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Digital currency, ZCash which has always built on its edge of having excellent user privacy is taking a freshest move of improving on this strong point by tapping into Ethereum’s DeFi. Coming from the stable of ECC (Electronic Coin Company), which is a Zcash’s developer, is a token that simulates based on Ethereum’s blockchain.
The ZEC token which is in the offing hopes to tap into the DeFi (Decentralized Finance) of Ethereum, therefore, allowing privacy-protecting transactions. It also offers the benefits of loans and smart contracts which maintain autonomy and privacy.
Speaking through a top executive at the Devcon Conference in Osaka, it is hoped that by the next 6 months, the ZEC token will be launched.
The ZEC token was essentially developed for loans and smart contracts in which it hopes to achieve increased user privacy. The intended gleam less slide between ZEC and Ethereum DeFi makes it desirable for smart contracts which may intend to boost the adoption of Zcash all over. ZEC token targets DAO (Decentralized Autonomous Organizations) transactions as well.
Zcash which came into existence in the year 2016 had its popularity wane in the year 2018 according to sources and had a comeback in the year 2019.
Revealing its dream of making Zcash available in all DeFi applications, this latest move is just a step in the right direction.
Analysts are however preempting that the innovation may be short-lived as potential network update will ultimately affect negatively any application integrated with it. Though it is proposed that Zcash will leverage on Ethereum’s Defi Ecosystem to boost its adoption on exchanges.