Edward Snowden reveals he was one of Zcash founders, ZEC remains unresponsive

NEW DELHI (CoinChapter.com) — National Security Agency (NSA) whistleblower Edward Snowden has revealed he was one of the founders of Zcash, a privacy token.

Zcash Media released a video explaining the “Ceremony” and featuring an interview with Snowden. He admitted to being one of the six Zcash multisig private key holders to launch the project in Oct 2016.

In detail, the ceremony refers to the multi-sig for the creation of Zcash. The protocol chose six participants to create one shard of the public/private key set. To protect their anonymity, the participants were unknown to each other before the ceremony and geographically dispersed.

After their public/private key shards were complete, they combined their public key shards to create the public parameters of Zcash before destroying their private key shards.

Also Read: Is ZCash a buy ahead of its “largest protocol upgrade” in April 2022?

As a result, it ensures anonymity on the logic that the remaining shards become useless if one participant acted honestly in destroying their shard.

Edward Snowden used the pseudonym John Dobbertin to protect his identity. In the ZCash Media video, Snowden said he found the project interesting.

The reason that I did that [participated in the ceremony] was I saw it being worked on by a number of trusted academic cryptographers. I thought it was a very interesting project.

Edward Snowden Said

Furthermore, Snowden said he was only involved in the ceremony and had no part in the project development. “I didn’t design algorithms or anything like that,” he admitted.

Bearish Times Ahead For The Zcash Token

Meanwhile, Zcash’s native token ZEC prices remained apathetic towards Edward Snowden’s big reveal. ZEC prices are still struggling to recover from Apr 26’s 12% fall.

Moreover, the ZEC token’s 20-day moving average (red wave) moved under its 200-day MA (green wave) to form a bearish pattern called the death cross. Traders often consider the pattern an indicator of negative market sentiment.

In addition, the momentum oscillator MACD has charted a bearish crossover for Zcash prices. In detail, the pattern forms when the MACD line (difference between 12-day and 26-day EMA) moves under the MACD signal line (9-day EMA of MACD).

The bearish cues might force Zcash to test immediate support near $144.6, a price level that supported ZEC price action between Oct 18, 2021, and Jan 18, 2022. Moreover, if Zcash prices breach below immediate resistance, ZEC prices might fall to support from their 100-day MA (purple wave) near $137.

Finally, a market-wide sell-off could see Zcash prices fall to $128, which previously acted as resistance for the token between Jan 20 and Mar 8 this year.

Also Read: Monero eyes 89% gains as XMR breaks out of falling wedge pattern.

Conversely, if ZEC reverses its downtrend, Zcash prices would first flip resistance from its 200-day MA (green wave) near $152. Afterward, Zcash prices would likely move to challenge resistance near their 50-day MA (yellow wave) at $161.7.

A sustained uptrend might see ZEC target resistance near $171 before prices retreat.

At the time of writing, ZEC was trading at $149.6, up 0.16% on the day.