issue, merged their code with a missing line, “allowing the fork mine to be exploited due to the nodes not properly verifying the falsified fork blocks”.
BTCP informed that the developer left at the end of the project. The bug that was introduced after merging the codes was exploited to create more than 2 million new coins when BTCP was announced.
BTCP developers team wrote:
“As the code was open source, and the fork-mine was announced on Twitter, anyone with sufficient blockchain development knowledge could have exploited it.”
They added:

“This particular exploit could only be taken advantage of during the fork mine, which already occurred earlier this year. Therefore, it is impossible for this particular bug to exploit to occur again, nor can it be further exploited.”

The BTCP team is still unaware of the person behind this act and according to their official statement, there are less than 20k legitimate BTCP coins that currently exist. They exist in a shielded addressed along with 1.7-1.8 million illegitimate coins.
BTCP is thinking along the line of introducing a hard fork to remove all shielded coins from existence. This will result in not only the eradication of 1.7-1.8 million illegitimate coins in circulation, but also the legitimate 20k coin. They also stated that this move will help them fix the over supply issue.
The post Bitcoin Private [BTCP] considering hard fork to remove 2 million illegitimate coins in circulation appeared first on AMBCrypto.
Source: AMB Crypto

On 5th Day of Christmas Coinbase Gave to U.S. Customers Free Instant Withdrawals to PayPal

CoinSpeaker

On 5th Day of Christmas Coinbase Gave to U.S. Customers Free Instant Withdrawals to PayPal

Coinbase launched its new 12 Days of Coinbase initiative and is already publishing new features and services every day at midday from 10th to 21st December.

On 5th Day of Christmas Coinbase Gave to U.S. Customers Free Instant Withdrawals to PayPal

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Source: CoinSpeaker

Four New ERC 20 Tokens are Launching on Coinbase Pro

CoinSpeaker

Four New ERC 20 Tokens are Launching on Coinbase Pro

Civic, district0x, Loom Network, and Decentraland are already available to trade on Coinbase Pro.

Four New ERC 20 Tokens are Launching on Coinbase Pro

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Source: CoinSpeaker

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.
The post Cryptocurrency Market Update: Stellar (XLM) Climbs to Fourth Spot appeared first on NewsBTC.
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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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