The upcoming Zcash launch has many cryptocurrency users interested. The cryptocurrency’s genesis block goes out on October 28, with many miners waiting to churn out the asset. Now those wondering where they can store their Zcash can rest easy, as multi-currency wallet Jaxx just announced full Zcash integration.
Zcash Will Be Added to the Entire Fleet of Jaxx Wallet Applications
The multi-currency crypto-wallet Jaxx, led by Toronto’s Decentral and Anthony Di Iorio, has been trying to capture the hottest digital currencies on its platform. So far the mission is a success, with a few bumps in the road. Users have downloaded the app 70,000 times since June, and the wallet integrates many cryptocurrency assets.
On October 25 the company announced it will implement privacy-centric protocol Zcash into its entire suite of software platforms. Jaxx says integration will come into effect within days of the genesis block release. That makes Zcash the fifth asset Jaxx has added to its platform in three months.
“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,” said Di Iorio. “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.”
Mining Operations Line up to Serve Zcash
Currently, there is a significant amount of enthusiasm surrounding Zcash mining. Alongside storage abilities, mining operations are preparing to assist those looking to acquire the digital currency after its launch. Zcash will not be available through an Initial Coin Offering (ICO) nor will it be distributed through an “instamine”. This means every token issued will be mined, and mining will most likely be cheaper than purchasing Zcash on an exchange.
Privacy-oriented Zcash will have a similar reward schedule as Bitcoin. However, within the first four years, investors will get a 20% share of the block reward to further the project. There are various mining operations offering pre-ordered hashrates.
Genesis-mining.com is one of the companies offering orders to get started right on the launch. Genesis is offering one-year mining contracts for Zcash with a limited supply.
Another operation selling future mining contracts in monthly intervals is the well known Toomim Brothers. The brothers say they have created their own version of Zcash mining software, and claim theirs is exceptionally fast.
The miner is currently solving 50 solutions/sec (aka Hash/sec). The Toomim brothers have auctioned some contracts already to private buyers, but are also offering contracts to the public.
Zooko Wilcox Is Pleased to See Exterior Providers Add Zcash Support
Zcash (ZEC) is on a mission to provide the ability to make confidential and anonymous transactions. By utilizing zero-knowledge proofs, the protocol works by publicly publishing transactions on the blockchain by selective choice. Zcash users will have the option of keeping sender and recipient data completely confidential.
The utilization of a zero-knowledge proof variant called a zk-SNARKs allows the network to keep ledger transactions private. Transaction metadata is encrypted, and the zk-SNARK protocol is ultimately used for the verification process. Zcash CEO Zooko Wilcox said during the Jaxx integration announcement:
“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.”
The Industry Prepares for the Zcash Launch
As many services look to offer wallet storage and mining solutions, the Zcash ecosystem may have a successful start. However there are definitely a few who remain skeptical of how the system will evolve.
Skeptics are especially concerned with the protocols parameters and the destruction of the private key. As Zcash developers point out, it is “essential for the integrity of the system that after the setup phase nobody possesses privkey.” If the privkey is owned by anyone, then the currency can be created by the holder at the expense of the network.
At the same time, people are hoping for a truly bulletproof anonymous cryptocurrency solution. The project is probably one of the most anticipated anonymous cryptocurrency projects in quite some time. Zcash hype has been exponential, and the cryptocurrency industry hasn’t seen so much anticipation in a project since before Ethereum was released. Soon the market will decide its future.
What do you think about Jaxx adding Zcash to its multi-currency wallet? Let us know in the comments below.
Images courtesy of Jaxx, Genesis Mining, Toomim Brothers, and Zcash websites.
Disclaimer: Bitcoin.com owner Roger Ver is invested in Zcash.
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