Europol: cryptocoin's role is growing in cybercrime

According to Europol, Zcash, Monero and Ethereum gain popularity among cybercriminals
04 October 2017   1060

The European Union Police Service published an annual report on cybercrime, which reports an increase in the use of Zcash, Monero and Ether crypto currency in the implementation of illegal transactions in darknet. This is reported by the report prepared by Europol IOCTA 2017.

As noted in the document, despite the widespread use of bitcoin by cybercriminals, various altcoins are rapidly gaining popularity in the digital underground, including Ethereum and Zcash. Europol noted the Monero (XMR), which its popularity is largely due to "additional security and confidentiality functions."

The Europol report talks about the growing popularity of crypto-currencies on anonymous darknet platforms, as well as the Kirk, who claims for ransom in Monero. The document also says that darknet platforms can be created on the basis of Ethereum blockchain, and smart contracts can be used to pay for illegal goods.

As for the Zcash crypto currency, Europol does not mention any specific cases of its illegal use. At the same time, due to confidentiality and the ability to "hide both the transaction recipient and the amount," there is a growing interest among darkweb marketplaces from this anonymous cryptocurrency.

It should be noted, however, that contrary to the position of Europol, the Zcash project is a partner of The Blockchain Alliance forum, one of the main goals of which is to counteract cybercrime and the spread of malicious software.

Zcash to Implement Sapling Hardfork

Zcash team says that Sapling is a rebirth of the coin
29 October 2018   234

In the main Zcash network, the Sapling protocol was activated, which is necessary to perform secure transactions and increase blockchain performance.

The update is activated at block 419200. It, in particular, will reduce the time for processing transactions up to 90%, as well as significantly reduce the requirements for the amount of memory required to perform secure transactions. Sapling activation will also make it possible to use lightweight clients for secure transactions, and not just full nodes.

Immediately after activating Sapling, users of the zcashd client have access to addresses of a new type. Currently, funds cannot be transferred from protected old addresses to new ones without disclosing the amount of the transaction. This makes it possible to audit the monetary base of ZEC relating to protected addresses. The Zcash team is currently working on creating a tool to automate the movement of funds without compromising user privacy.

The Zcash blog also says that Sapling activation is essentially a “rebirth of cryptocurrency” because it takes the project a step closer to mass adoption as an open and confidential payment system.