Zooko Wilcox of Zcash Wants ZEC to be Less Like Bitcoin and More Like Ethereum

Sahaj  |  Aug 4, 2021

Zooko Wilcox, the creator of Zcash wants ZEC to switch to the Proof of Stake consensus protocol and be more like Ethereum rather than becoming like Bitcoin. Wilcox argues that the proof of stake consensus that makes use of deposited crypto to secure a blockchain is becoming more famous and it can be good for both the price and functionality of the network.

Zooko Wilcox of Zcash Argues ZEC Should lean Towards Becoming like Ethereum and not Bitcoin

Etheruem is just months away from transitioning to proof of stake and its rival, Solana, says that this mechanism provides the project with super speeds.

As for Zcash, it is an eminent privacy coin with a market capitalization of $1.2 billion, and the CEO of the Electric Coin Company, that spearheads the development of Zcash, Zooko Wilcox, said:

"While there are many people who prefer PoW, I believe that PoS would make ZEC more valuable to more people!"

In Zcash at present, miners need to do the hard work of authenticating transactions just as it happens in Ethereum and Bitcoin in exchange for which, they are rewarded in the form of cryptocurrency. 

PoS and its Benefits for Zcash

Talking about the benefits of switching to proof of stake consensus protocol from a proof of work protocol, initially, it will be eliminating the downward momentum on the price of ZEC. PoS will be allowing the miners to keep those coins without worrying about the electricity expenses.

In accordance with what Wilcox said, PoS allows the network of users of Zcash to specifically retaliate against attackers.

In addition to this, Wilcox said that he wants to keep the network utilizable and argued that a transition to PoS will be turning the holders of the coin into users by expanding the utilities of the coin.

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