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How Cardano’s IOHK is enabling the creation of verifiable but private cryptocurrencies

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The debate about privacy when using cryptocurrencies has been a long-standing one. From crypto miners, developers and even investors, embracing anonymity and privacy have almost become a requirement for mass adoption and uptake. Even though privacy and anonymity have been used by financial industry pundits to paint a bad picture for cryptocurrencies in general, these are two features that enable any cryptocurrency enthusiast to redeem their right to have total control over their money. AS IOHK CEO puts it,

Privacy is a human right and has to be protected

After all, one of the magical aspects of cryptocurrencies is that they give control of money back to the people. Although Bitcoin has been the golden standard for cryptocurrencies, it does not provide anonymity as most people would think. This has led to the rise of various altcoins claiming to provide anonymity and privacy. To this regard, Cardano’s IOHK partnered with ZenCash at the beginning of the year to come up with a reliable, private but resilient cryptocurrency.

The partnership between IOHK and Zen Cash

The partnership between ZenCash and Cardano’s IOHK will be a step closer towards establishing purely borderless transactional and communication system that allows parties to interact regardless of their background socioeconomic status or location.

ZenCash is a Blockchain project launched on May 30th last year with a focus on providing a networking and privacy infrastructure for anonymous and secure communication, transaction and collaboration. By partnering with IOHK, ZenCash will not only be able to upgrade its Blockchain protocol but it will also build and implement IOHK’s treasury model so as to ensure efficient allocation of decentralized resources on a community-driven governance system.

Building beyond privacy

The research project, led by Dr. Roman Oliynykov who is an IT researcher and cryptographer, will build on the ZenCash Blockchain to enable a first of its kind end-to-end cryptocurrency that runs on secure nodes. Miners on the newly upgraded network will receive rewards of up to 3.5 percent thus enabling sustainability on the network.

Considering the fact that ZenCash has a capped token supply of 21 million, and is treasury funded, not to mention a wallet and an advanced privacy and messaging capabilities, the collaboration between the two entities is surely set to be a game changer in the crypto space.

The partnership so far

So far, the two teams have been working on the core development of the platform and a bunch of features has already been completed. Plus, a consensus scaling protocol that will allow more transactions on ZenCash is being worked on at the moment.

Basically, the partnership is enabling ZenCash leverage on the expertise and scientific research capabilities of IOHK while on the other hand; IOHK gets to create universal solutions for cryptocurrencies apart from Cardano’s ADA.

With this partnership, not only will the age-old problem of privacy Blockchains be solved, but also the creation of efficient governing systems will be made a reality. According to Oliynykov, the IOHK research team is implementing “liquid democracy” as well as “confidentiality for voters”. Simply put, these two features alone will enable verifiable anonymous transactions on Blockchain networks.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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