Crypto News: Zooko Wilcox Steps Down as CEO of Electric Coin, Josh Swihart Becomes New CEO
Zooko Wilcox, the creator of Zcash, has announced his decision to resign from Electric Coin Company (ECC), the team behind the privacy-focused cryptocurrency. In his place, Josh Swihart, who has served as vice president at ECC for nearly five years, will take over as the new CEO. Swihart recently spent four months away from the company working as a part-time investor at Denver Angels. The ECC has expressed confidence in Swihart’s leadership and vision for the future of Zcash. Wilcox will remain on the board of Bootstrap Project, the parent company of ECC.
Zcash Prepares for Transition from Proof-of-Work to Proof-of-Stake
Zcash has announced plans to transition its network from the proof-of-work (PoW) consensus protocol to the proof-of-stake (PoS) protocol. The parent company, Electric Coin, is committed to providing a world-class user experience through this update. The roadmap for the first quarter includes steps towards the transition to PoS, such as addressing security topics for ZEC token holders and conducting performance simulations. While PoS protocols offer greater scalability and energy efficiency, there are concerns about compromising security. Zcash aims to maintain its position as a leading global and permissionless private cryptocurrency through this transition.
Price Predictions for Zcash in 2024
The price prediction algorithm suggests that ZEC could see a 36% increase in value over the next three months. This would bring it back above a significant support/resistance level at $34. The projected recovery indicates a potential ongoing bullish trend for ZEC, with targets set at higher resistance levels like $30 and $42. While ZEC may not have the necessary momentum to surpass $42 at the moment, the transition to a PoS consensus protocol could generate increasing buying pressure over time. This move could help ZEC compete with other established blockchains and improve its block finality.
Hot Take: Zcash Embraces Change for a Brighter Future
Zooko Wilcox’s decision to step down as CEO of Electric Coin marks a new chapter for Zcash. With Josh Swihart taking over as CEO, the company is poised to bring fresh leadership and vision to the privacy-focused cryptocurrency. The transition from proof-of-work to proof-of-stake reflects Zcash’s commitment to scalability and user experience. While there may be concerns about security compromises, Zcash aims to consolidate its position as a top global cryptocurrency through this update. With positive price predictions and potential market recovery, ZEC looks forward to a brighter future in the crypto space.
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