Edward Snowden, the world famous whistleblower, known for releasing classified NSA documents to the public in 2013, has declared his support for the privacy-oriented cryptocurrency ZCash, dubbing it the “most interesting alternative” to bitcoin.
ZCash the Most Private Currency, According to Snowden
Writing in response to a tweet from technologist Mason Borda which read: “ZCash is the only altcoin (that I know of) designed and built by professional and academic cryptographers. Hard to ignore,” Snowden replied, “Agree.”
ZCash’s privacy tech makes it the most interesting Bitcoin alternative. Bitcoin is great, but “if it’s not private, it’s not safe.”
In addition, he noted that Monero, a competing privacy-oriented currency, is “amateur crypto”. He pointed to traceability issues within the technology. Snowden said that such design errors could put fellow whistleblowers at risk, stating: “Mistakes happen and have huge consequences for people like me.”
What’s the difference between ZCash and Monero?
Monero is based on obsfucation of information with ring signatures and stealth adresses. The value of funds transferred cannot be seen by someone from the outside, and no one can tell who did the transaction come from. ZCash on the other hand, used a cryptographic operation called zk-snarks. It is a novel form of zero-knowledge cryptography, offering a strong privacy guarantee, because transactions can be fully encrypted on the blockchain, yet still be verified as valid under the network’s consensus rules by using the method’s proofs.
However, both coins are indeed high-level in privacy, moreso than other cryptocurrencies.