The Devcon Developer conference recently held in Osaka, Japan saw a large community of Cryptocurrency enthusiasts owning small projects to further develop it on the Ethereum’s decentralized finance system, mainly focusing on loans and financial products through interoperability.
James Prestwich, Summa co-founder shared with CoinDesk,
“Connecting to other chains doesn’t seem to be an ethereum developer’s priority,” “But other chains seem to want to connect to ethereum.”
Josh Swihart, Vice President of marketing and business development at the Electric Coin Company (ECC) reported with CoinDesk that the Zcash group will bring about a wrapped ZEC token that can be used on Ethereum’s Blockchain which can be possibly achieved in another six months. The privacy coin may possibly become a direction for private, automated loans and financial products.
Cross-Chain working group co-founded by Prestwich is undergoing the same way of wrapping the token to develop and warrant the usage of Bitcoin on Ethereum Blockchain. This model had a serious discussion and gained a lot of interest in many teams present in the Devcon Developer Conference.
In the meantime, interoperability might also be feasible to give Zcash’s privacy features to smart contracts, shielding information about who participated in a contract and what precisely was achieved.
The reasons why ECC is doing this are clear. As per DeFi Pulse, there’s presently more than $553 million worth of ethereum-based digital money secured up DeFi applications. A source with information of zcash trade movement revealed to CoinDesk the benefit has seen humble footing in any event one U.S.- based trade yet isn’t expanding in prominence over the previous year.