Zcash rallies following move to Proof-of-Stake

Zcash is up by 25% over the past 24 hours, having peaked as high as $219.

The move comes as Electric Coin Company (ECC), the organisation responsible for the privacy coin, set forward its plans for the coming years.

ECC, a firm which places an emphasis on privacy, said in a blog post that it will release an official wallet in 2022.

Following that, it will move Zcash to a more environmentally friendly proof-of-stake model within three years, having previously used a proof-of-work consensus mechanism.

ECC would also like for Zcash to play an important role in the emergence of Web 3.0.

As the web becomes more and more decentralized, people will demand more control over their information, and the ECC believes privacy will be important in coming iterations.

Zcash, and also Monero, are examples of privacy coins that obscure identifying information such as addresses and transaction amounts.

Zcash’s market cap is around $2.3bn, about $2bn less than Monero.

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