Electric Coin companies reveals that ZCash Network will pass to Proof-of-Stake in 3 years-altcoins
Electric Coin companies reveals that ZCash Network will pass to Proof-of-Stake in 3 years-altcoins
in 3 years
on Friday, Electric Coin Company (ECC), the developers of the data protection-oriented crypto-assets ZCash, revealed the network's plans for the transition to the proof-of-stake (POS) consensus. ECC also announced that the team is planning to launch an official ECC wallet and to strengthen the cross-chain interoperability of the network.
zcash changes from pow to pos
The ZCash network currently uses a proof-of-work mining algorithm called Equihash, which enables miners to compete with each other to find new blocks in the ZCash chain. In a blog post published on November 19, ECC The network is in the next three Change years to a proof-of-stake (POS) consensus. Zoooko Wilcox-O’Hearn spoke about the change of Pow to Pos in a blog entry published 03.08.2021.
In addition, ECC-CTO NAT WILCOX also published a Blog entry on the subject of Pos after ZOOKOS post. In the roadmap post published on Friday, ECC explains that the transition to POS will "increase the benefits for ZEC through functions that include the generation of yields by stitching". In addition, the ZEC chain can also lead to Onchain- "Governance Mechanisms", the details of the ECC Roadmap.
ECC strives for a "reduction in the energy footprint from ZCash" to - Zcash-based ASIC-MINER still rule the sleeping place
The ECC blog post also continues that a POS-based ZEC chain can contribute to the "reduction of the ZEC-Energy footprint". In the course of the year, Pow's consensus -saltgorithms were given a lot of criticism regarding the effects of Pow on the environment. The Roadmap post from ECC adds:
We believe that the move to the Proof of Stake can be achieved within three years if we can concentrate our time and efforts and set additional talents.
The value per ZCash (ZEC) has increased significantly since the news and has increased by 23.6% in the last 24 hours. During the initial introduction, the blocks of the ZCASH network were processed by miners with graphics processors (GPUS), but in recent years, application-specific integrated circuits (ASIC) Miner have taken over.
At the time of writing, a Bitmain Antminer Z15, which processes the equihash algorithm with 420 KSOL/s, receives $ 33.44 per day in ZEC rewards. The A9 ++ ZMaster from Innosilicon makes around 140 KSOL/s and achieves a profit of $ 8.13 a day to today's ZEC exchange rate.
What do you think of the change from Zcash to POS? Let us know your opinion on this topic in the comments below.
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