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.

“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,”

he said.

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.

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.


Get Daily Headlines

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

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide