The privacy-focused cryptocurrency zcash (ZEC) is being seen by merchants once more after a rally of greater than 50% over the previous week. The rally adopted information from final week that the coin will swap to a proof-of-stake consensus algorithm.
At 14:27 UTC on Wednesday, ZEC was up 22.7% over the previous 24 hours and 56% for the previous week, buying and selling at a worth of USD 261.
Regardless of the robust good points in current days, nonetheless, zcash continues to be distant from its 2018 excessive of almost USD 800.
The coin has additionally ended up considerably within the shadow of monero (XMR), one other privacy-focused coin with a considerably bigger market capitalization.
The good points in the present day come after Electrical Coin Firm, the group behind zcash, final week launched a brand new roadmap for growth and mentioned they’ll transfer the cryptocurrency to a proof-of-stake (PoS) consensus algorithm, from beforehand counting on proof-of-work (PoW).
The PoS consensus mechanism has turn into extra in style in recent times, with proponents arguing that it’s a extra environmentally pleasant strategy to safe cryptocurrency networks than the extra energy-intensive PoW mannequin.
Along with transitioning to proof-of-stake, the group additionally mentioned it should launch a brand new pockets that may leverage the brand new consensus algorithm, and that cross-chain interoperability throughout Net 3 protocols will proceed to be an space of focus.
“On this web, ZEC shall be a vital means for financial good and utilized in options that defend privateness and liberties,” Electrical Coin Firm mentioned about its imaginative and prescient for ZEC’s place in tomorrow’s Web.
Following the discharge of the brand new roadmap, the coin has obtained public consideration from some heavyweights within the crypto business. Amongst them was CEO and founding father of Digital Foreign money Group, Barry Silbert, who retweeted and shared plenty of bullish takes on the cryptocurrency as of late.
Particularly, Silbert appeared to concentrate on what he referred to as different individuals’s “hate” in the direction of the coin:
Furthermore, he additionally mentioned that the entire hate has solely made him need to purchase extra:
It’s value noting, nonetheless, that Silbert’s agency already has an curiosity in attracting buyers to zcash by way of its Grayscale Zcash Belief, a publicly traded funding automobile within the US.
Along with the optimistic feedback from Barry Silbert, nonetheless, whistleblower and privateness advocate Edward Snowden has additionally praised zcash publicly in current days, saying on Twitter that it’s “a decentralized, purposeful chain with a particular (and helpful) goal.”
Snowden added that zcash allows non-public transactions “extraordinarily effectively,” and that the coin in his view “meaningfully superior what cryptocurrency may DO.”
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