Yahoo Finance Zcash move to proof-of-stake revealed in project roadmap
After an intensive period of research, the Electric Coin Company has revealed the next three years of the Zcash project roadmap tailored to meet the needs and demands of the growing ZEC ecosystem and community.
The plan focuses on three product developments aimed at empowering developers and users alike.
First up is the formal release of an official ECC wallet that will enable rapid deployment of new Zcash (ZEC) features without the need to go back and re-write protocols.
The Electric Coin Company has already started to expand mobile and infrastructure teams with the intent of shipping a first-release official ECC wallet next year.
Go $ZEC!@ElectricCoinCo roadmap:
* POS in 3 yrs (big decision for an OG $BTC fork)
* Interoperability via @cosmos
* Web3 focus (yas! where ppl choose for themselves, instead of letting faceless execs proffer permission)
* official wallet in 2022 (we're slow but catching up!) https://t.co/woQUOwbQco— Michelle Lai | ML_sudo (@88crypt) November 21, 2021
Zcash to move to proof-of-stake
Second is the proposal for Zcash – an original Bitcoin fork – to move from proof-of-work to proof-of-stake, in a move specifically aimed at reducing downward pressure on ZEC’s market price.
The root cause of that continued downward pressure is driven by over-selling behaviour from ASIC miners (which displaced 80% of the ecosystem’s GPU miners in 2018) who are immediately liquidating mining rewards to take immediate profit.
PoS validation offers a solution to this issue, while creating yield rewards that encourage long-term holders, reducing the environmental footprint of the network, and offering a medium for community governance mechanisms.
“We believe the shift to proof-of-stake is achievable within three years if we are able to focus our time and efforts and hire additional talent,” revealed the announcement.
Interoperability between ecosystems is a big topic across the whole crypto industry at the moment, as projects look to synthesise into a viable web 3.0 world – and these conversations clearly haven’t been missed by the ECC.
Proof-of-stake would open the door to interoperability with other leading blockchains, and it seems that the Zcash team will be integrating innovative support technologies from Cosmos stack to deliver the mining-to-validating move.
The use of Cosmos would offer possible integrations and interoperability with Binance Smart Chain, Crypto.com coin, Terra, and Fetch ai.
