Klever Wallet Adds New Zcash (ZEC) Swap Pairs

Klever Wallet adds new Zcash (ZEC) Swap Pairs

To support our community we have introduced 12 new Zcash, ZEC (BEP20) swap pairs.

Available Zcash BEP20 Swap pairs: 

  • ZEC/USDT (TRC20)
  • ZEC/USDT (ERC20)
  • ZEC/BNB (BEP2)
  • ZEC/BNB (BEP20)
  • ZEC/BUSD (BEP20)

What Is Zcash (ZEC)?

The Zcash cryptocurrency is a decentralized technology focused on privacy and anonymity. Nodes on the network can verify transactions without revealing any sensitive information using the zk-SNARK zero-knowledge proof technology.

It’s a common misconception that most cryptocurrencies on the market, including Bitcoin (BTC), are anonymous; however, each user has a public address or addresses which can be traced back to them using data science and blockchain forensics.

Unlike pseudonymous cryptocurrencies, ZEC transactions are not required to be relayed through a public blockchain. Instead, they do not reveal the receiving or sending addresses or amount. Auditing and regulatory compliance purposes can, however, require the disclosure of this data.

Initially, based on Bitcoin’s codebase, Zcash was released on October 28, 2016.

Zcash Founders: Who Are They?

Zooko Wilcox-O’Hearn, a cypherpunk, computer security expert, and entrepreneur founded Zcash in 2016. Furthermore, he established the for-profit Electronic Coin Company (ECC), which manages Zcash’s development.

He has worked in the industry of cryptography and information security for more than 25 years, and he has contributed to a number of projects, including the now-defunct electronic money company DigiCash, peer-to-peer data storing software Mojo Nation and the Tahoe Least-Authority File Store system.

Furthermore, he founded Least Authority Enterprises, a company dedicated to improving digital security and preserving privacy, as well as co-inventing the BLAKE3 cryptographic hash function.

Zcash: What Makes It Unique?

Compared to Bitcoin and Ethereum, Zcash has a major advantage in its anonymity option, which provides a level of privacy not possible with regular cryptocurrency.

ZEC transactions can be sent in two ways: transparently or shielded. It works in an analogous way to the way that transparent transactions work in Bitcoin, the platform on which Zcash was originally based: they are sent between public addresses and recorded on an immutable public ledger (the blockchain). Everyone can see the sending and receiving addresses as well as the amount sent for these transactions online.

An outside observer has no overt access to the identities of users from these public transactions: only the public addresses can be accessed in the blockchain. The methods of blockchain analysis have been developed over the last several years, with the help of data scientists and law enforcement, to the point where an interested party can fairly reliably connect a public address on a blockchain with the real-world identity of its owner, thus making it impossible for private transactions to take place.

By contrast, protected ZEC transactions rely on zk-SNARKs, which enable completely anonymous transactions to be sent via public immutable blockchains. A recording of the transaction on the ledger indicates that it has taken place, but not the recipient, sender, or amount sent.

This enables Zcash users to maintain their privacy while still enjoying the benefits of a permissionless, decentralized digital currency.

Klever Swap

Klever Swap is a core service of the Klever app that makes it simpler, faster, and more convenient for our users to exchange cryptocurrencies at the click of a button. By monitoring live price action on top-tier exchanges, our native Swap engine creates a price index that is used by the Swap.

The swap itself is conducted by fully autonomous bots, built and maintained in-house by Klever’s developers’ team. These bots continuously seek the best exchange rate and prices among the top exchanges, and then execute the Swap with high precision, security and speed. The Klever Swap project is part of Klever Exchange.

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Disclaimer: This article is for informational purposes only. The information does not constitute an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Klever.Finance does not provide financial, tax, legal, or accounting advice. There is no responsibility on the part of the company or the author for any loss or damage arising from or related to the use of or reliance on any content, goods or services mentioned in this article.

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