Ledger Wallet, the desktop application for Ledger hardware devices, now allows Zcash (ZEC) users to manage private balances directly. This update arrives while ZEC is trading up 84% compared to a month ago.
Ledger manufactures hardware wallets, which are physical tools designed to keep cryptocurrency private keys offline. Previously, users wanting to hold private ZEC had to rely on a separate third-party application.
What Changes for Zcash Holders on Ledger
Zcash provides two distinct types of balances:
- A transparent balance functions publicly, much like Bitcoin.
- A private, or shielded, balance obscures both the transaction amounts and the addresses involved.
According to Ledger’s documentation, a single account can now accommodate both balance types.
Private funds are accessible exclusively when stored within Ironwood, the privacy pool introduced by Zcash in July. Ironwood replaced the preceding pool after researcher Taylor Hornby uncovered a vulnerability, as detailed in the Ironwood upgrade coverage.
Charles Guillemet, Ledger’s Chief Technology Officer, emphasized that private information remains on the user’s computer at all times.
“Privacy here is not a server setting. To keep your shielded balance private, the scanning and the transaction building happen on your machine: your unified viewing key is stored locally and is never shared with anyone, including us,” Guillemet wrote.
Viewing keys enable software to inspect a wallet’s private history, though basic wallets sometimes transmit these keys to external servers.
Certain limitations do apply, however. Users cannot swap private ZEC without first converting it to a public balance, and the legacy Nano S device does not support the new feature.
Additionally, an older app created by developer Zondax will be retired on November 5, requiring users to transfer their funds beforehand.
Where ZEC’s Rally Stands
At the time of writing, ZEC was priced at $1,516, marking a drop of nearly 3% over the past 24 hours. Even so, the asset has gained 23% during the last seven days and over 84% over the course of the month, placing it ninth in total market value.
Capital has also been directed into Zcash investment vehicles. Zcash exchange-traded funds brought in $98.2 million during the week leading up to September 18, representing the highest weekly inflow among 14 monitored cryptocurrency products.
Some supporters believe the upward momentum has room to continue.
ZEC reached a 24-hour peak of $1,658.86 before pulling back to trade below $1,530. Meanwhile, Ledger posed a question to its audience on social media, asking followers whether they prefer holding their ZEC in shielded or transparent formats.