Electric Coin Company Reveals Zcash Network to Transition to Proof-of-Stake in 3 Years – Altcoins Bitcoin News

Electric Coin Company, the developer behind privacy-centric crypto-asset, zcash (ECC), announced that they plan to move to PoS consensus. ECC also revealed the team plans to launch an official ECC wallet, as well as bolster the network’s cross-chain interoperability.

Zcash can be used to change from PoW to PoS

Equihash is a proof of work mining algorithm that allows Zcash miners to compete to locate new Zcash blocks. ECC posted a blog on November 19 that announced that the network would move to a proof of stake (PoS), consensus algorithm within the next three year. Zooko Wilcox-O’Hearn discussed the network moving from PoW to PoS in a blog post published on August 3, 2021.

Furthermore, ECC’s CTO Nate Wilcox also published a blog post about the PoS subject a week after Zooko’s post. In the roadmap post published on Friday, ECC explains that transitioning to PoS will “increase the utility for ZEC through capabilities that include yield generation through staking.” Alongside this, PoS can also lead the ZEC chain toward onchain “governance mechanisms,” the ECC roadmap details.

ECC Looks Toward a ‘Reduction of Zcash’s Energy Footprint’ Zcash-Based ASIC miners still rule the roost

ECC’s blog post further states that a PoS-based ZEC chain can contribute to the “reduction of the ZEC energy footprint.” During the course of the year, PoW consensus algorithms have received a lot of criticism concerning PoW’s effect on the environment. ECC’s roadmap post adds:

The shift from proof of stake to evidence is possible within three years, if we focus our attention and are able hire more talent.

Value per Zcash has seen a huge jump since news broke. It is now up 23.6% over the last 24 hours. During the initial launch, the Zcash network’s blocks were processed by miners with graphics processing units (GPUs) but during the last few years, application-specific integrated circuit (ASIC) miners have taken over.

Bitmain Antminer Z15 processing the Equihash algorithm at 140ksol/s receives $33.44 per Day in ZEC Rewards. Innosilicon’s A9++ Zmaster does around 140ksol/s and gets $8.13 per day in profit using today’s ZEC exchange rate.

This story contains tags
ASIC. Bitmain Antminer Z15. ECC. Electric Coin Company. GPUs. Innosilicon A9++ Zmaster. Nate Wilcox. PoS. PoW. Proof of Work. Proof-of Stake. Zooko Wilcox O’Hearn.

Do you have any thoughts about Zcash switching to PoS Please comment below to let us know your thoughts on this topic.

Images CreditsShutterstock. Pixabay. Wiki Commons

DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.

Get more Crypto News at CFX Magazine