Edward Snowden reveals he's one of the creators of Privacy Coin Zcash
Privacy coins like Zcash are increasingly gaining momentum, especially in the backdrop of Western sanctions against Russia for its invasion of Ukraine
By Shashank Bhardwaj
Image: Pedro Fiúza/NurPhoto via Getty Images
Edward Snowden, the NSA whistleblower whose leaks sparked a global discussion over internet surveillance, is said to have had a backstage role in the development of the privacy-enhancing cryptocurrency Zcash (ZEC). The former US defence contractor was one of six people who took part in the "ceremony" that established Zcash's so-called trusted setup.
Snowden agreed to make his participation public in a recent message to Zooko Wilcox, co-founder and CEO of Electric Coin Company, Zcash’s developer. “As long as it is clear that I was never paid and had no stake, it was just a public interest thing, I think you can tell people,” he wrote.
In an exclusive interview with Zcash Media for their educational video titled "The End of Zcash's Trusted Setup: Who is John Dobbertin?" Snowden himself confirmed the revelation. The video, which is just under 9 minutes long, brings together some of Electric Coin Co.'s significant technological challenges and triumphs since the inception of the privacy coin six years ago.
Snowden's interest in privacy-protecting technologies was first noticed by Wilcox when he spoke virtually at a Bard College event, where he highlighted the significance of privacy technology in providing ordinary people with the feeling of being alone. Wilcox was searching for people who were already practising strict privacy standards in their daily lives to participate in the Zcash ceremony, and Snowden was the perfect match.
For several reasons, privacy coins are now more important than ever. Unlike bitcoin and ether, Zcash uses a cryptographic mechanism to ensure that transactions are untraceable and cannot be linked to wallet holders. Such an arrangement is particularly advantageous in the current environment when crypto exchanges are under pressure to monitor Russia-related crypto activities following sanctions from Western countries due to its invasion of Ukraine.
Since Putin's invasion on February 24, Zcash has surged by more than 67% to $147, whereas Bitcoin has only climbed by 9% in the same duration.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..