Zcash Founder Joins Shielded Labs to Drive Hybrid Proof-of-Stake Upgrade

Zcash founder Zooko Wilcox joins Shielded Labs as head of product, aiming to accelerate Zcash's upgrade to a hybrid proof-of-stake protocol.

Zooko Wilcox, the founder of privacy-focused cryptocurrency Zcash, has joined Shielded Labs as the new head of product, to expedite the protocol's transition to a hybrid proof-of-stake (PoS) system. After years of relying on proof-of-work (PoW) mining, Wilcox believes that the upgrade is essential for the future sustainability and security of Zcash, a currency designed to prioritize user privacy.

Zcash founder Zooko Wilcox joins Shielded Labs to lead the push for a hybrid proof-of-stake upgrade.

Key Points:

1. Zooko Wilcox's New Role:

   • Zooko Wilcox has joined Shielded Labs as head of product, focusing on accelerating the transition of Zcash to a hybrid PoS system.

   • Shielded Labs is an independent organization based in Switzerland, dedicated to supporting Zcash.

     
     

2. Need for a Hybrid PoS Upgrade:

   • Wilcox emphasizes the necessity of moving from PoW to a hybrid PoS model to reduce the downward pressure on ZEC prices caused by coin creation.

   • The proposed upgrade, known as "Crosslink," will combine PoW and PoS to enhance the protocol’s sustainability.

     
     

3. Benefits of the Upgrade:

   • The upgrade is expected to offer several benefits, including enabling staking for ZEC holders, reducing transaction times, providing finality to protect against rollback attacks, and facilitating safer two-way bridges to other networks.

     
     

4. Support and Funding:

   • Shielded Labs has received significant donations from prominent Zcash supporters, including Cameron and Tyler Winklevoss and Vitalik Buterin, to fund the development of the hybrid PoS upgrade.

5. Zcash's Market Struggles:

   • Despite recent gains, ZEC has struggled to regain momentum since its delisting from major exchanges in 2023 and has seen a significant decline in value since its all-time high in 2016.

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Zooko Wilcox's move to Shielded Labs marks a pivotal moment for Zcash as the cryptocurrency prepares for a major upgrade to a hybrid proof-of-stake system. With the support of the Zcash community and key donors, the transition promises to bring improved security, efficiency, and sustainability to the privacy-focused currency. As Zcash evolves, this upgrade could play a crucial role in its long-term success.

Source: Cointelegraph