Zcash News Today – September 5

ZCash
  • Electric Coin Company fails to honor its agreement with the Zcash Foundation
  • Sharing veto power would make it difficult for users to follow Zcash terms – Zooko Wilcox
  • Zcash Foundation and the ECC start private discussions to resolve the issue.

Zcash News Today – Zcash (ZEC) is one of the best privacy-oriented digital currency in the crypto space. Zcash is the go-to cryptocurrency for those that want to move digital assets without any form of trace. Zcash has been around for some time and the crypto project has been doing all it can to remain relevant in the crypto space. The non-profit organization behind Zcash (ZEC) – Zcash Foundation – has been at the forefront of the controversy regarding the use of Zcash trademark.

According to the initial plan, both the Zcash Foundation and Electric Coin Company (ECC) would have the same control over the use of the trademark. Nevertheless, Electric Coin Company later said that the equal governance control over the trademark would result in complex prohibition of power and terms of use. This would cause them to derail from the initial plans of sharing the Zcash trademark.

Zcash (ZEC) Price Today – ZEC / USD

NamePrice
bitcoin
Bitcoin
$9,836.452.28%
zcash
Zcash
$62.562.49%

Sharing Veto Power Would Make It Difficult for Users to Follow Zcash Terms – Head of the ECC

The Electric Coin Company has been fully in charge of the trademark from the start. The firm had plans of sharing partial ownership for the use of the trademark. Nevertheless, the head of ECC – Zooko Wilcox – said that sharing veto power over the terms of use would make it difficult for users to adhere to the terms of Zcash.

In a statement published on the Zcash public forum last week, the head of ECC said:

“The bottom line is that the previous plan to lock the trademark into a 2-of-2, double-veto governance structure with the Zcash Foundation has not, at least not yet, been implemented, and the trademark currently remains under the unilateral control of the Electric Coin Company.”

Zcash Foundation Releases a Blog Post about the Failed Negotiation with the ECC

On the 2nd of September, the Zcash Foundation released a blog post to update the Zcash community about its synergy with the ECC. The post informed the Zcash community about the unsuccessful negotiation with the Electric Coin Company. It also halted the efforts of the firm in finding a solution to the impending funding crisis on the network. In the blog post, the head of the Zcash Foundation – Josh Cincinnati – said:

“We are delaying our community sentiment collection and any decision-making regarding NU4 until the Electric Coin Company recommits to the 2-of-2 agreement that was already agreed upon.”

However, things have started to fall in place after unsuccessful negotiations and the Zcash Foundation threatening to halt further progress on the network. In a press release today, Wilcox said they have started private discussions to resume discussions on the issue. Both entities are more likely to come to an agreement and decide which would be more beneficial for the community.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.