Today we’ve added support for Zcash, a digital currency focused on protecting the privacy of its users. Known for its cutting-edge privacy technology, Zcash is a new addition to the 300+ tokens and 12 protocols we currently support.
Secure institutional storage and transfer of Zcash tokens
Now you can securely store and transfer Zcash between counterparties and exchanges on the Fireblocks Network for instant settlement. With Fireblocks’ REST API, you can also launch Zcash token support for retail customers and users.
Learn more about Fireblocks multi-layer security technology or check out 7 Reasons Why MPC is the Next Generation of Private Key Security.
According to CoinGecko, Zcash has a current circulating supply of 10 million coins with a 24-hour trading volume of over $780 million (as of 10/10/2020).
Zcash was developed and launched by top cryptographers in 2016. The underlying protocol is based on the research of scientists from MIT, Technion, Johns Hopkins, Tel Aviv University, and UC Berkeley. The currency aims to enable users to transact with total privacy and anonymity.
Like Bitcoin transactions, Zcash transactions are posted to a public blockchain. However, Zcash utilizes zero-knowledge proofs to verify transactions without revealing the sender, receiver, or transaction amount. At the same time, Zcash enables transparent transactions to accommodate wallets and exchanges that don’t support private transactions.
Zcash addresses are either private (z-addresses) or transparent (t-addresses). A Z-to-Z transaction appears on the public blockchain, so it is known to have occurred and that the fees were paid. Transactions between two transparent addresses (t-addresses) work just like Bitcoin: the sender, receiver, and transaction value are publicly visible. The two Zcash address types are interoperable; funds can be transferred between z-addresses and t-addresses.