Zooko Wilcox Joins Shielded Labs to Accelerate Zcash Upgrade

Key Upgrades: Zcash Sustainability Fund and Crosslink

In a blog post on August 10, Zooko Wilcox, Zcash founder emphasized the need for an upgrade in the ZCash project. Wilcox spokes on this after eight years of proof-of-work (PoW) mining, which has exerted downward pressure on ZCash (ZEC) coin prices. The shift to a hybrid PoS system is expected to alleviate this pressure by reducing the rate of new coin creation.

At press time, ZEC was trading at $41.75, after a surge of 1.37% in a day with $681,712,815 in market cap and $102,847,248 in 24-hour trading volume.

Wilcox highlighted two major upcoming improvements: the implementation of the Zcash Sustainability Fund and the upgrade to “Crosslink,” a hybrid PoW and PoS protocol. These upgrades aim to enable staking for ZEC holders, provide protection against rollback attacks, reduce transaction times, and safer two-way bridges to other networks. 

While Wilcox did not provide a timeline for these upgrades, he stressed the importance of maintaining Zcash’s safety record.

Support from the Winklevoss Twins

In related news, Gemini exchange co-founder Tyler Winklevoss announced his support for Zcash and Shielded Labs. The Winklevoss twins, known for their advocacy of privacy and decentralization, have voiced concerns over government crackdowns on privacy coins. They recently criticized the US Federal Reserve’s Operation Choke Point 2.0, which targeted crypto-friendly banks.

Shielded Labs, an independent Switzerland-based organization, has received significant donations from Zcash supporters, including the Winklevoss twins and Vitalik Buterin. These funds will help prioritize the development and implementation of Crosslink. With the second halving event approaching in November, the rate of new ZEC coin creation will decrease, potentially easing downward price pressure. 

Conclusion

The transition to a hybrid PoS system marks a significant step for Zcash, promising enhanced security, scalability, and sustainability. As Shielded Labs and the Electric Coin Company collaborate on these upgrades, the future looks promising for Zcash and its community.

Get Free Crypto with Reality Rush

Build your dream city on Telegram and earn real-world rewards, including $USDT vouchers and NFTs! Join over 7 million players, unlock famous landmarks, and boost your city with exclusive bonuses. Play for free, invite friends, and watch your rewards grow! Start building today.

Also Read: Catizen Airdrop Parameters with Catizen’s New Report Card