Zcash Recorded 70% Increase in Number Of Shielded Transactions

Zcash recorded a 70% increase in the number of shielded transactions since February on its network as we are reading in the ZEC news below.

Zcash recorded the increase and according to a tweet and the transactions spiked by more than 70 percent which brings it more than 8,700 which represents 6% of all of the network transactions. The network was a constant rise for quite some time and back in March, the number jumped by 100 percent in February. Between February and April, the jump came to about 250%. The first number of the shielded transactions crossed about 2000 which was first seen in November in 2019.

Woo! Number of #Zcash Fully Shielded ᙇ🛡️ᙇ transactions continues to grow; nearly doubling in April 🙌 🥳 z2zhttps://t.co/LTjo5899Gw | @_garethdavies@ElectricCoinCo @zooko @ZcashFoundation pic.twitter.com/q9SZs6pEXd

— mine Zcash ᙇ🛡️ (@mineZcash) May 1, 2020

The Zcash network supports two different types of addresses and they are either transparent or shielded. The transparent addresses allow the transactions to be publicly accessible on the blockchain. All of the monthly increase rates can be because of the network now allows users to shield the transactions. The Zecwallet Lite and Guarda wallet apps that shield ZEC opened the members of the Zcash community with relative ease with the transactions.

 

This 6 % represent transactions that are fully shielded. Each transaction on the network can be shielded in some way or the other and the number becomes 23,676which represents about 15% of the total transactions of the network. The Zcash developer was initially contacted for comment to see whether Electric Coin Company had any insights into the latest increase in figures but there weren’t any comments made.

However, it becomes a lot easier for the Zcash users to use the shielded transactions since back in April, Guarda released the wallet app for shielded ZEC. This joined the Zecwallet Lite which was launched initially in November and the defaults to send the private transactions by shielding the transparent ZEC Sent to it. Zcash was also added as a perpetual contract option on the Binance futures platform which coincides with the point at which the shielded transaction numbers that increase dramatically.

Zcash’s ZEC may soon face correction as the price consolidated at the $44 price level and the price improvement is still intact. The changes in the price of the asset surging are quite strong and the investment in the asset is speculated to bring great returns in the future so let’s see what the future holds for ZEC in the latest Zcash news.