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DeFi Ecosystem: Zcash Will Get a Gateway

October 14, 2019 at 6:29 AM | By Jit Sutradhar News

When cryptocurrency fans gathered in Osaka, Japan, this week for the developer conference Devcon, the aisles were full of rumors about smaller projects seeking access to decentralized funding smorgasbord of Ethereum, especially loans and products financial, through interoperability.

“Connecting with other chains not seem to be the priority of a developer Ethereum,” Summa co-founder James Prestwich said CoinDesk. “But other chains seem to want to connect to Ethereum.”

For example, Josh Swihart, vice president of marketing and business development in the currency Electric Company (ECC), CoinDesk said that in the next six months the community will develop a ZEC zcash wrapped tab that can be used in the Ethereum blockchain. Privacy currency may one day become a conduit for private and automated loans and financial products.

This would be done through the same workgroup shell counters to Cross-chain, co-founded by Prestwich, being constructed to allow the use of Bitcoin in blockchain Ethereum. This precedent captured the imagination of many teams in Devcon.

Eventually, interoperability may also be possible to provide privacy features to smart zcash contracts, protecting information about who was involved in a contract and what was executed precisely.

The reasons ECC doing this are clear. According to DeFi pulse, there are currently more than $ 553 million in Ethereum based applications locked in DEFI cryptocurrency. A source with knowledge of the exchange activity zcash said CoinDesk the asset has seen modest traction at least one US-based exchange, but is not increasing in popularity in the last year.

armored transactions addresses, most unique feature of privacy currency are also rare. Zcash browser Zchain block scored only 271,356 70,260,454 armored transactions total transactions in the last month.

In order to boost zcash use, the ECC will be needed to find popular use cases beyond speculative operations and transactions simple and armored.

Swihart said the goal now is to become a platform zcash people can build on “for all applications DEFI” adding:

“If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with zcash as well. … Ultimately, we want zcash shielded [addresses] to be usable in ethereum smart contracts.”

However, as Prestwich said, any work of cross-chain interoperability would be temporary at this stage because it is unclear how these plans fit into the next version of Ethereum, Eth 2. In addition, he said such capabilities crossed chain But years of research and development will be required.

On the other hand, founder ECC Zooko Wilcox is known to have a close personal relationship with the creator Ethereum Buterin Vitalik, reinforced by the interest of many years of the latter in ZK-Snarks, the secret ingredient behind the zcash privacy features. So while this work can take time, and adjacent collaborative research is already underway.

As noted Buterin during a panel discussion on interoperability between Devcon blockchains, the Ethereum community also values ​​privacy options, even if usability is prioritized. Since many fans are used to make custom Ethereum machines such as powered blockchain video games, but may also want privacy options for your chips niche. Usually these types of chips are all numbered ERC20 a public accounting book, revealing the addresses of the main headlines through the blockchain explorers.

Speaking to which decentralized implementation (Dapp) creators might want armored intelligent management and contract options, board member of the Foundation CoinDesk Zcash Ian Miers he said:

“You don’t want to be the kid at Chuck E. Cheese where everyone knows you have all the tokens.”

Coins image via Shutterstock

This article is republished from coindesk.com. If you have any questions, objection or any other matter you can contact us. Thank you for visiting our website.

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