The Zano blockchain’s recently completed Zarcanum hard fork (HF4) will enable users and organizations to create custom tokenized assets that meet their specific needs. These custom tokenized assets or confidential assets, will be untraceable on the Zano blockchain. The team believes that without privacy and security, cryptocurrencies cannot achieve the much-hyped widespread adoption.
Zano Blockchain’s Hard Fork Facilitates Privacy Coin Creation, Introduces Confidential Assets
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Hosting Multiple Privacy Coins
The privacy blockchain, Zano, recently underwent a hard fork, transforming the chain from a secure, single-asset chain to one hosting multiple privacy coins. Known as the Zarcanum hard fork (HF4), the protocol change will also allow users and organizations to easily create custom tokenized assets that meet their specific needs.
As explained in a blog post on March 21, 2024, the custom tokenized assets, or confidential assets, created on the Zano blockchain will be untraceable. Furthermore, it will be impossible to determine if more than one transaction was sent to the same recipient. Amount privacy and IP obfuscation are other key properties of assets created on the Zano blockchain after the hard fork.
Commenting on the hard fork and what happens next, Pavel Nikienkov, the co-founder and Project Manager, said:
The anticipation surrounding the Zarcanum hard fork has been palpable, with many in our community viewing it as a pivotal endpoint. However, I see it quite differently – to me, this hard fork isn’t the conclusion of our journey, but a groundbreaking commencement. By introducing Zarcanum, we’ve not just updated; we’ve added a whole new dimension to our project’s growth.
According to the Zano blockchain team, the hard fork is the first of many protocol-improving steps that will be undertaken in 2024.
The Importance of Privacy in the Crypto Adoption Race
Meanwhile, in written responses provided to Bitcoin.com News, Quinten van Welzen, the community manager at Zano, extolled the virtues of privacy and how creations like central bank digital currencies (CBDCs) threaten to infringe on people’s freedom. This threat, Welzen asserts, will compel people to seek alternatives, and privacy coins will naturally emerge as the most ideal.
Regarding the importance of privacy in the drive to increase cryptocurrency adoption, Welzen said:
Privacy is necessary if cryptocurrencies ever want to become globally adopted. Without privacy, a currency can’t be fungible. Prime examples are the blacklisting of certain cryptocurrencies that have been involved with illegal activities, making these specific assets worth less than the ones that are considered ‘clean.’
He added that without privacy, there is no security. This, in turn, guarantees that cryptocurrencies will not achieve the much-hyped widespread adoption.
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