eToro is pleased to announce that Zcash is now available to trade on eToroX. This privacy-focused cryptocurrency lets users choose between public and confidential transactions. On eToroX, users can trade Zcash (ZEC) against the US dollar (USDEX), and Bitcoin (BTC).
Bringing privacy to the blockchain
As a fork of the bitcoin codebase, Zcash retains the same 21 million supply limit, while adjusting other aspects of the blockchain for benefits that include enhanced privacy.
Users can opt for public transactions that appear transparently on the blockchain, or private transactions shielded by an identity-masking protocol Known as zk-SNARKs. This form of zero-knowledge cryptography gives Zcash users the ability to maintain privacy, while selectively disclosing transaction data as needed for auditing or compliance purposes.
In this way, Zcash mimics the privacy properties of paper currency by allowing people to send and receive funds without necessarily sharing all of the transaction details.
According to Zcash’s mission statement, personal privacy is “essential for core human values like dignity, intimacy, and ethics. Companies need privacy in order to conduct business. Privacy strengthens social ties and social institutions, enables democracy and civil political processes, protects societies against their enemies, and helps societies to be more peaceful and more prosperous.”
Zcash was launched in 2016 by the Electric Coin Company, which continues to support development of the decentralized cryptocurrency. Broader efforts towards building financial privacy are also supported by the Zcash foundation, a public charity.
With the recent network upgrade, Heartwood, Zcash increased the privacy of mining on the network. In the coming months, the Zcash roadmap is expected to bring cross-chain integrations, and more features for enhancing privacy including hardware wallet support for shielded addresses.
Depositing ZEC on eToroX
As a regulated exchange under Gibraltar’s DLT licence, eToroX does not support shielded Zcash transactions.
Once your public Zcash deposit has been processed and approved, your ZEC will appear in your account, and you can start trading the cryptocurrency on eToroX.