Cryptomonads Zcash needs a completely new blockchain

Cryptomonads Zcash needs a completely new blockchain

Zcon1, the second annual conference on the Zcash ecosystem ended on 24 June. During the event, CEO of Electric Coin Company (ECC), Zcash’s main developer, Zooko Wilcox, said:

“If we do not have enough funds for the next 12 months, we will be forced to reorient our attention.”

This implies that the community now has to decide whether to continue to finance the company to further develop the Zcash blockchain. Otherwise, other forms of funding will need to be identified. This would make them not focus primarily on Zcash development.

The decision is complicated, especially since there is currently no system of governance to support decision-making.

Zooko also said he wanted to find a solution to ensure interoperability between Zcash and Ethereum.

A new blockchain for Zcash cryptomonade

According to a report published by Forklog on June 22, Zcash developers are considering developing a completely new, more scalable blockchain. ECC Chief Engineer Nathan Wilcox said the company should “make Zcash usable by 10 billion people by 2050”. However, Decrypt notes that doing this would require a new blockchain. It can handle thousands or millions of transactions per second.

Forklog states that the ECC is considering the implementation of Sharding technology originally developed for Ethereum.

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However, the ECC Engineer and Daira Hopwood’s product designer noted that in order to achieve the desired characteristics, Cryptomoneda Zcash would need a completely new blockchain.

The company will ensure that the existing coins will be transferred to the new chain, which will lead to the preservation of the wealth of users. The new chain would also process all private transactions, unlike the current chain where less than 2% of transactions are anonymous.

Private cryptomonas fall in value

Currently, Cryptomoneda Zcash has a market share of about $ 700 million and ranks 24th in the Coinmarketcap. It is the second most used cryptomon of this type after Monero. Over the past 24 hours, ZEC has seen a decline in its value by more than 4%, traded at about $ 105. Monero recorded a similar decline and is traded at about $ 110.

Monero announced last month that in October it will move to a new Proof-of-work algorithm in October.

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