The Multichein Dex aggregator Shapeshift announced support for shield (private) shield transactions with Zcash Privacy Cryptocurrency.
According to a Thursday announcement shared with Cointelegraph, Shapeshift’s self-custodial Decentralized exchange (Dex) Aggregator and Self-Customial Wallet now support Zcash (ZEC) shield transactions. The announcement came as Zcash Community grants provided $ 50,000 to support technical and marpeshift’s technical investments.
According to the announcement, in this move, the organization aims to “offer a true privacy on-chain for its users.”
It follows The delisting of the shapeshift of anoncoinsAlso known as Privacy coinsIn 2020 amid pressure of regulation. However, it returns when the Shapeshift is operated as a centralized instant exchange, before it moved into being a Dex aggregateR and removing your customer knowing to bear the next year.
“The integration of Shielded Zec with Shapeshift DAO has expanded access to uncontrollable private money,” said the Zcash Community Grants team. “It gives the shapeshift community a decentralized path to capture and use the ZEC without relying on centralized exchanges, which align perfectly with the values of privacy, freedom, and self -support built for Zcash.”
Related: EU to inhibit unidentified crypto accounts and privacy coins by 2027
The infrastructure
A shapeshift Decentralized Autonomous Organization (DAO) The representative told Zcash Forums “The Shapeshift Today is a DAO, not the centralized company that (it is) back in 2016.”
“After that, the pressure of the regulation led to the ZEC being removed, but that was under a different structure. Today, the Shapeshift DAO is governed by the community, completely open, and building public.”
Shapeshift uses a network node provided by the blockchain infrastructure firm liquid for implementation. The Dex Aggregator redesigned the application interface “to a cleaner, uniswap-style swapper optimized for mobile.”
Related: Zcash founder joined Shielded Labs, pushing for hybrid Pos upgrading
Crypto privacy faces pressure mounted
Arthur Firetov, chief business officer in crypto payment processor Mercuryo, told Cointelegraph that “privacy is the foundation of trust.” Zcash leverages Zero-Knowledge Proofs (ZK-Proofs) To offer optional shield transactions on which the amount sent, sender and recipient is unknown to the public.
Since Zcash launched in late 2016, ZK-proofs have grown in popularity as a developmental area. Firstov explained that “proofs are a procedure that a user can use for verification that something is true without announcing their data.”
However, applications that prioritize financial privacy often attract the anger of regulators. According to reports of mid -September, the European Union’s removal Anti-Money Laundering Rules Appears set to prohibit tokens that maintain privacy and anonymous Crypto accounts starting in 2027.
Others suggest that regulation may exacerbate the situation. Ki Young Ju, CEO of Crypto analytics firm Cryptoquant, said in May that the censorship-resistant “Dark Stablecoins” may Stay away from demand While governments are preventing their management in the industry.
Magazine: Delayed
