According to a disclosure made Tuesday by the development team behind ZCash, the most highly capitalized privacy-focused cryptocurrency (with a market cap in excess of $270M at the time of publication), has secretly fixed a critical security flaw in ZCash’s design, which was discovered by ZCash cryptographer, Ariel Gabizon, about a year ago. Last March while preparing a presentation for a cryptography finance conference the following day, Gabizon discovered a crucial flaw in the cryptographic functions underlying zk-SNARKS, an implementation of zero-knowledge proofs used by ZCash and other privacy coins to give users the option of greater privacy though true
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