Cryptocurrency centered on privateness ZEC$354.99 has not too long ago skyrocketed in worth, prompting a number of blockchains to combine the token into their ecosystems.
On October sixteenth, Solana, the world's second largest good contract platform, launched wrapped ZEC by way of the Zolana Bridge. Nevertheless, these wrapped tokens operate as normal Solana Program Library (SPL) tokens and don’t present the privateness protections inherent to native Zcash. They’re backed 1:1 by native ZEC, however balances and transaction information will not be hidden.
Encifher addresses this limitation by re-wrapping tokens into crypto belongings equivalent to eZEC, enabling non-public crypto swaps on Solana by state-of-the-art Totally Homomorphic Encryption (FHE). This expertise ensures that delicate transaction data is hidden and restores ZEC's inherent privateness on the high-speed Solana community.
“For ZEC to be really non-public on Solana, it must be rewrapped right into a crypto asset like eZEC, which could be configured with Solana DeFi whereas balances and transfers are hidden, in order that ZEC's unique imaginative and prescient of asset-level privateness can truly reside on on Solana,” Encifher's social media deal with Encrypto.commerce stated in a submit on X.
Enciffer makes use of robust encryption to maintain person balances non-public and switch particulars on-chain. Transactions are secured and verified by zero-knowledge proofs, whereas delicate information is simply accessible to licensed events utilizing threshold decryption protocols.
This method encrypts shopper balances utilizing threshold ElGamal encryption and shops the encrypted information in an off-chain safe information availability layer. The Solana blockchain, however, handles cryptographic pointers to those balances with out exposing their precise values.
Consider EIGama encryption as a treasure chest that may solely be opened if a sure variety of trusted associates come along with their very own particular key. This implies your good friend gained't be capable to entry the chest alone, offering added safety.
This setup permits customers to privately maintain and switch encrypted ZEC tokens, successfully reworking Solana's public blockchain right into a privacy-preserving atmosphere that continues to be totally suitable with decentralized finance purposes. By using non permanent accounts with a single transaction lifecycle, the system prevents transaction linkage and tackle reuse, making third-party evaluation just about unimaginable.
Subsequently, with Enciffer, Solana customers have the means to regain ZEC's unique promise of asset-level privateness on a blockchain identified for its pace and low value, bridging the perfect of each worlds.
Enciffer's privateness safety options are carried out on Jupiter, Solana's main decentralized alternate, permitting customers to commerce encrypted tokens whereas defending their privateness.
ZEC’s worth has surged 380% this month to $375, in line with CoinDesk information. In accordance with some observers, this surge was fueled by the upcoming ZEC halving and the general public debuts of Grayscale ZEC Belief and HyperLiquid.
