The Zcash price surges 29% after the developer team announced a proof of stake shift and they believe that the privacy coin will be a huge part of the next iteration of the internet as we are reading more in our latest Zcash news today.
Zcash maintainer Electric Coin company released a new official wallet so now Zcash will be moving to a proof of stake consensus mechanism in the next three years. ECC is thinking o adding Zcash to the Cosmos stack as well. A day ago, the ECC even outlined its official roadmap for the next three years so, within hours, the price of Zcash rallied from $147 to $189 which is an increase of 28.6%. The privacy-focused organization said that it will release a new wallet in 2022 before moving Zcash from a proof of work consensus mechanism to an environmentally friendly proof of stake model in the next three years.
The Electric Coin company said that it wants Zcash to be the main player in the emergence of Web 3.0 where data will be interconnected in a fully decentralized way and will give each user their own sovereign slice of the web.
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In a collective society and the vision of an upcoming decentralized web, people will have total control over their information as the ECC believes that privacy will be a huge part of the fabric of the next iteration. Zcash and Monero are clear examples of privacy coins. Using these cryptographic techniques they hide ID info like addresses, transaction amounts, and more.
The coin uses a cryptographic technique called zero-knowledge proofs that allows users to make transactions without specifying the details about the transactions in question aside from the fact that they are legitimate. Monero allows for private transactions but Zcash allows for public ones as well. Zcash launched in 2016 which is two years after Monero. It was based on Bitcoin’s codebase and just like BTC, its supply is capped at 21 million. Today, it has a market cap of around $2.3 billion which is less than Monero’s. A day after it is launched, Zcash hit an all-time high of $5941 but the price has dropped since then.
Right now, the Zcash price surges 29% on the ECC news that it will release a new wallet in 2022. The company will be able to interact with Zcash directly through this wallet, allowing the company to roll out new features that might require changes to the protocol.ECC announced that the code for the official wallet will be open-source and the wallet developers will be able to expect the release of the software development kit in the near future.
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