Privacy-Consensus Coin Zcash Could Move to Proof-of-Stake (PoS) – Zcash CEO Zooko Wilcox has announced that Zcash is planning to move from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanism.
According to Forbes, this is not the first time that the company attempts to change the Zcash consensus algorithm. Besides, this plan to migrate Zcash to PoS comes not less than two years.
Also, Zcash’s decision to use the Proof-of-Stake (PoS) came right after the firm community user suggested driving the Zcash Improvement Proposal (ZIP).
In addition, Wilcox further said that Zcash has now begun to rethink broadly about potential transactions. He even emphasized that consensus mechanisms are “proven” nowadays.
As a result, many cryptos effectively implemented it. This includes Cardano, Cosmos, Algorand, and Tezos. As the Zcash community is eagerly waiting for Zcash to shift to PoS, Wilcox addressed environmental concerns of Proof-of-Work alongside.
CEO Zooko Wilcox said,
I think Proof-of-Work has some security flaws, as has been demonstrated by the 51% attacks that have occurred (when a miner controls a majority of computing power on the network and can steal tokens). And I think Proof-of-Stake can provide a much more powerful kind of security and at a lower cost.
Interestingly, like Ethereum, how Wilcox thinks about PoS in terms of security, drawbacks, and risks follows the same trend as that of CEO Vitalik Buterin. Meanwhile, Wilcox has already discussed the importance of moving Zcash to PoS.
More so, Wilcox stressed that upon shifting to PoS, Zcash will be energy efficient. In addition, Zcash will also improve in security, and decentralization.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.