Parity to Partake in Helping Zcash Crypto Company Separate from ZEC Cryptocurrency
Zcash Currency to Split from the Zcash Startup
Zcash has already contributed to its fair share of controversy within the evolving cryptocurrency world. For the most part, the company and its currency have been hit with the same security and lawfulness-based critiques that are levied against most privacy-centric cryptocurrencies. Because the primary focus of coins like Zcash is to ensure the privacy of the owner of the crypto, it becomes very easy for nefarious businessmen to use the currency to facilitate very serious crime online.
But Zcash seems to be doubling down on their interest in creating a completely independent and decentralized privacy coin. The company announced this past week in an interview that they intend to use the Parity platform to split the Zcash currency from the overall Zcash startup. Doing so, if successful, will allow the currency to operate completely independently from the innerworkings of the startup company that created it. The implications are vast, as this would make the cryptocurrency a truly decentralized privacy coin on the blockchain.
The process would be relatively simple. Parity Technologies would work with the Zcash Foundation to create a new Zcash node which would not be managed or built by the startup company backing Zcash. The Zcash company behind it is called Zerocoin Electric Coin Company. Founded and led by Zooko Wilcox, the organization has been in charge of releasing, updating, and promoting the privacy coin of a similarly named coin, Zcash.
Open Source Future
The future of Zcash is decidedly open-source. According to the company, the split will culminate in the hiring of four new engineers who will be specifically paid to keep tabs on and innovate the open source projects that facilitate the creation of the newly-decentralized future of Zcash. Two engineers from the Parity partner will be uniquely responsible for creating the newest fully-decentralized Zcash node.
The CTO of Parity also spoke out on the importance of Zcash to the overall crypto space, saying that the privacy-oriented coin constitutes one of the few “knowledge proof-oriented approaches” to the question of privacy in an increasingly non-private and overly-transparent world. The approach of trying to achieve a zero-knowledge protocol is not unique to Zcash, but it is clearly an asset to the privacy-concerned coin.