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Zcash arriving at Coinbase – Privacy concerns
Zcash it is one of the best known private currencies on the market. One of its main motivations is privacy and its founder, Zooko Wilcox, believes that the cryptocurrency industry can achieve privacy for everyone – Zcash it's the brain behind the formidable zk-SNARK security protocol. However, there is a fear that Zcash's privacy is so popular to be compromised now that the privacy coin is ready to be published on Coinbase.
Why the worry?
The Zcash forums are in turmoil with the latest developments and while some people are optimistic, most people are confused about the way forward. Dovey Wan, a founding member of Primitive Ventures, is a good example of the level of concern for the latest developments. Ms Wann said she had asked Mr Wilcox separately because he was listing the private currency on Coinbase unsuccessfully. She is also in limbo about what the future holds for money.
Coinbase is one of the largest exchanges of cryptocurrencies and any cryptocurrency is excited by the prospect of being present. The exchange is based in the United States and therefore falls within the regulation of the SEC, but also adheres to a strict policy of know-your-client (KYC). This means that all those who trade on Zcash on the platform (or elsewhere) will have to establish their identity. This goes against everything that the currency for privacy represents.
However, Mr. Wilcox responded to the growing concern of a tweet explaining that the company's original focus on privacy is still intact. "Privacy does not concern isolation, but community, but with consent, you can choose who is watching when you let your hair down, you can choose who is around the table when you tell your story. , wrote Wilcox in a tweet.
Why The Move?
Switching to Zcash's list did not go well with its users, but the company is not letting go. So, why take such a big risk?
Mr. Wilcox was not clear on why the company is listing on Coinbase but the obvious answer is expansion. As already mentioned, Coinbase is one of the largest exchanges of cryptocurrencies with millions of customers from all over the world. Zcash will get a lot of exposure to these customers and will effectively expand its customer base once it is active on the platform. To this end, the future is not at all bleak since current Zcash owners may be waiting for better ROI.
It is also interesting to know that Zcash and Coinbase go far behind. Apparently, Mr. Wilcox was once offered to the company as head of security, but he refused. He is also a close friend of CEO Brian Armstrong.
Conclusion
Zcash is ready to be published on Coinbase, one of the most popular cryptocurrency exchanges in the world. However, this news was not well received by many Zcash owners worried that their privacy could be compromised due to this move. However, information about what this move involves for the privacy coin is still coming out.
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