Zcash’s ZEC token is currently trading for $33.23, marking a 12.4% increase in the last 24 hours, according to CMC data. This surge is likely due to recent news that MetaMask, a leading crypto wallet, has pledged $150,000 to support the development of a MetaMask Snap, enabling support for Shielded ZEC.
A member of the Zcash community has proposed allocating $150,000 to expand the Zcash ecosystem by creating a browser-compatible library with essential features for web wallets and browser plugins. This project is seen as a stepping stone to creating a MetaMask Snap.
Whoo-hoo! Zcash coming to MetaMask thanks to MetaMask and the Zcash Community Grants Committee!https://t.co/jg5zARnGMW pic.twitter.com/6CqvEvqYb3
— zooko🛡🦓🦓🦓 ⓩ (@zooko) August 6, 2024
Following discussions, Zcash Community Grants (ZCG) and MetaMask have reached an agreement. MetaMask will provide a $150,000 grant to support this initiative.
What is Shielded ZEC?
Shielded ZEC refers to ZEC transactions that use the cryptocurrency’s advanced privacy features to hide transaction details.
Shielded ZEC transactions hide the sender, receiver, and amount being transferred. This ensures that transaction details remain private, and no one can trace them on the blockchain.
They use zk-SNARKs, which allow one party to prove to another that a statement is true without revealing any information beyond the validity of the statement itself. The technology underpins the privacy features of shielded ZEC transactions.
Shielded transactions are private, but Zcash allows for selective disclosure. Users can reveal transaction details to specific parties (ex., for auditing) without publicizing the information.
The encryption enhances the security of the data, making it resistant to attacks and unauthorized access.
Who benefits?
Shielded ZEC is ideal for individuals and organizations that prioritize financial privacy. Businesses can use shielded ZEC to conduct confidential transactions. The selective disclosure feature allows users to comply with regulatory requirements while maintaining privacy.
Meanwhile, developing a MetaMask Snap that supports shielded ZEC transactions would significantly enhance access to and use of Zcash’s privacy features.
Integration with MetaMask can drive broader acceptance and integration of Zcash in the wider crypto ecosystem. Simplifying the process of making shielded transactions will improve the overall user experience.
Zcash price prediction
According to technical indicators, ZEC is currently a strong buy. It has formed a golden cross, with the 50-day EMA well above the 200-day EMA. The RSI (14) is neutral at 61.51, but the coin would be overbought above 70. The next resistance level to watch is 34.558.
