Deloitte Principal and Blockchain Specialist Labels Privacy Coin Zcash (ZEC) as ‘Defunct'

One of the specialists on the Deloitte blockchain has noted that the privacy of Zcash coin, referred to as ZEC, will undergo some struggles.

The privacy might struggle in offering their users some long term use as it has been designed to rely on trust; thus, there is a real risk of the system easily jeopardizing the users.

One of the primary consultants at Deloitte, Tim Davis, informed in an news release from Crypto Briefing that the Zcash actually had some inherent flaws, this is mainly because how the overall platform was set up.

What to know about Zcash?

The platform was actually created in a very elaborate ceremony, one that was involving multiple computers that have been spread across the globe. A concept that is known as an MPC, Multi-party computation.

It is a system that has been designed to prevent any malicious acts that might arise in creating counterfeit coins; this is done by easily splitting it up and going ahead to destroy the computers that are involved.

From all this, the main concern for Davis is that there is a lot that is resting on the trust given to MPC Zcash. The trust levels act as a significant risk for the players and the companies who are looking to use the network, as there could be some backdoor that has been left open. He also states that the current valuation of Zcash could actually be misleading.

As we have seen in the market, popularity has been able to build up the needed capital. Since Zcash was able to get out fast, it was able to build the following required to succeed regardless of the real asset that they are offering.

The situation of privacy in blockchain technology

This is still a big debate within the community, but the permissions blockchains, this is the likes of R3’s Corda Platform, one that is able to provide the needed confidentiality between parties, has been able to gain the required interest.

But for the companies that are going ahead to introduce the privacy characteristics tend to create some issues with the regulators plus create some on chain problems.

A consultant from Ernst & Young, David Byrd also went ahead to state that the expensive together with power-intensive transactions means that the activities that take place in Zcash will not be able to use SNARKs. So this means it will remain public.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

VeChain Joins China Animal Health and Food Safety Alliance (CAFA)

VeChain has joined the China Animal Health and Food Safety Alliance (CAFA) as one of its council members and will be providing them technical...

Coinbase Pro to Pass the Rising Network Fees Onto The Customer During Withdrawals

The launch of UNI, the governance token of Uniswap DEX, is having a big impact on the Ethereum network. The good thing is the price...

Homeland Security Calls On Freelancers to Design A Digital Wallet Interface; $25k to Finalists

The Science and Technology Directorate (S&T) division of the US Department of Homeland Security has allocated up to $25,000 in prizes as an...

BoE Explores Negative Rates; Bitcoin Is A ‘Must' Because Fiat is a ‘Giant Ponzi Scheme'

The Bank of England (BoE) is exploring negative interest rates now and in response Sterling weakened sharply. The pound dropped 0.7% against the dollar after...

Nexus Mutual Sees Active Cover Growing 10x, Now Token Price ‘Directly Linked to Adoption'

“DeFi is developing faster than you can say ‘protect me from the risks in DeFi’,” said Kayleigh Petrie, Director of Engagement at Nexus Mutual,...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today