- Zooko Wilcox, the founder of ZCash, has recently joined Shielded Labs to accelerate the transition of ZCash to a hybrid Proof-of-Stake (PoS) system.
- The upgrades expected include the Zcash Sustainability Fund and the Crosslink protocol, essential for the progress of this initiative.
- The project has garnered considerable support from prominent figures such as the Winklevoss twins and Vitalik Buterin, facilitating its development significantly.
This article explores the latest advancements in the ZCash ecosystem, detailing the strategic upgrades and influential backing driving the project’s future success.
Significant Upgrades: Zcash Sustainability Fund and Crosslink Protocol
On August 10, Zooko Wilcox, the driving force behind ZCash, highlighted the urgency of advancing the ZCash network. After eight years of using a Proof-of-Work (PoW) consensus mechanism, which has placed tremendous pressure on ZCash (ZEC) coin prices, a transition to a hybrid Proof-of-Stake (PoS) system is being charted. This shift aims to mitigate new coin creation rates, thus alleviating price pressures.
At the time of writing, the ZEC coin was valued at $41.75, experiencing a 1.37% rise within a single day, buoyed by a market capitalization of $681,712,815 and a 24-hour trading volume of $102,847,248. Wilcox identified the Zcash Sustainability Fund and the Crosslink protocol as the pivotal forthcoming improvements. These upgrades are designed to permit ZEC holders to partake in staking, protect against rollback attacks, expedite transaction times, and establish secure two-way bridges to other networks. Although no specific timeline was disclosed, the emphasis remains on preserving Zcash’s robust security measures.
Backing from the Winklevoss Twins and Vitalik Buterin
In associated developments, Tyler Winklevoss, co-founder of the Gemini exchange, publicly endorsed Zcash and Shielded Labs. Known advocates for privacy and decentralization, the Winklevoss twins have also voiced their concerns regarding regulatory scrutiny on privacy-focused cryptocurrencies. They recently criticized the U.S. Federal Reserve’s Operation Choke Point 2.0 for targeting banks friendly toward cryptocurrencies.
Shielded Labs, an independent organization headquartered in Switzerland, has received substantial financial contributions from prominent Zcash supporters, including the Winklevoss twins and Vitalik Buterin. These donations are earmarked to prioritize the development and implementation of the Crosslink protocol. With Zcash’s second halving event on the horizon in November, which will cut the rate of new ZEC coin creation, investors are optimistic about easing downward price pressures.
Conclusion
The upcoming transition to a hybrid Proof-of-Stake system represents a pivotal moment for Zcash, promising increased security, scalability, and sustainability for the network. As Shielded Labs collaborates with the Electric Coin Company on these significant upgrades, the outlook for Zcash and its supportive community appears exceptionally promising.
