The privacy coin aims at increasing the use of Shielded addresses and adoption of the Zcash (ZEC) network. This will help the users to have autonomy on their economy and provide with an opportunity along with permissionless, open, and private payment system.
The Zcash (ZEC) network is working on the reference wallet. The wallet provides a Sapling shielded address which allows to send and accept payments. The main target of this reference wallet is to prove that it provides the users with shielded transactions which works on mobile phones. The other objective of this project is to create reusable ways for the functionality needed to assist the shielded addresses.
The Zcash (ZEC) reference wallet along with the light client protocol proves that the shielded transactions work on the mobile phones. The light clients are crucial because the users who have low-potential devices can protect the security troths regarding the Zcash (ZEC) network and easily confirm the transferring of payments.
The light client protocol allows the users to have access and connect with a blockchain in a decentralized and secure manner. The light clients are maintained through a full node server which controls those services.
The security through this protocol does not allow the server to spend funds without authorization of the client. The light client keeps the generating transactions and spending keys which makes sure that the users are totally in control of the funds in the wallet.
Due to the utmost privacy provided by Zcash (ZEC), the users can only have the information regarding their transactions by giving the spending keys and addresses to the server. The information includes the amount, sender, and receiver. So, the light client provides top-quality privacy to the owners of the wallets.
However, Zcash (ZEC) are still working on their reference wallet with the light client protocol. The very first version would not fulfill these privacy terms. But still, it would be private enough that after the transaction would be spent, the server will have no clue what so ever regarding the transfer of money.
Unless the project is completely finished by the Zcash network, they will keep bringing up new updates and new features on this reference wallet. At the moment, Zcash (ZEC) is looking to build up a user-friendly device with as many fewer issues.
Zcash (ZEC) is looking to build a top-notch wallet which should be easily usable for the users, while at the same time providing with all the features like, speed, security, scalability, and privacy. The privacy coin would certainly move up the ranks with such developments. The launch of the reference wallet would help boost the market performance of Zcash (ZEC).
Having a look at Zcash (ZEC) market performance, it was trading with a price of $59.81 USD having a market cap of $336 and a trading volume of $74 million. After a slow start to the year, Zcash (ZEC) is positive regarding its projects and looks to thrive this year.