Altcoins

Zcash’s Addition to BitGo is a Natural Fit, Says Benedict Chan

BitGo, a blockchain security company, recently announced that it will be adding Zcash to its platform.

BitGo, led by Mike Belshe and Ben Davenport, offers multi-signature wallet services to its users. BitGo is world’s largest company that provides security and custodial solutions to people who are interested in buying cryptocurrencies. About 15% of all global bitcoin transactions are currently operated by BitGo alone and transactions of all cryptocurrencies of worth $15 billion per month take place on BitGo’s platform. Currently, BitGo has expanded its services to 50 countries. It’s services and initiatives were applauded by many; the potential and prospectus of services of BitGo is stated by WSJ;

A first for the digital currency industry that could pave the way for companies to provide greater assurances to customers that their bitcoins are safe.The Wall Street Journal

Zcash was introduced in 2016 by Zooko Wilcox-O’Hearn. According to Nasdaq, anonymity is valued a lot in the world of blockchain and even the most hot cryptocurrency, bitcoin, doesn’t offer this feature to its user. If there’s a breach with cryptocurrencies administering like bitcoin, data of users could be revealed by hackers very easily. Therefore, Zcash offers level of security and privacy which installs trust and confidence among users. The mind behind Zcash, Mathew Green from John Hopkins University, compared Bitcoin with Zcash and expressed his views regarding Bitcoin in following words:

The least private financial system ever invented.

This shows that he recognized flaws with bitcoin and understood importance of privacy. That’s why he initialized this improvement in Zcash. Green’s team implemented zero-knowledge proof protocol for introducing this privacy feature in Zcash. Their idea got acquiescence from users as suggested by news from Nasdaq which claim that  Zcash has been stepping the success of staircase as it is ranked 19th worldwide with a market capitalization of more than $950 million.

BitGo has added Zcash to its platform so users can use BitGo’s wallet to store Zcash while maintaining their privacy. BitGo has already expanded its services to Ethereum .

BitGo and Zcash look forward to serve by joining hands together. Background and origin of both companies show that they both value anonymity and plan to grant users with the right of carrying cryptocurrency without the need of disclosing it. They both promote blockchain by offering a great advantage to the users. They are easing the procedure in a very unique manner. No one has yet approached this by solving the problem encompassing privacy of investors.

Benedict Chan, chief technical officer, admitted the compatibility of BitGo with Zcash and shared his views;

Zcash is a natural fit for BitGo as both are focused on privacy protection, security and cutting-edge technology.

BitGo’s response was very approving by Zcash. Zcash’s engineer, Brad Miller, expressed similar views that represent Zcash’s positive attitude of approving handshake with BitGo. He said:

The Zcash Company ecosystem team and BitGo worked collaboratively to ensure Zcash is well integrated and supported.

Zcash’s team further stated;

We at the Zcash Company are excited that leaders like BitGo are adopting Zcash and that people are awakening to the benefits of financial privacy. We believe the upcoming Zcash Sapling upgrade will fuel greater adoption of Zcash’s privacy features.

Zcash and BitGo are motivated to work together. They hold very similar visions and features to offer so it can be understood that they are very convenient for each other.

But being untraceable by authorities is not something that everyone wishes for. Blockchain is resisted by many countries and governments because of its misuse. It has been used for illegal activities like drugs, illegal porn and terrorism. Anonymity where, on one hand grants comfort to users, it also gives to much power to them. Although collaboration of two successful companies is welcoming but we can’t ignore a possible, debatable drawback by this collaboration.

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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