Zcash rallies following move to Proof-of-Stake
Photo: Twitter
Zcash is up by 25% over the past 24 hours, having peaked as high as $219.
The move comes as Electric Coin Company (ECC), the organisation responsible for the privacy coin, set forward its plans for the coming years.
Looks like Zcash is moving to proof of stake$ZEC https://t.co/glmtYYxmgp
— Barry Silbert (@BarrySilbert) November 20, 2021
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.
It has become clear that the best way for ECC to contribute to the #Zcash $ZEC community over the next three years is to release an official ECC wallet on top of a highly interoperable Zcash protocol that leverages proof-of-stake consensus.https://t.co/SxMF1pNCTB
— Electric Coin Company 🛡️ (@ElectricCoinCo) November 19, 2021
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.
If you advocate blockchain and Web3.0 without robust understanding of privacy, following can happen. Web 3.0 enable us to verify and monitor each other. If there is no privacy-protecting measure, we must create Big Brothers and technocrats. Don't be betrayer of civil society.
— Zcash Maximalist🛡 (@ZECMaximalist) November 16, 2021
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.
monero maxis will literally ignore zcash instead of going to therapy
— kxtz.eth🛡 (@kxtz_eth) November 20, 2021