Bithumb added zcash cryptocurrency
Bithumb is the largest bitcoin exchange of South Korea. It is now adding zcash cryptocurrency with other leading cryptocurrencies including Bitcoin and Ethereum.
Zcash is similar to currencies like Bitcoin and Ethereum where it comprise distribution of network across a global swarm of volunteer machines except it offer huge anonymity to transactions.
With recent ban of cryptocurrency trading and Initial coin offerings, south korea has become a hot topic for cryptocurrency dealing. Where China ban ICOs, US has taken keen approach and SEC regulators stated it a scam.
The announcement of adding Zcash by Bithumb exchange is seen a day after CEX.io added support for the cryptocurrency.
However, conversation between fortune and David Lim via email who is a global business development manager at Bithumb revealed “when adding a new cryptocoin in exchange, there are many factors that has to be consider”
Furthermore, he added
“Bithumb considers the coin’s Security, Technology, and Investment worth when listing a coin,” Lim wrote. He said that Zcash had met their criteria, noting that “its technology provides the strongest reason.”
Zero knowledge proofs
Though, zcash cryptocurrency has different features by comparing other currencies like “zero knowledge proofs”. It is an innovative cryptography concept utilize to conceal certain information concerning transactions. This concept involves nifty mathematical functions use to obscure info. Including identity of the payer and payee and amount paid. Technology associated with zcash is still new thus undergoing testing.
Zcash seems to be the most compelling as it facilitates people transact their dealing without posting financial details in public. It also deals with fungibility problem. By adding zcsh cryptocurrency, Bithumb is now having 9 diferent currencies listed in its exchange including Bitcoin, Ethereum, Ethereum classic, Dash, Litecoin, Bitcoin Cash, Monero and Zcash.
“Bithumb will continuously introduce competitive coins in Korean market by studying their technology and considering the cryptocurrency market status,” Lim said.