A shielded transaction of Zcash (ZEC) was exposed
A shielded transaction of Zcash (ZEC) was exposed
Blockchain

A shielded transaction of Zcash (ZEC) was exposed

By Alfredo de Candia - 22 Jul 2020

Chevron down

Over the weekend, someone managed to reveal and trace the starting address of a shielded transaction on the Zcash (ZEC) blockchain, arousing the dismay of Riccardo Spagni from Monero (XMR).

Zcash, which promises anonymous transactions to protect the privacy of users, does not seem to have the capacity to do so, considering that it is possible to trace the history of the author of a transaction.

It all started from a tweet a couple of weeks ago, in which someone was challenged to discover an address originating from a single $100 transaction made in ZEC, which used a shielded transaction.

And here’s the famous transaction that should have been untraceable.

IMMAGINE ————————————–

Wilcox Zooko, CEO of Zcash, appreciated this experiment and had the opportunity to explain an important concept about privacy coins: it’s not possible to hide the whole history of an asset, since it is always recorded, whereas what can be done is protect the balance.

This concept also applies to all protocols, think about the conversion between Bitcoin (BTC) and Monero (XMR) but also when using mixers like Tornado Cash.

Anyway, the use of this type of Zcash shielded transactions is increasing and when checking the data that provide us with the statistics of this blockchain, we see how the non-shielded transactions are 10 times higher than the shielded ones.

At this point, it is clear that despite the efforts made by Zcash it is still possible to discover a lot of information of a transaction even though it is this shielded, which obviously plays to the advantage of Monero (XMR).

Monero transactions are anonymous by default, unlike Zcash where they are optional. Unfortunately, many criminals choose Monero as the crypto for their illegal activities, as in the case involving an Argentine phone company a few days ago.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.