Zcash, a cryptocurrency, that made its debut on October 28, is believed to be even more anonymous than the Bitcoin. Zcash started out well, but its value rapidly went down, though it is still in Top 10 most profitable Bitcoin companies.
To target Zcash, hackers are targeting smartphones to turn them into a cryptocurrency miner. All it does is eat processor time, use up your RAM and raise your power bill to mine Zcash.
Smartphones are everywhere, so are these malwares. According to Kaspersky researcher Alexander Gostev, there are possibly thousands of infected devices right now. These malwares are often spread via old techniques i.e through pirated softwares or infected links.
Zooko Wilcox, the CEO of Zcash told a source that at this point all users can do is to install anti-malwares, because he can’t rein the whole thing in; infect nobody can.
Unfortunately, we have nay to prevent this kind of thing, since Zcash is an open source network, like Bitcoin, that nobody (including us) controls,” Wilcox said while giving an interview.
Our recommendation to security companies that detect this kind of activity, like Kaspersky, is that their software should alert users when potentially malicious software (like that described in their blog post) is detected, and give the user the option of shutting it down or, if it was deliberately installed by the user, allowing it to run.
Zcash’s creators say it’s ASIC-resistant because it’s not economical to implement on ASICs. Zcash is supposed to be lightweight, and very much decentralized. It site says that you can leave your phone mining while its plugged in and charging, which is both a blessing and a curse.