The firm behind the second-biggest anoncoin zcash (ZEC), the Electric Coin Company (ECC) plans to build a new scalable zcash blockchain, as reported by the cryptocurrency news outlet Forklog on June 22.
As per the report, ECC Nathan Wilcox, the chief engineer added that the firm should “make Zcash usable by 10 billion people by 2050” if it can. In order to do so, the zcash’s blockchain will have to manage thousands — or millions — of transactions per second.
The publishing adds that ECC is planning to implement sharding, a scalability solution that Ethereum devs are also looking at into their network sometime soon. CC engineer and product designer Daira Hopwood notes that in order to obtain the desired features, ZEC would need a completely new blockchain.
In that scenario, the firm will have to transfer all coins onto the new chain, resulting in a conservation of users’ wealth. Among its other features, the new chain will purportedly process all transactions privately, in contrast with the current chain, wherein under 2% of the transactions are anonymous.
The 24th largest coin by market capitalization, Zcash has a total network value of $744 million. As of press time, ZEC was trading at $113.09, with a decline by over 0.40% over the last 24 hours, as per Coin360 data.
Just earlier this month, the nonprofit Zcash Foundation partnered with Parity Technologies, a blockchain company in order to release a new, open source software client for zcash. Zcash’s competitor and the biggest privacy coin, monero (XMR), plans to switch to a new proof-of-work (PoW) algorithm in October.
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