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

Electric Coin Company Reveals Zcash Network Plans to Transition to Proof-of-Stake in 3 Years

On Friday, Electric Coin Company (ECC), the builders behind the privacy-centric crypto-asset zcash, revealed the community plans to transition to proof-of-stake (PoS) consensus. ECC additionally revealed the crew plans to launch an official ECC pockets, in addition to bolster the community’s cross-chain interoperability.

Zcash to Change From PoW to PoS

The Zcash community at present leverages a proof-of-work mining algorithm known as Equihash, which permits miners to compete in order to discover new blocks on the Zcash chain. In a weblog publish printed on November 19, ECC announced the community will transition towards a proof-of-stake (PoS) consensus algorithm over the following three years. Zooko Wilcox-O’Hearn mentioned the community transferring from PoW to PoS in a blog post printed on August 3, 2021.

Furthermore, ECC’s CTO Nate Wilcox additionally printed a blog post concerning the PoS topic every week after Zooko’s publish. In the roadmap publish printed on Friday, ECC explains that transitioning to PoS will “improve the utility for ZEC by way of capabilities that embrace yield technology by way of staking.” Alongside this, PoS can even lead the ZEC chain towards onchain “governance mechanisms,” the ECC roadmap particulars.

ECC Looks Toward a ‘Reduction of Zcash’s Energy Footprint’ Zcash-Based ASIC Miners Still Rule the Roost

ECC’s weblog publish additional states {that a} PoS-based ZEC chain can contribute to the “discount of the ZEC power footprint.” During the course of the yr, PoW consensus algorithms have acquired plenty of criticism regarding PoW’s impact on the atmosphere. ECC’s roadmap publish provides:

We imagine the shift to proof of stake is achievable inside three years if we’re ready to focus our time and efforts and rent further expertise.

The worth per zcash (ZEC) has jumped a fantastic deal because the information and is up 23.6% over the last 24 hours. During the preliminary launch, the Zcash community’s blocks have been processed by miners with graphics processing items (GPUs) however throughout the previous couple of years, application-specific built-in circuit (ASIC) miners have taken over.

At the time of writing, a Bitmain Antminer Z15 that processes the Equihash algorithm at 420 ksol/s will get $33.44 per day in ZEC rewards. Innosilicon’s A9++ Zmaster does round 140ksol/s and will get $8.13 per day in revenue utilizing right now’s ZEC trade fee.

Tags in this story
ASIC, Bitmain Antminer Z15, ECC, Electric Coin Company, GPUs, Innosilicon A9++ Zmaster, Nate Wilcox, PoS, PoW, Proof of Work, Proof-of-Stake, staking, Zcash, ZEC, ZEC power footprint, Zooko Wilcox-O’Hearn

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