Zcash

The founder of privacy coin Zcash, Zooko Wilcox, is looking to accelerate the protocol’s upgrade to a hybrid proof-of-stake (PoS) system after joining Shielded Labs.
In a blog post on Aug. 10, Wilcox,&nbsp;<a href="https://cointelegraph.com/learn/what-is-zcash-zec">Zcash</a> founder and now&nbsp;new head of product at Shielded Labs, <a href="https://medium.com/@zooko/zcash-is-winning-48579b89770e" target="_blank" rel="noopener nofollow">said</a> that after eight years of using proof-of-work (PoW) mining, the <a href="https://cointelegraph.com/news/privacy-tokens-under-attack-aleph-zero">privacy currency</a> needs to be upgraded to a hybrid PoS system.
He noted that PoW consensus and the creation of new ZEC (<a href="https://cointelegraph.com/zec-price-index">ZEC</a>) coins had put downward pressure on its price, “but this is expected to ease as the rate of new coin creation reduces.”
Two main upcoming improvements mentioned were implementing the Zcash Sustainability Fund and upgrading to “Crosslink,” a hybrid proof-of-work and <a href="https://cointelegraph.com/explained/delegated-proof-of-stake-dpos-explained">proof-of-stake</a> protocol.
“We want to deploy this as fast as possible while maintaining Zcash’s track record of excellent safety,” he said. 
Benefits from the upgrade include enabling staking for ZEC holders, providing finality that protects users against rollback attacks, reducing transaction times and allowing safer two-way bridges to other networks.
However, Wilcox did not elaborate on technical specifics or provide a timeline for the upgrade. The Electric Coin Company (ECC), the firm behind Zcash development, first <a href="https://electriccoin.co/blog/ecc-roadmap-calls-for-focus-on-wallet-proof-of-stake-and-interoperability/" target="_blank" rel="noopener nofollow">mentioned</a>&nbsp;PoS interoperability back in 2021. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/8e9abdd3-9611-4f3a-8fb8-f6e742607fba.jpg" alt="Zcash founder joins Shielded Labs, pushes for hybrid PoS upgrade" title="">
 <figcaption style="text-align: center;">
 Zcash 2024 roadmap. Source: ECC
 </figcaption>
</figure>
Meanwhile, in a post on X on Aug. 8, the ECC <a href="https://x.com/ElectricCoinCo/status/1821578726574039218" target="_blank" rel="noopener nofollow">announced</a> Wilcox’s move to Shielded Labs, an independent Switzerland-based organization dedicated to supporting Zcash.
<blockquote data-ct-non-breakable="true">
 “This news is a win for the Zcash community, and we look forward to collaborating with Shielded Labs on Zcash hybrid PoW/PoS.”
</blockquote>
Shielded Labs also announced that it had received generous donations from Zcash holders and supporters, including Cameron and Tyler Winklevoss and <a href="https://cointelegraph.com/news/vitalik-buterin-unveils-plan-solve-cross-chain-l2-interoperability">Vitalik Buterin</a>. 
The funds will help the organization expand its initiatives and partner with ECC to prioritize the development and implementation of Crosslink, it added. 
Related: <a href="https://cointelegraph.com/news/zcash-founder-zooko-wilcox-steps-down-electric-coin-new-ceo">Zcash founder Zooko Wilcox steps down from Electric Coin, naming new CEO</a>
Zcash was launched in 2016 as a privacy-focused payment currency with similarities to Bitcoin&nbsp;from which it was forked. 
Wilcox stepped down as the CEO of ECC in December, and Josh Swihart was promoted to replace him.
ZEC’s price has failed to gain momentum since being <a href="https://cointelegraph.com/news/binance-to-delist-privacy-tokens-in-france-italy-spain-and-poland">delisted</a> by several large centralized crypto exchanges in 2023 following regulatory pressure. 
ZEC was trading at a little over $41 at the time of writing, having gained 40% over the past week. 
However, the privacy coin has lost 98% since its 2016 all-time high of $3,191, according to CoinGecko. 
Magazine: <a href="https://cointelegraph.com/magazine/china-crypto-ban-investors/">How Chinese traders and miners get around China’s crypto ban</a>

Zcash founder joins Shielded Labs, pushes for hybrid PoS upgrade

Cointelegraph

Other articles published on Aug 12, 2024

Fantom Eyes $323M Profits: Here's One of the Best Crypto Presale Projects in 2024

Former Goldman Analyst Predicts at Least 25 Meme Coins in Top 100

Beam Price Rebounds From The Lows: Will The Recovery Persist?

Toncoin Rises Amid Crypto Slump – Is $6.85 the Next Target?

Bitcoin price drops below $59K as institutions stop buying stablecoins

Next Cryptocurrency to Explode Monday, August 12 — UNUS SED LEO, Curve DAO Token, Golem, Sui

Join our free newsletter for daily crypto updates!