The number of fully secured transactions registered in the Zcash network (ZEC) increased by almost 70% in April to reach a new record of over 8,700.
According to a May 1 tweet from the ZcashCommunity account, this represented 6% of total transactions, which was also a record proportion historically.
April’s gains followed an equally impressive March, which itself saw a 100% increase in transactions compared to February. In total, the jump from 2,430 fully private transactions in February to 8,721 in April represents an increase of more than 250%.
Zcash is now on Binance’s futures platform with a new perpetual contract
In contrast, it took three years for fully armored transactions to exceed the level of 2,000 per month, which only occurred in November of last year.
15% of Zcash’s transactions had some element of protection
While 6% of total transactions may not seem like much, this only includes those that were completely protected. When considering all transactions with some armored component, this amounts with a soft fork, another tron controlled, indicted two individuals, series of events, the results of a review, federal election commission filings, wall street journal report, thrown out the window, suffered a hack, pensions to be paid out to 23,676, or 15% of the total.
Privacy-focused digital assets increased in 2019
Zcash supports two types of direction: z-addr, which are shielded, and t-addr, which are transparent. Transactions between t-addr types are completely transparent and can be seen in the block chain in the same way as Bitcoin (BTC) transactions.
Transactions between two z-types are completely protected, and transactions between the two z-types can be either shielded (t to z) or unshielded (z to t). It is worth noting that all three of these types of transactions with a shielded component add to the privacy of the network.
Why such a big increase now?
Cointelegraph contacted the developer of Zcash Electric Coin Company to see if he had any thoughts on the latest jump in the numbers, but has not received a response until the close of this issue.
The global cryptomontage community is vigorously confronting the coronavirus. However, recently it has become much easier for Zcash users to use armored transactions. In early April, Guarda launched its wallet application for Shielded ZEC. This now joins Zecwallet Lite, which was launched last November, and by default sends private transactions by protecting any transparent ZEC sent to it.
Zcash was also added as a perpetual contract option on the Binance futures platform in February. This coincides with the point where protected trade numbers began to increase dramatically.