All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- The team behind the ZCash protocol is restructuring the startup.
- The rebranded firm will be focused on realigning its core missions including building a secure system for everyone’s use.
ZCash development team Electric Coin Co. (ECC) has announced plans to restructure the organization to ensure that it is still aligned with the mission of the protocol.
As part of the restructuring process, almost 50% of the team which represents 13 employees were laid off. The team expressed how challenging it was to make the decision, especially as most of the affected employees were integral parts of the market groundbreaking technologies and ideas which ECC has harnessed over time.
ECC mentioned that the bear market of 2022 took its toll on the finances of the company, limiting it from achieving and executing most of its projects. However, the team has recorded outstanding growth, especially due to contributions from other non-ECC organizations like Zcash Community Grants committee, Zingo Labs, Nighthawk Apps, the Zcash Foundation, Zcash Media, the Zcash Global Ambassadors and many others.
Speaking about how members of the ECC team have collectively contributed to the actualization of the team’s mission, Zooko Wilcox, the Chief Executive Officer (CEO) of the Electric Coin Corporation said;
I am grateful for all the team members to whom we said goodbye as employees today, and for the ones that will continue at ECC. We remain fully committed to our mission and believe ECC is now in a much stronger position to serve the Zcash mission, both today and into the future.
What Does The Future Hold For ZCash?
Moving on, the development team is planning to channel energy, expertise and resources towards achieving specific sections of the ZCash mission.
At the same time, much attention will be given to facilitating transition in the ZCash community. This would mean that more ZCash support responsibilities will be moved to the broader community, that is, ZEC holders to enhance the vigour and sustainability of the ZCash ecosystem.
The roadmap for this transition would include developing a wonderful user experience for PoS ZEC; producing a wallet by Zcasher that anybody can easily use; publishing a mobile wallet SDK that other Zcash builders can use; and working on the United States policy to guarantee that ZEC, self-custody, and staking are still accessible in the U.S.
Once the restructuring exercise fully settles, the team will move into projects and initiatives which were nearing completion before now. The team will continue with the relaunch of Zcash as well as the proposal to boost its community ownership and that of other ZCash digital properties. Other beneficial ZCash activities such as the Filecoin Foundation grants will also be revisited.
Meanwhile, ZCash is still in the business of combating Central Bank Digital Currencies (CBDCs) by promoting its privacy coin campaign. A new protocol known as DigiToads (TOADS) has now joined ZCash and Monero to compete for the crown of privacy-centric cryptocurrencies. In the same vein, Monero inked a partnership with Nym’s mixnet, a platform that operates on open-source principles and utilizes incentives to ensure decentralization.
