Tyler Winklevoss Supports ZCash

As the regulatory development in the United States unfolds, Gemini exchange co-founder Tyler Winklevoss announced his support for the privacy coin ZCash. The Winklevoss-twin will be supporting the independent ZCash organization Shielded Labs.

Tyler Winklevoss called ZCash one of the most underrated crypto projects. He emphasized that it resides on the core ethos of privacy and decentralization. 'Zcash is one of the most important and underrated crypto projects in the world today. It brings privacy and decentralization to money, two fundamental building blocks of a free and open society. That's why I'm supporting Shielded Labs and its contributions to Zcash. Onward!' said Tyler Winklevoss.

The Privacy and Security of ZCash

ZCash provides absolute privacy to users for sending, receiving, or holding private money without any coercion from others. It gives users complete control over their money. Unlike other public networks, it has no viewable trace of where the money came from or whom it is going to. As a result, government institutions have been cracking down on such privacy coin projects.

The Winklevoss twins have voiced strong concerns over the government's heavy-handedness on the crypto industry. They recently spoke against Operation Choke Point 2.0 by the US Federal Reserve amid the crackdown on crypto-friendly Customers Bank last week.

Transition to Proof-of-Stake

Zooko, the Head of Products at Shielded Labs, said that it's time to upgrade ZCash to a Proof-of-Stake (PoS) consensus algorithm. Currently, the privacy coin follows the path of Bitcoin and brings its native ZEC coins into circulation through its Proof-of-Work mining algorithm. To boost security and scalability, this privacy coin project employs ZK-Knowledge Proof.

Similar to the Bitcoin halving, it also has a four-year halving cycle wherein it cuts the rate of ZEC production in the market to half. Also, the total supply of ZEC coins is the same as 21 million. With the second halving event ahead this year in November, three-quarters of all the ZEC coins would be mined.

The Future of ZCash

As the rate of new coin creation would reduce, the downward pressure on the ZCash price would reduce as well. At the press time, the ZEC price is trading at $41.3 with a market cap of $673 million.

Shielded Labs announced that it plans to implement the 'Zcash Sustainability Fund', providing long-term sustainability to the project. Additionally, it plans to upgrade the privacy coin project to 'Crosslink' which would be a hybrid Proof-of-Work and Proof-of-Stake protocol. Shielded Labs explained that this transition aims to enhance the coin's security and scalability, ensuring its longevity in the evolving crypto landscape.