$104,619.00
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0.01%$0.199015
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3.03%$3.32
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-3.05%Reading
Edward Snowden, the famed National Security Agency whistleblower, helped launch Zcash in 2016, a representative of the Zcash inventors Electric Coin Company told Decrypt.
Snowden joined Zcash creator Zooko Wilcox, Bitcoin core developer Peter Todd, Coin Center's Peter Van Valkenburgh and two others in launching the Zcash blockchain. In a process known as "trusted setup," the six participants each received a sliver of the private key needed to create the cryptocurrency. Previously, the identity of the sixth participant was known by the pseudonym "John Dobbertin."
The culmination of the creation ceremony involved destroying the keys.
"If anybody has access to this key, they could counterfeit Zcash without anybody knowing," Electric Coin Company SVP Josh Swihart told Decrypt. "So what it required was a setup where the key could be generated by six different parties, and if any party was honest and destroyed their part of the key, then it would be safe from counterfeiting."
The news was first reported by Forbes based on a leaked video from Zcash Media of Snowden, in which he discusses the need for a privacy-centric alternative to Bitcoin. "Bitcoin quite famously is an open ledger," he states. "The problem with that is you can't have truly free trade unless you have private trade. And you can't have a free society without free trade."
Edward Snowden gives an extensive interview to Marta Belcher of Filecoin Foundation for Camp Ethereal 2022, taped on February 27. He talks about how governments view crypto as "an evolving threat," how crypto "transforms power relationships," why he thinks Ethereum "suffers from the same privacy problems as Bitcoin," and why he views central bank digital currencies (CBDCs) as "crypto-fascist currencies."
Zcash is known as a privacy coin because it harnesses zero-knowledge proofs, a form of cryptography that can be used to verify that a legitimate transaction took place without needing to see the details.
Snowden has been living in exile in Russia since being charged by the U.S. government with espionage in 2013, after he leaked documents about the NSA's surveillance program to the press. Before he could be arrested, Snowden fled to Russia, seeking asylum. He's now a resident.
Despite his involvement in the privacy coin, Snowden reportedly wasn't into Zcash for the cash—and Electric Coin Company says he wasn't given crypto or any other compensation for his involvement.
"He did it as a service, as a public good, and believing in privacy," said Swihart.
For years, Litecoin's narrative as the digital silver to Bitcoin's gold has appeared to be on the wane, with its price down some 76% from its all-time high set more than four years ago. But that doesn’t mean Litecoin has been forgotten. On the occasion of the Litecoin Summit, BitcoinOS has revealed that it's pioneering a trustless ZK rollup for Litecoin. "Litecoin is one of the biggest chains out there with a massive audience," Edan Yago, co-founder and core contributor to BitcoinOS, told Decryp...
New quantum physics experiments may soon test a question as old as humankind: Do we truly have free will? Researchers say they are closing in on a way to determine whether our choices are truly our own or dictated by hidden laws of physics, according to a report published in New Scientist on Tuesday. Quantum experiments have been designed to test the so-called “measurement independence assumption,” which proposes that hidden variables do not influence the settings chosen by experimenters, thereb...
Ethereum co-founder Vitalik Buterin thinks ETH could be a viable alternative to attempts by Sweden and Norway to make their societies cashless. The countries pulled back recently after discovering that centralized payment systems collapse when physical infrastructures fail. But in the crypto world, this move prompted a different response: The idea that decentralized systems could take on the role. "Nordics are walking back the cashless society initiative because their centralized implementation...
