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.
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