Edward Snowden Shows Support of Zcash (ZEC) Despite Recent Controversies
Zcash has been in the news recently for all the wrong reasons. Their team discovered and fixed a huge vulnerability of its system. Following that they said that vulnerability would have allowed hackers to counterfeit ZEC on the network, which would be a huge problem for the company. By using this bug, someone could print infinite ZEC tokens, which would completely destabilize the balance of the network and could cause severe issues as no one that exploited the bug would be happy with creating just half a dozen tokens and, as the transactions are anonymous, it would be hard to track the losses.
Zcash uses complex zk-SNARKS technology, also known as zero-knowledge cryptography, to ensure the privacy of transactions. Its founders claim that it is impossible to decipher the sender and recipient of transactions using Zcash.
In March 2018, in a wide-ranging interview that covered privacy and cryptocurrencies, noted NSA whistleblower Edward Snowden endorsed the privacy-focused coin Zcash.
Agree. Zcash's privacy tech makes it the most interesting Bitcoin alternative. Bitcoin is great, but "if it's not private, it's not safe." https://t.co/HqwQOvSCiz
— Edward Snowden (@Snowden) September 28, 2017
“Zcash for me is the most interesting right now because the privacy properties of it are truly unique, but we see more and more projects that are trying to emulate this and I think this is a positive thing,”
When asked about his thoughts on Monero, another prominent cryptocurrency that advertises the ability to make anonymous transactions, Snowden stated that it was a
“great project, but the problem with amateur crypto is mistakes happen and have huge consequences for people like me.”
Because Zcash was created by professional academic cryptographers, he feels more confident that the technology is truly secure.
He reiterated those points again when in the light of current accusations against the token.
A lot of people wonder why I like #Zcash despite the Founder's Reward. Here's a reason: that tax funds a quality team that catches and kills serious bugs in-house, before they get exploited. Some other projects learn about bugs like this only AFTER people have lost money. https://t.co/i9MD1CpeNx
— Edward Snowden (@Snowden) February 5, 2019
Although not all points the whistleblower makes is valid. Moner also does not rely on centralized groups of developers. Monero has caught serious bugs before they were exploited and they have an altruistic community-driven funding mechanism.
Monero has that, but for free. You know, they way open-source software SHOULD work?https://t.co/VtuRpF3NcS
— Riccardo Spagni (@fluffypony) February 6, 2019