Zcash to migrate to Proof-of-Stake consensus, announces new wallet - OhNo WTF Crypto

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Zcash to migrate to Proof-of-Stake consensus, announces new wallet

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Electric Coin Company (ECC), which developed privacy-centered coin Zcash, announced a new roadmap for the coin on Friday. The developers revealed plans to release an official ECC wallet for Zcash, in addition to shifting Zcash’s consensus from Proof-of-Work to Proof-of-Stake by 2024.

According to the blog post published Friday, the ECC will focus on the development of Zcash in three key areas: an ECC official wallet, transition to Proof of Stake mechanism, and cross-chain interoperability.

Likely to launch in 2022, the official wallet will allow Zcash users to quickly deploy new features and test new features for the protocol. The wallet will be open-source with key governance features like staking and delegation, messaging, paying and receiving, and more. The developers will also release a software development kit (SDK) for non-ECC developers.

Regarding Zcash’s shift to the Proof-of-Stake mechanism, ECC developers said that it could be achieved within three years with time, effort, and hiring new personnel. The move would offer several benefits to Zcash including a reduction in carbon emissions, enabling on-chain governance mechanisms, and support for interoperability.

“While the Zcash ecosystem is growing in capability, we believe that ECC is uniquely positioned to do this challenging work with the quality and speed at which it should be accomplished, and that it will be well received by current and future ZEC holders,” the blog post read.

The post Zcash to migrate to Proof-of-Stake consensus, announces new wallet appeared first on Our Bitcoin News.



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