#加密货币监管 Zcash's design philosophy is worth paying attention to. Cosine's analysis highlights a key point—the dual-track system of Z addresses with strong privacy vs T addresses with transparency. This is not a compromise but a pragmatic choice.

On-chain data speaks: the Zcash addresses on major exchanges are almost all T addresses, reflecting genuine market preferences. The user base that truly needs strong privacy is much smaller than imagined; most participants actually don't care that much about anonymity.

From a regulatory perspective, Zcash is indeed easier to understand compared to Monero—it offers privacy options but does not enforce privacy, giving exchanges and institutions more compliance flexibility. Compared to XMR's all-or-nothing design, Zcash's balanced approach has a better chance of survival.

Looking at it from another angle, the traceability of technical solutions is not inherently a flaw; it might even become an asset. For privacy coins to break through the current situation, the key is not how hardcore the technology is, but whether they can find a balance point between regulation and privacy. Zcash seems to be heading in the right direction.