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FORBES - Zcash Out To Prove Privacy Is Key To Crypto Adoption With GDPR

Zcash is a cryptocurrency aimed at using cryptography to provide enhanced privacy for its users compared to other cryptocurrencies such as Bitcoin.Getty

When cryptocurrencies started hitting the mainstream, regulators soon felt themselves being drawn into to pass their judgment. Decentralisation was a sticky point, but not as much as its anonymity. Regulators and governments were suspicious of how quasi-anonymous digital payments would be used with money laundering and terrorist funding two major red flags.

As time has gone on, and cryptocurrencies have accepted the need to be regulated, so has the narrative changed from the regulators. Fiat-to-cryptocurrency exchanges have been seen as centralised entities that are subject to financial rules and regulations; exchanges are being seen as money services and have to adhere to anti-money laundering rules, as well as Know Your Customer (KYC)

However, other regulations have also come to the fore, some which fly directly in the face of public blockchains that store data freely and for all to see. The General Data Protection Regulation (GDPR) in the European Union is one such regulation which is aimed at data protection but contradicts blockchain’s transparent nature. It demands that user’s data be put in their control and consent.

This, of course, sent shockwaves through the European blockchain community as they had to second-guess products that were utilising public blockchain; even the US needs to be wary as there are calls for similar regulations on the horizon.

But, as time has gone on, the narrative has changed again, and there have been conclusions being drawn that added layers of privacy are what is needed on the blockchain, shifting the spotlight onto cryptocurrencies like Zcash.

Zcash prides itself on being a public blockchain with added privacy aspects, such as zero-knowledge proofs, and now shielded transactions which are attracting ...

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