Zcash (ZEC), a privacy coin that launched in 2016, unveiled an upgrade to its system on May 31 that will allow users to more easily make private, trustless digital cash payments on mobile phones. Not everyone would view this as a good development.
The unfamiliarity, uncertainty and public intrigue surrounding privacy — including its complexity, misuse and speculative activity — presents a number of challenges and reputational issues for innovating crypto projects. While a core tenet and source of pride among crypto projects such as Zcash, privacy has been demonized by those in power, including lawmakers, regulators, banks and academics.
Yet, frequent hacks and data breaches show that the need to protect individuals’ privacy is more essential than ever. It’s here where crypto firms can enter the conversation and advocate for these vital consumer protections through the use of privacy-focused projects.
Related: What are privacy coins and how do they differ from Bitcoin?
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