Electric Coin Company (ECC) to Build New Scalable ZCash (ZEC) Blockchain Using Sharding
- ZCash could move in the future into a new blockchain that uses sharding
- The goal is to improve its network and process thousands of transactions per second
According to a recent report released by Forklog, the Electric Coin Company (ECC) wants to build a new scalable ZCash (ZEC) blockchain. ECC is one of the companies that is working with ZCash and it is involved in its development.
ECC Wants To Build New ZCash Scalable Blockchain
As per the report released by Forklog, Nathan Wilcox, the Chief Engineer at ECC, mentioned that the company should make ZCash available to 10 billion people by 2050. Decrypt explains that achieving this would need ZCash’s blockchain to be able to manage millions of transactions per second.
This is clearly not easy to achieve for decentralized virtual currencies around the world. Bitcoin (BTC) and Ethereum (ETH) are still dealing with scaling issues related to the way in which they were built. ZCash would also have to deal with these issues if it wants to process millions of transactions per second or at least thousands.
ECC is currently thinking about implementing sharding, a scaling solution that Ethereum developers are currently working on and want to implement on their network to make it scalable. According to Daire Hopwood, ECC engineer and product designer, to obtain the desired features, ZEC would have to create an entirely new blockchain.
In addition to it, the firm would have to be sure that the coins would be transferred into this new chain, which means that users would have their wealth preserved. At the same time, this new chain is expected to process all the transactions in an anonymous way, compared to the current network that processes just 2% of all the transactions anonymously.
Moreover, earlier in June, the ZCash Foundation partnered with the blockchain company Parity Technologies in order to launch a new open source software client for ZCash.
At the time of writing this article, ZCash is the 23rd largest cryptocurrency in the market with a valuation of $768 million. Moreover, each ZEC can be purchased for $109 according to CoinMarketCap.