Zcash, one of the first privacy-focused cryptocurrencies, saw its ZEC token post gains in Asian trade as the protocol's move to proof-of-stake and compliance guidelines gained more support from the community of market players.
- Zcash broke the €100 mark, up as much as XNUMX% in twenty-four hours and XNUMX% so far this week, according to CoinGecko.
- The protocol is one of the original privacy tokens, first launched in October XNUMX as a fork of Bitcoin.
- In November, Electric Coin Company, the team behind the project, announced that it would move to proof-of-stake by XNUMX and planned to launch an official wallet.
- The market also reacted positively to ZCash's compliance plan. The team stated that the protocol is fully compliant with global anti-money laundering and anti-terrorist financing standards, as well as recommendations from the International Financial Action Task Force, such as the travel rule, which requires them to retain customer data. of the service with any transaction. In a weblog post, the team notes that most transactions take place on FinCEN-registered exchanges in the US.
- Privacy protocols and mixers have been in the news, as more than €XNUMX million worth of digital assets have recently been swiped from Crypto.com and mixed via Tornado Cash.
- In an interview with CoinDesk, Tornado Cash co-founder Roman Semenov stated that law enforcement tends to focus on getting IP addresses from infrastructure vendors as they can be linked to a name through on-site calls for privacy tokens.
- The RAND Corporation noted in a XNUMX report that there is no evidence of widespread illegal use of Zcash, as scammers prefer to use bitcoin on their site.
Read more: What is Zcash? The privacy coin explained