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Z-Cash and Bolt Join Hands for Stronger Privacy
Z-cash is working to ensure the public can garner access to anonymous cryptocurrency.
Protecting Yourself in a Digital Age
We have entered an age where everyone is afraid. The online and digital payments world presents several daily threats, including malware, cyberattacks and hackings. People are concerned about both their finances and their identities, and fearfully hope that neither is ever stolen out from under them.
This is no way to live, which is why many have taken extreme measures to protect themselves. Whenever you pay by credit card, for example, the transaction is recorded digitally and thus keeps track of what you’ve purchased, where you’ve been, and what you’re up to. This is information that many people feel should be kept private. Thus, they’ve turned to anonymous crypto to get the job done.
Crypto – anonymous or not – has encountered issues regarding how well it can be used as a payment method. Many companies and retail outlets have not yet accepted the idea of digital cash thanks to its volatile nature and refuse to accept crypto as a means of payment for goods and services.
Bolt is a company looking to fix all this. A division of the anonymous cryptocurrency Z-cash, Bolt has garnered significant investors over the years, including the Electric Coin Company and Dekrypt Capital.
CEO of Z-cash Zooko Wilcox explains that Bolt is making it so that people sending payments or initiating transactions may do so with significantly smaller amounts, thereby limited the amount of money at risk. It also “uses cryptography to conceal from unauthorized parties, the information about which users are sending micropayments to other users.”
What matters to you is that you’re safe… I believe in [Bolt’s] mission.
Ayo Akinyele – CEO of Bolt – explains that among the other investors involved in the company’s projects are Kilowatt Capital, Access Ventures and X Spring from Ripple Labs. He states:
With respect to X Spring, they are building not only XRP, but they also have their own payment channel’s implementation and the Inter-Ledger Protocol, which is a way to connect blockchains, and so they are basically looking to use private payment channels as a means of streaming payments across several different currencies.
What’s Stronger than Lightning?
He further adds that users can expect Bolt to launch aboard the Z-cash blockchain, and that it will be “very similar” with bitcoin’s Lightning Network only with a much stronger “privacy focus:”
We’re building a Bolt node, which is equivalent to a Lightning node that people download and install that allows creating channels and executing payments off-chain… If you were to take the Lightning protocol, as is, on top of bitcoin, and implemented it on top of Z-cash, you would be losing privacy in the sense that the protocol doesn’t, by design, enable strong privacy guarantees as users make payments.