Shapeshift, a multichain DEX aggregator, announced that it would support shielded transactions (private) with Zcash.
ShapeShift’s self-custodial program was announced to Cointelegraph on Thursday. decentralized exchange (DEX) Zcash wallets and aggregators now accept Zcash.ZEC( shielded transaction. It was announced as Zcash ShapeShift has received a $50,000 Community Grant to assist with its marketing and technical investments.
The organization is aiming to achieve a number of goals with the move. “offer true privacy on-chain for its users.”
The following follows ShapeShift’s delisting of anoncoinsAlso known as privacy coinsUnder regulatory pressure, in 2020. It was still back in the days when ShapeShift was an instant exchange that operated from a central location. transitioned to being a DEX aggregatoThe next year you can remove Know Your customer burdens.
“Integrating shielded ZEC into ShapeShift DAO expands access to unstoppable private money,” The Zcash Community Grants team has said. “It gives the ShapeShift community a decentralized path to acquire and use ZEC without relying on centralized exchanges, aligning perfectly with the values of privacy, freedom, and self-custody that Zcash was built for.”
Related: EU to ban anonymous crypto accounts and privacy coins by 2027
It is important to have a good infrastructure.
It’s a ShapeShift decentralized autonomous organization (DAO) Zcash representative: forums You can also find out more about us here. “ShapeShift today is a DAO, not the centralized company that [it was] back in 2016.”
“Back then, regulatory pressure did lead to ZEC being delisted, but that was under a totally different structure. Now, ShapeShift DAO is community-governed, fully open, and building in public.”
Shapeshift uses a network of nodes provided by Liquify, a blockchain infrastructure company. DEX also redesigns the interface of its application. “into a cleaner, Uniswap-style swapper optimized for mobile.”
Related: Zcash founder joins Shielded Labs, pushes for hybrid PoS upgrade
Crypto-privacy under pressure
Arthur Firstov told Cointelegraph, Mercuryo’s chief business officer and crypto payment processor Arthur Firstov was the first to tell him that “privacy is the foundation of trust.” Zcash levers zero-knowledge proofs (ZK-proofs) To offer shielded transactions that do not reveal the recipient, amount or sender.
ZK proofs, which were introduced in Zcash in 2016, have become a popular area of development. Firstov explained what such “proofs are a method that a user can use for proving that something is true without revealing their data.”
Many regulators are angry about applications that put financial privacy first. In mid-September, reports stated that the European Union had sweeping new regulations. Anti-Money Laundering rules It appears that the government will ban anonymity tokens as well as privacy-preserving tokens. crypto accounts starting in 2027.
Other people suggest that regulations may make things worse. Ki Young Ju of CryptoQuant’s crypto analytics company said that in May, censorship resistantcryptocurrencies are a reality. “dark stablecoins” It is a good idea to use become increasingly in demand The government is tightening its oversight over the industry.
Magazine: EU’s privacy-killing Chat Control bill delayed — but fight isn’t over
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Source: cointelegraph.com
