Electric Coin Company Donates ZCash Trademark To Zcash Foundation

Electric Coin Company has officially donated the Zcash trademark to the Zcash foundation after they had created the privacy-focused cryptocurrency in 2016 as we are reading further in the Zcash news today.

Upon an agreement that was signed on November 6, the Zcash Foundation will be financially responsible for all of the costs associated with assigning and also protecting the trademark. When the news was announced, the Zcash Foundation mentioned the existing disagreement with the ECC over the future of the trademark. The foundation noted that it returned to negotiations with the Electric Coin Company after failing to reach an agreement in late August 2019 during the forum of the Zcash community.

The Electric Coin Company explained that the trademark agreement was very important because it protected the reputation of the company and separated one product from another. The company said that Zcash’s trademark also protects the community from the number of scams and brings legal power to Zcash’s blockchain governance. According to the ECC, the donation will solve two of the most basic problems including further decentralizing the organization and support and honoring the community’s feedback.

The Zcash foundation noted that this agreement maintains interoperability with standard legal and business frameworks. Back in October, there was a potential malicious counterfeit version of Zcash Foudnaiton’s wallet ZecWallet. This agreement with the Electric coin company and the Zcash foundation demonstrates its commitment to preventing such cases.

Before the companies agreed on the trademark issue, sources with the knowledge of the trademark negotiations told the media that the talks were actually a lot more complicated than either party originally expected. This was especially the case with regards to the mutual ability to veto the trademark usage.

And while the branding issue seems trivial to many observers, this process took months and actually became a bellwether of the privacy coin and its decentralized aspirations. As ECC announced this Thursday, this is “a novel agreement for which there appears to be no precedent.”

Also, the Zcash price relaxes and ZEC continues to be under the bear radar. This is a situation that we have been seeing since July. The price of this cryptocurrency was mostly in the lower range, suggesting that there is not much hope for the coin in the short-term outlook.