Creators of the universal blockchain wallet Jaxx, Decentral has announced plans to integrate the new Zcash blockchain into its entire suite of software platforms. The integration is scheduled to come into effect in the days immediately following the mining of Zcash’s genesis block on October 28th. Zcash has been developed to give users the ability to make confidential and selectively disclosable transactions, powered by its cryptocurrency, ZEC. Jaxx has also added new cryptocurrencies: Litecoin, Ethereum Classic, Dash and Augur, in the past three months.
CEO of Jaxx, Anthony Di Iorio said: “Zcash has garnered a lot of attention from all around the world and we at Jaxx have received a lot of interest from our users to have it available as soon as it launches. We will be able to offer Zcash on a number of different platforms, and are working well with the developers to enable a seamless integration. VCs have invested in Zcash, there’s cutting edge security technology behind it and that’s resulted in quite a lot chatter in the crypto community. Zcash holds an extraordinary amount of promise.”
With Zcash, the protocol works with two parties receive verified information without knowing who each other are, or seeing the subsequent data exchange. Zcash trades and payments will see transactions published on a public blockchain, with the option of keeping the sender, recipient, and amount confidential.
Zooko Wilcox, CEO of Zcash, remarked: “Zcash is a new technology that lets you put encrypted data into a blockchain. Blockchains as they currently exist, don’t offer much (or any) control over the disclosure of the data that you put on the blockchain. Any data that you put in there is visible to all users of the blockchain. Zcash is the first protocol of its kind and is the accumulation of years of academic research, hard engineering work, and diligent security work. I’m happy to see that established companies with their own technology, strategy, and user base are already adding Zcash support. This is a sign of a robust and diverse Zcash ecosystem already beginning to grow.”
Zcash uses a type of zero-knowledge proof called a zk-SNARK, developed by cryptographers. zk-SNARK allows the network to maintain a secure ledger of balances without disclosing the parties or amounts involved. Instead of publicly listing spend-authority and transaction values, the transaction metadata is encrypted and zk-SNARK is used to prove that users are spending value they actually have ownership of.