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HomeCrypto NewsMarketZcash Celebrates Its Fifth Birthday

Zcash Celebrates Its Fifth Birthday

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On October 28, 2021, the privacy-focused cryptocurrency Zcash (ZEC) community celebrated five years since the launch of the main net.


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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.

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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.

 

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.

 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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