Cryptocurrency News

Bolt lab’s Technology to be Funded by Zcash Creators

Zcash is a cryptocurrency focused on the security of users and their transactions; which explains their interest in the security-focused off-chain a private scaling solution, Bolt.

Bolt’s website says their scaling solutions provide privacy preserved micropayments, which means they provide a low-cost hub for small transactions in cryptocurrencies with a faster service.

The company Zcash belongs to the Electric Coin Company, which has shown a keen interest in the technology that Bolt labs are bringing to the table, and for this reason, it has delegated their Ceo Zooco Wilcox as an advisor for them.

Wilcox’s Personal Interest in Bolt

The founder and CEO of the Electric Coin Company Zooco Wilcox have made personal investments into Bolt as well. Apparently, it is one of his biggest investments so far as he revealed in an interview with Forbes.

He believes safety is primary to anyone and that’s why he supports Bolt’s mission of a safer and more secured scaling solution.

He also says he believes in Akinyele, the founder of Bolt Labs.

If Bolt Provides The Security, Why use Zcash?

Zcash has gained popularity because of its focus on safety and security. So, if Bolt could provide the same for Bitcoin, why would anyone use Zcash?

Wilcox explains that something like a cryptocurrency exchange needs security at all levels possible. Just having security at one level won’t cut it.

However, using Bolt would no doubt create a secured channel for Bitcoin transactions that one may make.

Releasing Bolt

Bolt is still in its early stages of development, and there are still challenges that they are trying to overcome, according to Akinyele.

They want to have user wallets that are interactive and good for usability.

Conclusion

It seems like a promising endeavor for all those who want to see cryptocurrencies emerge from the controversies they are facing and see the light of day. It could provide secure and private transactions for anonymous transactions.

Since anonymity is the biggest advantage that blockchain technology offers, services like Bolt would empower them with the fact that not just the currencies themselves, but the channels and scaling options are as secured for information safety.

Most of what the market is talking about are educated speculation, and if this turns out to be true, it could change the ways cryptocurrencies work. This might also add credibility to their usage and help in faster and low-cost transactions while keeping the digital assets in check.

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