The founder of Zcash proposed to transfer the project to the Proof-OF-Stake algorithm
Zcash cryptocurrency (ZEC) must abandon the Proof-OF-WORK consensus algorithm in favor of a more energy-efficient and environmentally friendly Proof-OF-Stake. Such a proposal was made by the founder and head of the Electric Coin Company (ECS), which was standing behind the development of the project, Zuko Wilcox.
Switching #zcash to proof of stake offers huge imprivers to the utility, security, and https://gagarin.news/news/is-trust-wallet-capable-of-luring-meta-mask-users/ decentralization of the zcash Network and to the utility and demandd for the $ zec Coin. From @zooko: https: // t.CO/QGCA5W227T
– Electric Coin Company 🛡 ️ (@electriccoinco) August 3, 2021
Wilcox called the POS algorithm not only more efficient, but also reliable compared to POW. In a conversation with Forbes, he noted:
“I believe that Proof-OF-Work is suffering from some gaps in safety, which showed 51% attacks. I think that Proof-OF-Stake can provide a higher level of security at lower costs “.
He explained that in Pow systems, users have a very modest set of instruments from attacks from attacks. POS networks, on the contrary, allow you to identify the attacker and block his tokens, providing the remaining part of the blockchain with the ability to work in normal mode.
Wilcox emphasized that his proposal is not related to concern for the ecology, although mining on the basis of POS causes less damage to the environment. The developer proposed updating ZCash as he considers this algorithm as a whole more effective.
He also noted that the POS concept has already been proven and the mechanism “is no longer experimental”. As examples, the head of ECC cited Algorand, Cardano and Tezos blockchains.
Wilcox highlighted the main advantages of Zcash transition to Proof-OF-Stake:
- POS will reduce lower pressure on the price of ZEC and make cryptocurrency more useful;
- POS energy efficiency is higher compared to POW;
- POS is safer, and its use is less costly;
- POS allows more holders Zec becomes Users Zec – they will be able to take part in stakeing and other economic activities deployed on the network;
- POS will increase the demand for ZEC, as the algorithm supports “innovative use scenarios”;
- With the transition to POS, the community members will “receive the right to vote” – ZEC holders will be able to participate in the management of the protocol;
- POS networks are more decentralized, resistant to captures and attacks, as well as egalitarian.
“I believe that Zcash transition to POS offers many significant improvements in terms of utility, security and network decentralization, as well as for usefulness and demand for ZEC coin itself,” Wilcox concluded.
Zcash cryptocurrency focused on the privacy of the Coingecco rating with a market capitalization of ~ $ 1.29 billion. At the time of writing, the price of ZEC is at $ 113.
Recall that on October 1, 2021, the Halo ARC is planned on the ZCASH network, which includes updates to the consensus node, the ECC wallet prototype and a set of development tools.
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