Zcash gets added to the Winklevoss's Gemini Exchange

in #zcash6 years ago

In news out this morning; Zcash, Litecoin, and Bitcoin Cash will all be added to the Gemini exchange.

The news of additions to the Gemini exchange is not all that surprising, but it is surprising in who they decided to add.

Particularly that first coin mentioned, Zcash.

Zcash is heralded as a privacy focused coin.

Unlike bitcoin and ether, which are only partially anonymous, Zcash has the ability of going fully anon.

A few years ago that wouldn't be that big of a deal, but lately regulators have really been cracking down on anonymous coins, especially on the exchanges.

For a regulated exchange like Gemini to add Zcash at this point is very interesting to say the least.

For some context, exchanges in Japan, for example, are working on getting the anonymous coins removed from their regulated exchanges.

More about that can be found here:

https://steemit.com/cryptocurrency/@jrcornel/japanese-regulators-set-new-standards-for-local-crypto-exchanges

Why would they choose to add Zcash among the current regulatory uncertainty?

That I cannot say for sure, but there are some clues below as to why they chose these specific coins.

(Source: https://en.wikipedia.org/wiki/Zcash)

Some specifics on the inclusions:

Zcash is expected to be officially added Saturday, May 19th at 9:30 am EDT while it is not yet clear when the other 2 coins will officially be added.

You may be wondering why they chose these 3 coins...

The 3 coins being added by Gemini are all derived from bitcoin. The Winklevoss's lovingly refer to these types of coins as coming from the "Nakamoto Family Tree."

(Source: https://www.forbes.com/sites/michaeldelcastillo/2018/05/14/winklevoss-brothers-bitcoin-exchange-adds-zcash/#41d8e9296b98)

I think that probably gives us the best clue as to why these coins were chosen. They are some of the least likely to be labeled as securities since they were derived from the same original open sourced code as bitcoin.

Bitcoin has already been stated by regulators to be the farthest away from being a security on the security/currency spectrum.

How is Zcash considered to be anonymous?

Zcash currently has two ways of operating when doing a transaction.

It can be used using shielded and unshielded addresses. The unshielded address transactions offer a lower level of anonymity and is much closer to what bitcoin and ether do.

Shielded address transactions provide the user complete anonymity.

Gemini says that at launch time Zcash will only have support for deposits from shielded and unshielded addresses, while withdrawals will only be available using unshielded addresses.

That makes a bit more sense.

Although they did state later on that they hope to have support for shielded address withdrawals at a later date.

I will believe that when I see it.

Oh and one more thing...

Consensus 2018 starts today and it seems to be having a nice effect on prices already:

(Source: https://coinmarketcap.com/)

This coming even though the St. Louis Fed Chief dashed a bit of cold water on the space.

Steem is one of the out-performers up around 5% on the day.

Stay informed my friends.

Image Source:

https://unhashed.com/exchange-review/gemini/

Follow me: @jrcornel

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Go Zcash and Go Consensus! 🧐👍🧐

All the cryptos are really getting donkey-punched!

price keep mooning

This week is gonna be nice for Bitcoin and a bunch of alt-coins :-D! I just saw a headline that was like "Bitcoin climbs from three-week lows as Lambos take Manhattan"

Ha wow! That is just ridiculous, in a totally awesome way.

Well.. I do not see it as a bad idea

Thanks for sharing this is great news. I've smashed the upvote button for you! The more crypto projects mooning and hitting amazing heights, the more power overall crypto has!

Also, if you are looking to get some tokens without investing or mining check out Crowdholding (https://www.crowdholding.com). They are a co-creation platform were you get rewarded for giving feedback to crypto startups on the platform. You can earn Crowdholding's token as well as DeepOnion, ITT, Smartcash and many other ERC-20 tokens.

Don't let the pump in ZCash price fool you, though. For long term prospects, one really needs to look at the teams behind each of the main privacy coins (ZCash, Monero, and Dash) and check out their product map and future updates and improvements to start to get a sense of which of the three will really come out on top. There's nothing stopping Gemini from listing Monero next month, for example.

That being said, all three are excellent projects in our opinion!

22.5% jump for zcash currently

good post keep it up..

good post. Greetings.

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