Gemini exchange co-founder Tyler Winklevoss has publicly announced his support for Zcash, a prominent privacy coin, amid its latest efforts to transition to a hybrid Proof-of-Stake system. Winklevoss expressed his endorsement of Shielded Labs, the independent organization leading the Zcash project.
He highlighted the coin’s significance in promoting privacy and decentralization in the crypto space. “Zcash is one of the most important and underrated crypto projects in the world today. It brings privacy and decentralization to money, two fundamental building blocks of a free and open society,” Winklevoss stated.
Zcash Moves to Proof-of-Stake
Zooko Wilcox, the creator of Zcash, is moving quickly to convert the protocol to a hybrid Proof-of-Stake mechanism to improve the security and sustainability of the network. Recently joining Shielded Labs, a Swiss non-profit devoted to Zcash advancement, Wilcox described the critical function Zcash plays in guaranteeing that users retain control over their private funds.
“Zcash is the most important project in the world because all businesses, economies, and civil rights depend on private money,” he said in his announcement. The switch to “Crosslink,” a hybrid Proof-of-Stake system, will be crucial in mitigating the present downward pressure on Zcash’s (ZEC) price, Wilcox said.
With the ability to stake ZEC, users will be able to reduce supply and increase demand, potentially stabilising the coin’s value. Additionally, the move will give transactions closure, safeguard users from rollback attempts, and make cross-chain bridges safer.
Zcash’s Future in the Crypto Landscape
This major update coincides with Zcash getting ready for its second halving in November, which will result in a slower generation rate of new ZEC. It is believed that switching to Proof-of-Stake is an essential progression that will keep Zcash valuable and relevant in a market that is developing quickly.
Working with the Electric Coin Company, the upgrade will be carried out with an emphasis on upholding Zcash’s excellent safety record. With its hybrid Proof-of-Stake upgrade, Zcash is putting itself in a better position to compete in the rapidly changing world of digital currencies.
Zcash, which aims to provide completely private money in an increasingly regulated financial world, is poised to strengthen its position with the support of prominent individuals such as Tyler Winklevoss and significant innovations from Shielded Labs.
Is Monero a Better Player?
As privacy concerns grow within the crypto community, Monero remains a preferred choice for those prioritising confidentiality, making the competition between Monero and Zcash more intense.
Monero (XMR), continues to make strides in the privacy coin market. Monero, trading at $149.63 after a recent 4% increase in one week, has built its reputation on ensuring transaction anonymity—a feature that Bitcoin initially promised but failed to fully deliver.