On October 28, 2021, the privacy-focused cryptocurrency Zcash (ZEC) community celebrated five years since the launch of the main net.
— Electric Coin Company 🛡️ (@ElectricCoinCo) October 28, 2021
In 2016, the Zcash launch was accompanied by high volatility. The ZEC price jumped to 2,600 BTC for 1 ZEC which was more than $1.8 million according to the exchange rate at that time.
Currently, the asset is trading at $157, increasing 3.8% over the past 24 hours. Zcash ranks 81 in the list of top 100 coins with a market cap of $1.8 billion.
In 2020, Zcash creator and CEO of the Electric Coin Company behind it, Zuko Wilcox, said that the project has achieved great success during its existence. Among the achievements, he highlighted the identification and elimination of a critical vulnerability in 2018, as well as the development of the committed community.
In honor of the 5th anniversary of Zcash shared his thoughts on Twitter.
My timeline is full of love for Zcash on this, its 5th birthday. Here’s a thread linking to some of my favorites.
— zooko❤ⓩ🛡 (@zooko) October 28, 2021
In April 2021, Electric Coin Company announced a major Halo Arc update designed to dramatically increase Zcash scalability. The developers positioned Halo as a “trustless recursive version” of zero-knowledge proofs.
In August, Wilcox proposed ditching the Proof-of-Work consensus algorithm in favor of a more energy-efficient and greener Proof-of-Stake.
As a reminder, Electric Coin Company has entered into an agreement with Protocol Labs, Filecoin Foundation, and Ethereum Foundation, Partners will explore the use of Halo technology to improve ecosystem scalability and privacy.