Bitrabo Editorial
Tyler Winklevoss, a key figure in the Gemini crypto exchange, recently made waves with his endorsement of Zcash (ZEC) as one of the most significant yet undervalued cryptocurrency ventures in the current market landscape. In a statement shared on X, he stressed the importance of privacy and decentralization in upholding a society that is open and free.
“Zcash stands out as a crucial and underrated player in the realm of cryptocurrencies. It offers privacy and decentralization in the realm of finances, which are foundational elements for fostering a society that is free and open. That’s why I stand behind Shielded Labs and their contributions to Zcash. Onward!” Tyler expressed in a post.
Zcash’s Rise as the Unsung Hero of Crypto Projects
This endorsement coincides with updates from Shielded Labs, an independent organization based in Switzerland that is wholeheartedly committed to advancing Zcash. On August 8, Shielded Labs announced significant shifts in its structure and future projects. Notably, Zooko Wilcox, a key figure in Zcash and the Electric Coin Company (ECC) founding, has been appointed as the Head of Product at Shielded Labs and also holds a seat on the Board of Directors.
Wilcox’s immediate focus is on guiding the development of Crosslink, a project aiming to transition Zcash from a pure Proof-of-Work (PoW) protocol to a hybrid Proof-of-Work/Proof-of-Stake (PoW/PoS) consensus model. His leadership is pivotal for Zcash’s strategic planning and fundraising initiatives, with significant support pouring in from influential figures like Cameron and Tyler Winklevoss, Vitalik Buterin, and the Anoma Foundation.
Wilcox also shared insights in a blog post titled “Zcash is Winning,” delving into the philosophical and practical reasons why Zcash holds a vital position in the cryptocurrency sphere. The post highlights privacy as a crucial aspect of civil liberties and financial autonomy, underlining the need for Zcash’s technology to evolve to ensure it remains a secure and sustainable form of private currency amidst governmental pressures.
“Zcash empowers individuals worldwide to transact and hold private money without external influence or coercion. It places the reins of your finances solely in your possession,” emphasized Wilcox in his post.
The shift towards a hybrid PoW/PoS system is deemed essential by Wilcox to sustain the currency’s distribution while mitigating the downward price pressure stemming from continuous coin issuance, mirroring Bitcoin’s initial structure.
“The time has come to transition Zcash to a (hybrid) Proof-of-Stake mechanism. The Proof-of-Work mining algorithm’s creation and distribution of ZEC coins marked a critical first step. […] It ensured that ZEC reached a wide audience, discreetly, of those who valued it the most and were deeply committed to its long-term mission,” remarked Wilcox.
Following Shielded Labs’ announcement, Zcash has witnessed over a 35% price surge. However, ZEC still remains significantly under its all-time high of $3,191 in October 2016, with the current trading price standing at $41.07.