ZCash (ZEC) Could Soon Transition to Proof-of-Stake as a Means of Driving Sustainable Growth

Summary:

• The Electric Coin Company has initiated probe connected a imaginable modulation of ZCash from a proof-of-work mechanics to a proof-of-stake.
• The probe volition absorption connected shielded wallet UX and security, cross-chain interoperability, proof-of-stake security, issuance rate, on-chain governance, and reducing the protocol’s complexity.
• The rationale down exploring ZCash’s imaginable power to a PoS is to thrust the sustainable maturation of ZEC. It volition besides trim selling unit from PoW miners, amongst different benefits.

The fashionable privateness coin of ZCash (ZEC) could precise good power from its existent proof-of-work algorithm to a proof-of-stake mechanism. The squad down the project, the Electric Coin Company, has announced via Twitter the kickoff of the archetypal signifier of probe geared towards uncovering retired whether ZCash could modulation into a proof-of-stake network, frankincense placing ZEC astatine the forefront of Web3.

Our extremity for the archetypal signifier of Proof-of-Stake probe is to nutrient a factual modulation connection for the #Zcash community.

We judge this connection could spot $ZEC and its underlying technologies astatine the forefront of Web3. https://t.co/4ZWsOwfhCg

— Electric Coin Co. (@ElectricCoinCo) May 20, 2022

ZCash (ZEC) Research Areas astatine the Core of the Potential Transition to PoS

The Electric Coin Company (ECC) squad besides provided the pursuing six areas of probe that volition pb to the imaginable modulation into Proof-of-stake for ZEC.

• Shielded wallet UX and information – focusing connected maintaining existing shielded mobile functionality. The ECC aims to alteration shielded mobile users, to delegate ZEC to gain staking rewards easily.
• Cross-chain interoperability.
• Proof-of-stake security.
• Issuance complaint of ZEC, which maintains the 21 cardinal ZCash proviso cap.
• On-chain governance – the ECC wants users to easy explicit their preferences by coin value polls created by immoderate assemblage member. But coin weighted canvass volition not beryllium binding connected the protocol oregon governance layers.
• Reducing protocol complexity.

Switching ZCash to PoS Will Drive Sustainable Growth for ZEC

In an August 2021 blog post, the squad astatine the ECC had initially explained that the modulation to proof-of-stake was a assemblage determination and that their thought was meant to spot ZEC arsenic the ‘engine driving the sustainable maturation indispensable to supply economical and societal state for everyone.’

According to the ECC, ZCash, arsenic it stands arsenic a Proof-of-work protocol, is faced with selling unit from miners who request to wage for operational costs that proceed to summation implicit time. Consequently, ‘in PoS, stakers tin support the coins they’ve earned and go semipermanent investors.’

In addition, switching to proof-of-stake is simply a win/win for everyone, including assemblage members who judge proof-of-stake is amended for the environment.

The ECC besides provided the pursuing further reasons wherefore Proof-of-stake would beryllium beneficial to ZCash.

• It provides overmuch amended information and show astatine a little cost.
• PoS provides an avenue for galore ZCash holders to go ZCash users.
• PoS increases the request for ZEC due to the fact that it supports caller caller usage cases.
• It provides a dependable for each ZEC holders.
• PoS is much decentralized, attack- and capture-resistant, and egalitarian.

The Next Step is to Introduce a Proposal that Recommends ZCash Move to PoS

Concerning the adjacent measurement of action, the ECC has explained that the archetypal probe volition yet pb to a connection that recommends ZCash’s determination to a proof-of-stake protocol. By releasing the probe first, the ECC hopes that the ZCash assemblage volition recognize their imaginativeness and wherefore Proof-of-stake could payment ZEC, starring to much adoption. They explained:

This connection could alteration the broader usage lawsuit for the ZEC currency and spot its underlying technologies astatine the forefront of Web3.

To supply ZEC users with arsenic overmuch accusation arsenic possible, we volition beryllium releasing a bid of method probe blogs successful the coming months. This volition springiness assemblage members a accidental to supply feedback and inquire questions connected our approach, agelong earlier we statesman processing a circumstantial proposal.