Privateness-focused cryptocurrency has lately surged in worth, 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 by way of the Zolana bridge. Nonetheless, these wrapped tokens perform as commonplace 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 belongings like eZEC, enabling non-public, encrypted swaps on Solana via 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 non-public on Solana, it must be re-wrapped into encrypted belongings like eZEC, the place balances and transfers are hidden, but composable with Solana DeFi. That’s how ZEC’s unique imaginative and prescient, privateness on the asset stage, can truly reside on Solana,” Encifher’s social media deal with Encrypto.commerce mentioned in a put up on X.
Encifher makes use of highly effective encryption to hide consumer balances and switch particulars on-chain. Transactions are secured and validated via zero-knowledge proofs, whereas delicate information stays accessible solely to licensed events utilizing threshold decryption protocols.
This method 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 associates come along with their very own particular keys. Because of this no single buddy can entry the chest alone, guaranteeing added safety.
The setup permits customers to carry and switch encrypted ZEC tokens confidentially, successfully reworking Solana’s public blockchain right into a privacy-preserving surroundings that is still totally appropriate with decentralized finance purposes. 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 unimaginable.
So, with Encifher, Solana customers achieve a method to reclaim ZEC’s unique promise of asset-level privateness on a blockchain identified for pace and low price, bridging the very best of each worlds.
Encifher’s privacy-preserving options have been applied on high of Jupiter, Solana’s main decentralized change, enabling customers to commerce encrypted tokens whereas preserving their privateness.
ZEC’s worth has surged 380% to $375 this month, CoinDesk information present. Per some observers, the sharp rally has been catalyzed by the upcoming ZEC halving, the debut of Grayscale ZEC Belief and Hyperliquid itemizing.
