Altcoin
Tyler Winklevoss Extends Support to Privacy Coin Project ZCash
As the regulatory development in the United States unfold, Gemini exchange co-founder Tyler Winklevoss announced his support for the privacy coin ZCash. The Winklevoss-twin will be supporting the independent ZCash organization Shielded Labs.
Winklevoss Twin Praises the Privacy Coin Project
The Winklevoss-twin called ZCash one of the most underrated crypto projects residing on the core ethos of privacy and decentralization.
“Zcash is one of the most important and underrated crypto projects in the world today. It brings privacy and decentralization to money, two fundamental building blocks of a free and open society. That’s why I’m supporting Shielded Labs and its contributions to Zcash. Onward!” said Tyler Winklevoss.
ZCash provides absolute privacy to users for sending, receiving, or holding private money without any coercion from others, and gives users complete control over their money. Unlike other public networks, it has no viewable trace of where the money came from or whom it is going to. As a result, government institutions have been cracking down on such privacy coin projects.
The Winklevoss twins have voiced strong concerns over the government’s heavy-handedness on the crypto industry. They recently spoke against Operation Choke Point 2.0 by the US Federal Reserve amid the crackdown on crypto-friendly Customers Bank last week.
Upgrading ZCash to Proof-of-Stake?
Zooko, the Head of Products at Shielded Labs said that it’s time to upgrade ZCash to a Proof-of-Stake (PoS) consensus algorithm. Currently, the privacy coin follows the path of Bitcoin and brings its native ZEC coins into circulation through its Proof-of-Work mining algorithm. To boost security and scalability, this privacy coin project employs ZK-Knowledge Proof.
Similar to the Bitcoin halving, it also has a four-year halving cycle wherein it cuts the rate of ZEC production in the market to half. Also, the total supply of ZEC coins is the same as 21 million. With the second halving event ahead this year in November, three-quarters of all the ZEC coins would be mined.
As the rate of new coin creation would reduce, the downward pressure on the ZCash price would reduce as well! At the press time, the ZEC price is trading at $41.3 with a market cap of $673 million.
Shielded Labs announced that it plans to implement the “Zcash Sustainability Fund”, providing long-term sustainability to the project. Additionally, it plans to upgrade the privacy coin project to “Crosslink” which would be a hybrid Proof-of-Work and Proof-of-Stake protocol. Shielded Labs explained:
Crosslink will deliver many immediate benefits. It will allow people to stake their ZEC, thus increasing demand for ZEC. It will also reduce the supply of ZEC by locking up staked ZEC. It will provide finality. Finality protects users against rollback attacks, reduces wait times for some kinds of transactions, and allows safer two-way bridges to other networks.
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: