Digital Currency Group CEO Barry Silbert’s tweets are known to ignite movements within the crypto space and spark new trends. Earlier this month, his tweet reportedly caused the price of crypto King Bitcoin to move past the $65,000 level for the first time since October.
ECC Releases Roadmap
Recently, Electric Coin Company, the organization behind the privacy coin Zcash, released its official three-year strategy following moments of jaw-dropping growth in the price of Zcash, which experienced a 27.6% increase moving from $147 to $189 in a matter of hours.
In a blog post, the privacy-focused company stated that as part of the plans for the future, an official ECC wallet will be released in 2022, followed by the transition of Zcash from a proof-of-work consensus mechanism to a more eco-friendly proof-of-stake model within the next three years.
Zcash, according to Electric Coin Company, will play a crucial role in the creation of Web 3.0, a vision in which data is interconnected in a fully decentralized manner, providing each user with their own sovereign place in the web without the need for a third party or medium.
People will have absolute control over their information in society’s common vision of the next decentralized web. The ECC is sure that privacy which in the traditional order of things is a huge concern, will be greatly identified and addressed in the coming web.
The first step in ECC’s plan, according to the blog post, will be the launch of an official wallet in 2022. The company may engage directly with Zcash users through the wallet, allowing ECC to rapidly release new functionality that may or may not require protocol updates.
ECC also stated that the official wallet’s code would be open-source and that the wallet developer can expect a software development kit shortly.
Speaking of the wallet launch, the company wrote, ” We will expand our mobile and infrastructure teams with the intent of shipping a first-release official ECC wallet in 2022. We will also continue to build and release an SDK for other wallet developers, and the code will be open source.”
ECC is also transitioning the blockchain from an energy-intensive proof-of-work consensus model, in which miners with the greatest computing power authenticate the most transactions, to a proof-of-stake one, in which miners with the most Zcash stake validate the most transactions.
The switch to proof-of-stake will minimize Zcash’s carbon impact and, according to ECC, will alleviate downward price pressure. Most miners are currently liquidating their Zcash winnings to cover the hefty energy costs associated with proof-of-work mining. The story will be different with a proof-of-stake.
ECC wrote,” We believe the shift to proof of stake is achievable within three years if we can focus our time and efforts and hire additional talent.”
The final section of ECC’s plan is dedicated to interoperability. New options for cross-chain interoperability will emerge once the corporation completes the shift to a proof-of-stake paradigm, such as using the interoperability network Cosmos.
ECC expects that when additional use is added to Zcash according to its plans, it will outgrow its status as a privacy coin.