The Electric Coin Company (ECC) is in the latest cryptocurrency news. Known as the company behind Zcash (ZEC) which is the second biggest anoncoin, this firm intends to build a new scalable Zcash blockchain.
The reports from the news outlet Forklog emerged on June 22, showing that the chief engineer at ECC Nathan Wilcox said that the firm should “make Zcash more usable by 10 billion people by 2050” if it can, setting a quite ambitious target. The company behind Zcash and its chief engineer also noted that achieving this would require Zcash’s blockchain to be able to handle thousands – or even millions – of transactions per second.
The altcoin news outlet also stated that ECC is considering implementing sharding as a solution that Ethereum devs also plan to integrate in the network in the near future. Still, the ECC engineer and product designer Daira Hopwood noted that in order to obtain the desired features, ZEC would require a completely new blockchain.
Many best cryptocurrency news sites reported that the company behind Zcash must ensure that coins would be transferred onto the new chain – if its plans go live. This would result in a conservation of users’ wealth and would also make the processing of all transactions legit, in contract with the current chain where around 2% of the total transactions are completely anonymous.
With a total network value of $744 million, Zcash is often featured in the coming altcoin news as the 24th largest coin by market capitalization. ZEC has seen its value decrease by more than 0.40% over the past 24 hours, trading at 3.
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09 at press time as Coin360 data puts it.
As many crypto currency sites reported earlier this month, the nonprofit Zcash Foundation (and the company behind Zcash) has partnered with the blockchain company Parity Technologies with a goal to release a new and open source software client for the altcoin.
Meanwhile, the biggest privacy coin and a direct competitor to Zcash, Monero (XMR) is apparently planning to switch to a new proof-of-work (PoW) algorithm this December, as some news from last week showed.
Anyways, as we can see from this report, the company behind Zcash remains stable and with big plans for the future.
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