April’s Fully Shielded Transactions of Zcash Leap 70% to New Record

April’s Fully Shielded Transactions of Zcash Leap 70% to New Record

The number of fully shielded transactions recorded on the Zcash (ZEC) network leapt nearly 70 percent to hit a new record of over 8,700 in April 2020.

According to a tweet from the ZcashCommunity account, this number accounted for 6 percent of the total transactions, which was also historically a record proportion.

These gains followed an equally impressive March, which had seen a 100% increase in transactions over February itself. In total, the jump from the 2.430 fully private transactions in February to the 8.721 in April represents an increase of more than 250%.

By contrast, it took three years for fully shielded transactions to break through the level of 2000 per month, which only happened last year in November.

While 6 percent of the total transactions may not seem like an awful lot, this includes only those that have been shielded completely. This amounts to 23,676, or 15 percent of the total, when considering all transactions with some shielded component.

Zcash supports two address types: the shielded z-addr, and the transparent t-addr. Transactions between types of t-addr are completely transparent, and can be viewed on the blockchain in the same way as transactions with Bitcoin (BTC).

Transactions between two z-addresses are fully shielded, and either shielding (t to z) or deshielding (z to t) may be transactions between the two address types. It is worth noting that all these three types of transactions with a shielded component add to network privacy.

Recently, the use of shielded transactions however has become much easier for Zcash users. Guarda released its wallet application for Shielded ZEC in early April. This now joins Zecwallet Lite, which was launched last November, and defaults to send private transactions by shielding any transparent ZEC that it receives.

Zcash was also added to Binance’s Futures platform in February as a perpetual contract option. This coincides with the point at which shielded transaction numbers were beginning to increase dramatically.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.