AlphaBay is set to integrate with yet another type of cryptocurrency come July 1, 2017.
The leading darknet marketplace announced the move to accept Zcash payments starting next month in a Reddit post, citing the growing nature of Bitcoin as a major reason why the darknet market has seen it fit to implement other cryptocurrencies.
AlphaBay’s recent integration with Ethereum earlier this year was a move that met strong opposition by significant portions of the community who felt that Ethereum was a poor choice of cryptocurrency to use in an environment dominated by its privacy-centric counterparts.
While Bitcoin has already established itself as the most reliable cryptocurrency on AlphaBay and on other darknet markets, Zcash brings to the table a significantly more privacy-oriented approach to making transactions on various dark web platforms.
Zcash has Grown Exponentially this Year
The adoption of the cryptocurrency by AlphaBay is a move that has been anticipated by many after the cryptocurrency’s soaring performances since the beginning of this year.
Much of the intrigue surrounding this new partnership is focused on the immensely privacy-centric nature of Zcash, which promises to drastically improve the anonymity of transactions carried out by AlphaBay users.
The cryptocurrency’s admins have justifiably compared the form of payment to HTTPS.
Among its key features is the ability to shield transaction details including the sender, the recipient and the value transacted on the blockchain completely.
Unlike the appraised Monero, which received high acceptance ratings from the AlphaBay community, the move to implement Zcash cannot be interpreted as another cash grab.
Many believed that the AlphaBay admin only implemented Monero as a way of increasing its usage and thereby boosting the value of the cryptocurrency, which many suspect they had bought significant amounts of.
Admittedly, Monero went on to be wildly successful on darknet markets such as AlphaBay, with some experts calling it “the drug-dealer’s currency of choice.”
The secure cryptocurrency experienced a massive 2,760% growth spurt, making it by far the best performing currency in 2016.
Support Readied on AlphaBay in Record Time
AlphaBay has reportedly prepared Zcash support in a remarkably swift manner.
In their announcement, they stated that support for the newly integrated cryptocurrency would be available as soon as the following day.
As is custom, making Zcash payments an option is a voluntary decision that the AlphaBay marketplace delegates entirely to its vendors.
Their unusually quick efforts this time around was notably absent during previous implementations, which took roughly a month each to be fully integrated into AlphaBay after they were announced.
This shows that the AlphaBay admin has had this particular move in the works long before the official announcement was made.
All Systems Go on AlphaBay
All over the internet, the reaction towards the AlphaBay announcement is largely positive, especially since Zcash bears some significant differences to its counterparts.
The cryptocurrency’s ability to provide maximum transactional privacy while simultaneously being capable of enough transparency to trace back to cyber criminals—such as those behind the WannaCry ransomware attacks—puts it on a slightly higher pedestal than the leading cryptocurrency Bitcoin, which has been linked with several crime sprees over the past few years.
Cryptocurrency provides maximum transactional privacyHowever, questions have been posed on several occasions regarding the decentralization of AlphaBay’s latest offering in the cryptocurrency department.
Among the major appeals of digital currencies is undoubtedly their decentralized nature.
Unlike its completely decentralized rivals, Zcash is the proprietary digital currency of the Zerocoin Electric Coin Company, according to its website.
The cryptocurrency is clearly owned by a single company, making it less immune to the forces that impact fiat currencies, such as inflation.
As essential as the cryptocurrency may become to users of platforms such as AlphaBay in the near future, its centralized nature might eventually become its downfall—especially when it begins to fold to the pressures that affect normal currencies.