Zooko Wilcox Admits Snowden is Right That Bitcoin, Ethereum, Zcash Can Help Evade Taxes

Zooko Wilcox Admits Snowden is Right That Bitcoin, Ethereum, Zcash Can Help Evade Taxes

admin Edward Snowden, Ethereum, Zcash 0 Comments

There has been growing controversy over new cryptocurrency Zcash, since a tweet by Edward Snowden suggested that it will encourage tax protests. Snowden’s tweet was attached to a post by The New York Times, where Zcash was described as a “harder-to-trace virtual currency.” Snowden wrote in regard to the article: “Coincidentally, new technologies raise the possibility of unstoppable tax protests.” Selective disclosure Created by computer scientists at Johns Hopkins University and Massachusetts Institute of Technology, Zcash has been claimed to have secured $3 mln in backing from Silicon Valley venture capitalists, and its developers claim to have used advanced cryptography to create the virtual currency. Rather than coming forward as a privacy purposed entity with ulterior intentions, as has been interpreted from Snowden’s comment, the CEO of Zcash, Zooko Wilcox, describes the functionality of the cryptocurrency as “selective disclosure.” Wilcox says that this characteristic of Zcash makes it possible for businesses to conceal their private transaction details from competitors, thieves and foreign enemies, while simultaneously disclosing that information to their country’s tax authority. What Snowden really means However, Wilcox explains that he understands Snowden’s line of thought as it applies to other cryptocurrencies. “I can also see where Edward Snowden is …

Bitcoin and Zcash: How Do They Compare?

admin BlockChain Technology Opinions, Cryptocurrency, Featured, Funding 0 Comments

Alex Sunnarborg is the founder of Lawnmower, a blockchain investing and market data platform founded in 2015. In this opinion piece, Sunnarborg compares bitcoin’s attributes with those of the newly launched cryptocurrency Zcash, providing an overview of how he considers the market potential of each . With the launch of Zcash today (and the speculation surrounding it) you may be wondering how the decentralized, open-source cryptocurrency compares to bitcoin, the original digital currency. While many structural similarities to Satoshi Nakamoto’s bitcoin design are obvious, Zcash utilizes advanced new cryptographic techniques to offer optional improved privacy and transparency, as well as its own unique blockchain. But, despite the differences, there is common ground. Zcash’s supply model is extremely similar to bitcoin’s, with a fixed and known issuance model that is cut in half approximately every four years. As well, there is a maximum of 21m units of both Zcash (ZEC) and bitcoin (BTC) which will be mined over time. Given these similarities, it’s easy to see why the price and market caps of the two assets are often compared. Cautious start Nearly eight years after bitcoin’s genesis block was formed, more than 15.75m BTC have already been mined (representing over 75% of the supply that will ever exist on its blockchain). Zcash’s developers …