The Electric Currency Company (ECC), which created the privacy coin Zcash ($ZEC), has announced the release of an ECC wallet.
Upgrades to Zcash are on the way.
ECC today wrote that 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, based on product roadmap planning that included industry research and analysis of community sentiment and market opportunity.
ECC’s stated goal for the wallet
The wallet’s stated objective is to allow governance features like staking and delegation, messaging, send/receive, and other functionality that ecosystem developers may add.
While these additional features may not be a priority for ECC for now, the ECC team stressed that others in the Zcash community should not forsake them in the long term. The wallet should enable ECC to communicate directly with ZEC users, and the official release date for the ECC wallet is 2022.
Zcash’s shift to Proof-of-Stake
Another significant announcement made today was the shift to Proof-of-Stake. ECC CEO Zooko Wilcox offered several reasons in support of moving Zcash from a proof-of-work consensus process to proof-of-stake in a blog post from August; nevertheless, he was quick to point out that it was not up to him or ECC, but rather the community.
Switching to PoS, he said, would reduce downward pricing pressure on ZEC while also increasing its usefulness. Furthermore, he voiced environmental worries about PoW, which many people share and may potentially provide a hurdle to Zcash adoption.
The last big news of the day concerns cross-chain interoperability, which should be easier to achieve with the switch to PoS.
One example presented today by ECC’s Josh Swihart is the usage of platforms like the Cosmos stack, which may enable PoS and allow ZEC to be more moveable across chains while also making it easier for developers and organizations to innovate using this well-known stack.
The significant developments revealed today for the Zcash ecosystem may add to the rising narrative and enthusiasm around zero-knowledge proofs known as zk-SNARKs, which may protect users’ transactions and provide anonymity.
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