👉👉👉 #Zcash founder joins Shielded Labs, pushes for hybrid PoS upgrade
Zcash Founder Zooko Wilcox Advocates for Hybrid PoS Upgrade with Shielded Labs
Zooko Wilcox, the founder of Zcash, is pushing for a swift upgrade of the protocol to a hybrid proof-of-stake (PoS) system following his new role at Shielded Labs. In a blog post on August 10, Wilcox, who has transitioned to head of product at Shielded Labs, emphasized the need to evolve from the current proof-of-work (PoW) mining system after eight years of operation.
Wilcox noted that PoW mining has pressured Zcash’s price by increasing coin supply, but this should lessen as new coin issuance slows. He highlighted two key improvements: the Zcash Sustainability Fund and the "Crosslink" hybrid PoW/PoS upgrade.
The upgrade aims to bring several benefits, including:
- Enabling staking for $ZEC holders
- Providing transaction finality to protect against rollback attacks
- Reducing transaction times
- Facilitating safer two-way bridges to other networks
Wilcox did not provide specific technical details or a timeline for the upgrade. However, the Electric Coin Company (ECC), the organization behind Zcash’s development, first mentioned PoS interoperability in 2021.
On August 8, the ECC announced Wilcox's move to Shielded Labs, a Swiss organization supporting Zcash. They expressed optimism about collaborating on the hybrid PoW/PoS upgrade, viewing it as a positive development for the Zcash community.
Shielded Labs also announced significant donations from prominent Zcash supporters, including Cameron and Tyler Winklevoss, and #VitalikButerin . These funds will aid the organization in expanding its initiatives & collaborating with ECC to advance the Crosslink upgrade.
Launched in 2016, Zcash is a privacy-focused cryptocurrency forked from Bitcoin. Josh Swihart succeeded Wilcox as CEO of ECC in December 2023. ZEC, trading at over $41, has risen 40% in the past week but remains down 98% from its all-time high of $3,191 in 2016.
Source - cointelegraph.com
