Privateness-focused cryptocurrency has not too long ago surged in value, prompting a number of blockchains to combine the token into their ecosystems.
On Oct. 16, Solana, the world’s second-largest sensible contract platform, launched wrapped ZEC through the Zolana bridge. Nevertheless, these wrapped tokens operate as customary Solana Program Library (SPL) tokens and don’t provide the privateness protections inherent to native Zcash. They’re backed 1:1 by native ZEC however don’t conceal balances or transaction information.
Encifher addresses this limitation by re-wrapping tokens into encrypted property like eZEC, enabling personal, encrypted swaps on Solana by means of cutting-edge totally homomorphic encryption (FHE). This know-how ensures that delicate transaction data stays hid, restoring ZEC’s native privateness on the quick Solana community.
“To actually make ZEC personal on Solana, it ought to be re-wrapped into encrypted property like eZEC, the place balances and transfers are hidden, but composable with Solana DeFi. That’s how ZEC’s authentic imaginative and prescient, privateness on the asset stage, can really stay on Solana,” Encifher’s social media deal with Encrypto.commerce stated in a publish on X.
Encifher makes use of highly effective encryption to hide consumer balances and switch particulars on-chain. Transactions are secured and validated by means of zero-knowledge proofs, whereas delicate information stays accessible solely to approved events utilizing threshold decryption protocols.
This strategy encrypts shopper balances with threshold ElGamal encryption and shops the encrypted information off-chain in a safe information availability layer, whereas the Solana blockchain handles cryptographic pointers to those balances with out exposing the precise values.
Consider EIGama encryption as a treasure chest that opens solely when a sure variety of trusted pals come along with their very own particular keys. Which means that no single pal can entry the chest alone, making certain added safety.
The setup permits customers to carry and switch encrypted ZEC tokens confidentially, successfully remodeling Solana’s public blockchain right into a privacy-preserving atmosphere that is still totally appropriate with decentralized finance functions. The system prevents transaction linkability and deal with reuse by using ephemeral accounts that exist for just one transaction lifecycle, making evaluation by third events successfully inconceivable.
So, with Encifher, Solana customers achieve a way to reclaim ZEC’s authentic promise of asset-level privateness on a blockchain identified for velocity and low price, bridging the perfect of each worlds.
Encifher’s privacy-preserving options have been carried out on high of Jupiter, Solana’s main decentralized trade, enabling customers to commerce encrypted tokens whereas preserving their privateness.
ZEC’s value has surged 380% to $375 this month, CoinDesk information present. Per some observers, the sharp rally has been catalyzed by the approaching ZEC halving, the debut of Grayscale ZEC Belief and Hyperliquid itemizing.
