Zcash founder joins Shielded Labs to expedite the transition to a hybrid PoS consensus.
The upgrade aims to enhance network security, reduce transaction times, and energy efficiency.
Zooko Wilcox, the renowned founder of the privacy-focused cryptocurrency Zcash, has recently joined forces with Shielded Labs, a blockchain development company. Jason McGee of Shielded Labs proposed his idea of starting this independent organization to help Zcash a year ago i.e., in Jan 2023.
This strategic move comes as Wilcox intensifies his efforts to push for a hybrid Proof-of-Stake (PoS) upgrade for the Zcash network. Zcash faces challenges with its current proof-of-work (PoW) model. Critics have argued that the continuous creation of new ZEC tokens has put downward pressure on the coin’s price.
The proposed hybrid PoS upgrade, named “Crosslink,” aims to address these issues by introducing staking for ZEC holders. Which will reduce transaction times and protect against rollback attacks, making the network more secure. By ultimately reducing the downward price pressure, this shift is expected to ease the creation of new coins.
Zcash’s development team, Electric Coin Company (ECC), had hinted at this transition in 2021. But Wilcox’s recent move signals a renewed urgency in implementing the upgrade. Meanwhile, Shielded Labs supported by donations from prominent figures like Cameron and Tyler Winklevoss, is poised to collaborate with ECC. This is to prioritize Crosslink’s development.
Tyler Winklevoss Extends Support to Zcash Amid PoS Transition
Tyler Winklevoss, co-founder of Gemini, has publicly supported Zcash’s shift to a hybrid PoS model. Highlighting its potential to enhance privacy and security within the crypto space. His endorsement, alongside donations from the Winklevoss twins, underscores the growing confidence in Zcash’s future. Especially as the project moves towards a more sustainable and efficient consensus mechanism.
The Winklevoss twins’ backing is seen as a significant boost for the privacy coin. Particularly in a market increasingly focused on regulatory compliance and technological advancements.
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