By The firm behind Zcash, The Electric Coin Company (ECC), has announced plans to develop a new scalable Zcash blockchain as per a report from crypto news outlet Forklog, published on June 22.
As per the Forklog, Nathan Wilcox, chief engineer at ECC, stated that the firm should “make Zcash usable by 10 billion people by 2050” it is capable of doing so. However, this would require that Zcash’s current blockchain is able to manage thousands or even millions of transactions per second.
Furthermore, Forklog also stated that the ECC is considering introducing sharding. Sharding is a scalability solution which developers at Ethereum also have plans to integrate onto their network in the future.
However, ECC engineer and product designer Daira Hopwood argues that in order to achieve this, Zcash would need to design a new blockchain.
ECC will oversee and ensure that coins are transferred onto the new blockchain which will result in the conservation of all investors assets. Furthermore, the new blockchain will also process all transaction privately as opposed to the current chain’s 2% of transactions which are private.
Zcash is currently the 23rd largest coin by market cap and has a total value of $744 million. As reported by the press, blockchain company Parity Technologies has joined forces with the Zcash Foundation to begin rolling out more open source software client for Zcash.
At the time of writing Zcash is currently trading at $108.40 with a total market cap of $436,483,310 and the Altcoin is currently the number 23rd in the top 100 cryptocurrencies as per data from CoinMarketCap.
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