Blockchain Wallet Jaxx To Integrate Confidential Cryptocurrency Zcash
Universal blockchain wallet Jaxx is planning to integrate Zcash into its suite of software platforms. The integration will begin only a few days after the mining of Zcash’s first block, which is set to happen October 28th. Zcash is unique in that the transactions on its public blockchain are completely anonymous. They achieve this anonymity through the use of zero-knowledge proofs, which we’ve previously covered in another story.
Jaxx is going to be the first wallet to integrate Zcash, which will be the fifth cryptocurrency added to Jaxx in the past three months, joining, among others, Ethereum Classic. That means Zcash will be available on Mac, PC, Linux, mobile phones/tablets, and browser extensions. Seeing as how Jaxx allows easy in-wallet conversion for crypto-to-crypto buying and selling, Zcash will be as versatile as it is anonymous. Jaxx recently sent out a press release:
Jaxx Blockchain Wallet Announces Plan to Integrate Zcash
Privacy centric cryptocurrency set for October 28 launch
Toronto, ON – October 25, 2016 – Decentral, creators of the universal blockchain wallet Jaxx, today announced plans to integrate Zcash into its entire suite of software platforms. The integration is scheduled to come into effect within days of the mining of Zcash’s genesis block on October 28. Zcash aims to give users the ability to make confidential and selectively disclosable transactions, powered by its cryptocurrency, ZEC. Zcash is positioned to provide the first privacy-centric payments that are inherent to the protocol.
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.”
Zcash works by way of zero-knowledge proofs; the protocol works such that 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.
Zcash CEO Zooko Wilcox said, “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 a team of experienced cryptographers. zk-SNARK allow 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 over.
Zcash becomes the fifth token Jaxx has added on its wallets in less than three months, following the successful integrations of Litecoin, Ethereum Classic, Dash and Augur; all within the world’s top ten list of cryptocurrency by market cap.
“Jaxx has always been blockchain agnostic, but we listen very closely to the requests of our users. I’m extremely proud of what our team has been able to achieve by including so many popular tokens in such a short time. We will continue working around the clock to make these integrations and will include even more in the near future,” said Di Iorio.
Since launching in June 2016, over 70,000 users have downloaded Jaxx.