Zcash has officially gone live.
Since it was proposed in May 2014, developers and backers have pitched Zcash as a financial tool designed to prioritize transaction privacy, one that could also solve for issues like fungibility that still affect bitcoin. Yet the project has had its detractors, including those who question the startup's business model and how it derives funding, in part, from the network itself.
In a livestream that ended just minutes ago, Zcash CEO Zooko Wilcox announced that the software was finally ready to download, declaring that he had successfully compiled his full node.
He told viewers:
Notably, the development team released two audits conducted by NCC Group and Coinspect, respectively, ahead of the launch.
"Today we are publishing the final reports of each external security auditor we contracted this summer to review our code," the startup said in a blog post from yesterday. "We've triaged the issues found and addressed any we considered severe."
Amidst the launch, derivatives trading tied to Zcash saw prices soar above 1 BTC, recording a high of nearly 2 BTC according to data from BitMEX.
If any indication, the digital currency markets may be in for more movement and volatility ahead.
Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Zcash.
Rocket boy image via Shutterstock
Correction: This article has been updated to reflect that Coinspect, not CoinSecure, contributed one of the ZCash audits.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.