Zcash CEO Zooko Says Grin and Beam Are Not “Equals” or Competitors to What ZEC Offers
Zcash was one of the first privacy-focused coins to enter the crypto industry, and they paved the way for many others to follow them.
The CEO, Zooko Wilcox, has expressed a positive stance over the new coins entering the market, speaking specifically on Grin and Beam. However, in no way does Wilcox view these coins or platforms as “equals,” much less competitors.
In a statement published by The Block, Wilcox said:
“They are fragile and limited on a technological basis. I do not view their underlying technology as being robust.”
Considering a Twitter post last year, his comments could go along with the confusion he expressed over the Mimblewimble protocol involving privacy. In the post, he said, “To whom is the user’s private data revealed? Is it revealed to the miners? I don’t understand this part.
Both Grin and Beam have been getting more attention from news media websites late. Grin, for example, was just listed on both KuCoin and OKEx. Their success has brought them to almost a Y2050 $8 billion market cap, based on when The Block published their article. Still, the comments from Wilcox on the two platforms aren’t completely terrible. Wilcox said,
“I really like the community, the founders. The devs are friendly… we need more privacy coins.” He continued, stating that Zcash doesn’t fall in line with the niche category of tokens. He said, “I don’t see Zcash as a privacy coin. It’s general purpose internet money.”
He went on, comparing the way Zcash works to that of the SSL web security protocol, adding, “Everyone is going to use it.” His pride shown through even more as he expressed his confidence that Zcash will ultimately be the token that overtakes Bitcoin, though that could take up to 30 years.
Wilcox explained, “Zcash is the only coin that both innovated on privacy and gained adoption and support from the mainstream crypto community. We are being accepted by exchanges. We are informing the conversation and culture.”
Some of his comments likely referred to the fact that many experts believe that US regulation would not allow for privacy coins, just before Zcash received approval by the New York Department of Financial Services.
He added, “Bitcoin and Ethereum are constrained by the fact that they leak information. Bitcoin can’t be used for mainstream commerce… If it’s not private, it’s not secure.”
Much of Zcash’s efforts involve maintaining user privacy and hiding their transaction history.
Now that Zcash has disproven fears of the privacy coin never being approved, it looks like Wilcox is continuing with the momentum with significant growth. In the coming year, The Block noted that there are several milestones ahead, like the decision to “make some changes to the mining ecosystem next spring.” Wilcox also expressed the desire to provide encrypted addresses for users and increasing the capacity of the network.
The last issue that The Block discussed with Wilcox is the modification of the reward initiative that Zcash originally had in place, slowly rewarding the company’s leaders with 20% of the block rewards, though miners are given the rest. On the make-up of the incentive, Wilcox commented,
“The Zcash Company has been spending money as fast as they think is stable. Community members have talked about making a new dev fund to fun further development… We cannot work indefinitely without being funded.”