On Friday, the developers behind the Electric Coin Company (ECC), a privacy-centric crypto-asset zcash, unveiled a network plan to convert Proof-of-Stack (PoS) into a consensus. The ECC team has unveiled plans to launch an official ECC wallet as well as increase the cross-chain interoperability of the network.
Zcash to convert from PoW to PoS
The Zcash Network currently uses a proof-of-work mining algorithm called Equihash, which allows miners to compete for new blocks in the Zcash chain. In a November 19 blog post, the ECC announced that the network would be transformed into a proof-of-stack (PoS) compliant algorithm over the next three years. Zooko Wilcox-O’Hearn discusses the network moving from PoW to PoS in a blog post published on August 3, 2021.
In addition, ECC CTO Nate Wilcox and Zooko published a blog post about the PoS topic a week after the post. In a roadmap post published on Friday, the ECC explained that shifting to PoS would “increase utility for ZEC, which includes yield production through stacking.” In addition, the PoS could lead the ZEC chain to the on-chain “governance mechanism,” according to the ECC roadmap.
The ECC is looking at a ‘Zcash power footprint reduction’ – Zcash-based ASIC miners still rule the roost
The ECC’s blog post further states that a PoS-based ZEC chain could contribute to the “footprint reduction of ZEC energy”. Over the years, PoW consensus algorithms have received a lot of criticism about PoW’s impact on the environment. ECC’s roadmap post adds:
We believe that if we can focus our time and effort and recruit additional talent, it is possible to transfer to stock proof within three years.
The price per zcash (ZEC) has risen significantly since the news and has risen 23.6% in the last 24 hours. At the initial launch, blocks of the Zcash network were processed by miners, including graphics processing units (GPUs), but in the last few years, application-specific integrated circuits (ASICs) have been adopted by miners.
At the time of writing, a Bitmain Antminer Z15 that processes the Equihash algorithm at 420 ksol / s earns a ZEC reward of $ 33.44 per day. Inosilicon’s A9 ++ Zmaster makes about 140ksol / s and gains $ 8.13 per day using today’s ZEC exchange rate.
What do you think about converting to Zcash PoS? Let us know what you think about this topic in the comments section below.
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