Zcash to migrate to Proof-of-Stake consensus, announces new wallet
Electric Coin Company (ECC), which developed privacy-centered coin Zcash, announced a new roadmap for the coin on Friday. The developers revealed plans to release an official ECC wallet for Zcash, in addition to shifting Zcash’s consensus from Proof-of-Work to Proof-of-Stake by 2024.
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
According to the blog post published Friday, the ECC will focus on the development of Zcash in three key areas: an ECC official wallet, transition to Proof of Stake mechanism, and cross-chain interoperability.
Likely to launch in 2022, the official wallet will allow Zcash users to quickly deploy new features and test new features for the protocol. The wallet will be open-source with key governance features like staking and delegation, messaging, paying and receiving, and more. The developers will also release a software development kit (SDK) for non-ECC developers.
Regarding Zcash’s shift to the Proof-of-Stake mechanism, ECC developers said that it could be achieved within three years with time, effort, and hiring new personnel. The move would offer several benefits to Zcash including a reduction in carbon emissions, enabling on-chain governance mechanisms, and support for interoperability.
“While the Zcash ecosystem is growing in capability, we believe that ECC is uniquely positioned to do this challenging work with the quality and speed at which it should be accomplished, and that it will be well received by current and future ZEC holders,” the blog post read.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow