TL;DR
- Zooko Wilcox, the founder of Zcash, claims that Zcash is the most important project in the world and is gaining ground in the fight for private money control.
- Wilcox announces the upcoming upgrade of Zcash to a hybrid proof-of-stake (PoS) and proof-of-work (PoW) system through the “Crosslink” protocol.
- Shielded Labs, a new Swiss organization, will lead this upgrade and has received financial support from prominent figures in the crypto ecosystem.
Zooko Wilcox, the founder of Zcash, has recently published an article highlighting the crucial importance of Zcash in the context of cryptocurrencies and financial privacy.
According to Wilcox, Zcash is not only one of the most relevant projects in the crypto world but is also in a prominent position to influence the future of private money.
Wilcox argues that the ability to control money without third-party influence is essential for preserving civil liberties and advancing civilization.
In his view, private money is necessary for non-violent social change and for global economic stability.
Over the past eight years, Zcash has demonstrated its resilience by outpacing national governments in terms of innovation and technological distribution.
The cryptocurrency ZEC has been widely distributed through a proof-of-work (PoW) algorithm, allowing millions of users to acquire and hold ZEC.
However, this ongoing creation of new ZEC coins has exerted downward pressure on the price of the cryptocurrency, a phenomenon also observed in Bitcoin‘s early years.
With the upcoming reduction in the rate of new ZEC coin creation in November, this pressure on the price is expected to ease. This adjustment is crucial for Zcash supporters, who are fundamental to the project’s mission.
In this context, Wilcox has announced that the next stage in Zcash’s evolution will be the implementation of the “Zcash Sustainability Fund,” designed to ensure the long-term sustainability of the network without exceeding the 21 million ZEC supply cap.
The key update on the horizon is the transition to “Crosslink,” a hybrid PoW and PoS protocol.
This change will not only allow users to stake ZEC, increasing demand and reducing the supply of the cryptocurrency, but will also provide finality that protects users against rollback attacks and reduces wait times for certain transactions.
Additionally, Crosslink will strengthen the overall security of the network by combining PoW and PoS mechanisms, offering an extra layer of protection.
The Future of Zcash
The next step for Zcash, under the direction of Shielded Labs, is crucial to ensure that the cryptocurrency remains a leader in the space of private money.
Shielded Labs, a new non-profit organization based in Switzerland, has been funded solely by donations from Zcash holders.
The organization has received financial support from prominent figures such as Vitalik Buterin and the Winklevoss twins, as well as the Anoma Foundation and other anonymous donors.
This collaboration with Shielded Labs will not only enable the efficient implementation of the Crosslink protocol but will also lay the groundwork for future scalability improvements for Zcash.
With increased capacity for rapid and secure transactions, Zcash is poised to address future challenges and establish itself as a robust solution for private money control.
The evolution of Zcash towards a hybrid PoW/PoS system is a testament to its ongoing commitment to innovation and the protection of financial rights for users around the world.
