ZCash turns bullish as Proof-of-Stake transition sets in


ZCash (ZEC) turned bullish as the token’s trading volume rose by 70.60%. The daily candle shows that the token rose by more than 20% in a single day. ZCash is one of the veteran tokens that have been around since the early days of the cryptocurrency market. 

The token has earned fame because of its focus on focused on privacy and anonymity. The decentralized platform doesn’t allow the nodes to reveal much information while verifying a transaction. Privacy has been a major concern for crypto market enthusiasts, and ZCash continues to sort it. 

The daily candle for ZCash opened at $158.8 and rose to a daily high of $188.8. The lowest price for today was $158.7. This price action was supported by the surge in the trading volume of the token. For the past few days, the price action has been bearish for ZCash as the token failed to break resistance zones. 

ZCash turns Proof-of-Stake

Investors indicate that the recent decision of the developers to convert ZCash into Proof-of-Stake is the reason for this price surge. Ethereum is also following a similar movement, as covered by TheCoinRise.

According to a recent release from the Electric Coin Company, the investors of ZCash, a roadmap for the transition is in effect. The roadmap focuses “on commercial wallet models and user experience, Zcash Shielded Assets (ZSAs), proof of stake, and cross-chain interoperability.”

In the roadmap, there are three things that developers will implement. Firstly is the release of an official ECC wallet. Secondly, an ECC wallet will also be rolled out, and lastly, the developers will enhance the interoperability features.

“We will expand our mobile and infrastructure teams with the intent of shipping a first-release official ECC wallet in 2022. We will also continue to build and release an SDK for other wallet developers, and the code will be open-source,” said the roadmap.

Furthermore, the platform will shift from Proof-of-Work to Proof-of-Stake, enabling higher earning capability for users. At last, the developers will also enable easy transfer across different chains. 

June 15, 2024

Gemini Exchange has reached agreement with the New York Attorney General..

June 15, 2024

The Play-2-Earn (P2E) game Notcoin has soared by 15% since the..

June 15, 2024

El Salvador is planning to build a Bitcoin Bank. If done,..

ads-image ads-image