Cake Wallet has introduced a new feature that allows you to purchase gift cards and debit cards using Zcash (ZEC) in secure transactions. This integration is done through the application’s internal service, Cake Pay.
According to an announcement released on Nov. 11, gift and debit card purchases can be made with “no exchange, no intermediaries, privacy only, self-control, and equipped by default.”
By doing so, users can spend privacy-friendly cryptocurrencies on everyday goods and services. without disclosing financial data.
Cake Wallet allows the purchase of this type of card starting in 2022, and as of this article, it will be available for purchase with crypto assets such as Monero (XRM) and Bitcoin (BTC).
What does “Shielded Zcash” mean and how does it protect your transactions?
Zcash is a cryptocurrency network that offers two types of addresses: transparent addresses and shielded addresses, similar to Bitcoin.shielded, in English), They use an encryption technique known as. zk-snark (A concise non-interactive knowledge argument for zero knowledgeor “zero-knowledge proof”).
Using this technique you can validate transactions without revealing your informationamount to be sent, source address and destination address, etc. If you perform the operation with shielded With Zcash, your details are hidden in the blockchain, ensuring privacy by default.
With this update, Cake Wallet provides a direct, private, and self-directed spending experience. Only users have full control over their funds.
