Cryptocurrency News

Zcash Developers Prepare New Protocols to Serve 10 Billion Users

Detailing from Bitcoinnews, maker of Zcash, Electric Coin Company (ECC), communicated his expectation to improve Zcash foundation when the test was featured at the Zcon1 meeting in Split, Croatia on June 22, 2019.

As reported by Decrypt, Nathan Wilcox, Chief Engineer of the ECC, said, “I think we must make Zcash usable by 10 billion people by 2050 if we can.” Such heavy traffic will require Zcash to be able to handle thousands or even millions of transactions per second.

Zcash was created in 2016 and is the second largest privacy coin with a market capitalization of US $ 721 million. At the time the article was published bitcoinnews, Zcash was trading at US $ 106 with a 6.6% decline in the last 24 hours based on CoinMarketCap data.

The ECC is eyeing the implementation of sharding, a scaling solution similar to the Ethereum roadmap for integrating Casper and the sharding database in the near future. Sharding is a traditional scaling technique with a fragmented database into smaller and faster fractions. The fraction is then stored on a separate database server. Each node only stores a portion of data and authenticates related transactions.

“To incorporate new features into Zcash, maybe a completely new protocol and blockchain would be an option,” said Daira Hopwood, product engineer and designer at ECC. ECC aims to transfer clean ZEC coins to a new chain without disrupting the user’s wealth. Hopwood said that the new chain would make all transactions own by default without transparency, compared to the current chain which is about 2% of transactions are completely anonymous.

ECC and Zcash are currently funded through mining rewards. Nathan Wilcox pointed out the need to divert funds to more stable sources for project development without obstacles. However, he did not reveal further details about how the new funding mechanism could work.

Earlier in June, the Zcash Foundation partnered with blockchain-based Parity Technologies to launch the first alternative client for the Zcash crypto currency.

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