Zcash Partners With Cosmos To Add Anonymity In Interoperability Of Blockchains

  • Zcash Foundation announces a partnership with interoperability blockchain solution, Cosmos, to bring about its privacy features to blockchain interoperability.
  • The Foundation is a non-profit organization that leads development of Zcash protocol, a privacy focused blockchain.

In an announcement published on the official Zcash Foundation website, the partnership with Cosmos will bring about anonymity through the Inter-Blockchain Communication (IBC) protocol-enabled “pegzones”. The official statement reads,

“Our plan is to take advantage of these network effects by giving Cosmos users access to this anonymity set through an IBC-enabled pegzone.”

Pegzones on the Cosmos network allow blockchains to connect with each other seamlessly and now will facilitate sharing data and transactions privately and anonymously. The partnership is mutually beneficial for both parties as Cosmos also grows the anonymity set of Zcash market.

The IBC-enabled pegzones are expected to be launched in two phases: the first focused on ZEC implementations enabling the start of the second phase the shielded pool implementation on the pegzones themselves.

The pegzones will provide tokens backed by ZEC tokens in the existing Zcash shielded pool. The tokens will be used on the Cosmos system allowing any user to trade, stake and use ZEC tokens in the Cosmos ecosystem. The tokens are secured by a novel shielded-compatible staking system.

Once the first phase launches, development on the second phase which adds a shielded pool on the pegzone itself commences. This allows shielded staking, shielded IBC assets, and shielded cross-chain transfers across any blockchain.

The Foundation released its GitHub repositories on the initial design of the Zcash Foundation privacy module. Find more details here.

The rate of development across the ZEC ecosystem turned a gear up since the community reached a consensus to set 20% of all miner rewards earlier in January this year.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[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

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