- Zcash Foundation comes to an agreement with ECC
- ECC donates the Zcash trademark to the Zcash Foundation
- Zcash Foundation is now financially responsible for costs associated with assigning and protecting the trademark
Zcash News Today – Zcash has not been making the headlines more often lately as it used to. However, this is because the digital currency project has been doing some underground developments. Zcash (ZEC) is one of the best privacy-centric digital currencies in the crypto space; many believe it is only second to Monero (XMR). Since August this year, the Zcash Foundation and the ECC have been in negotiations. Recently, the negotiations yielded some positive results that came to the spotlight.
ECC Donates the Zcash Trademark to the Zcash Foundation
Electric Coin Company (ECC) has just donated the trademark of the company to the Zcash Foundation. ECC developed and launched the privacy-oriented digital currency Zcash (ZEC) back in 2016. The firm will now own the trademark of Zcash together with the corresponding foundation. The Zcash Foundation and ECC have been in negotiations since August.
Zcash (ZEC) Price Today – ZEC / USD
After reaching an agreement, which they signed on November 6, the Zcash Foundation is now financially responsible for costs associated with protecting and assigning the trademark. The Zcash Foundation talked about the existing disagreement with ECC over the future of the trademark when announcing the news. According to the Foundation, it went back into negotiations with ECC after they failed to reach an agreement in late August, during the Zcash Community Forum.
ECC Emphasizes the Importance of the Trademark Agreement
Electric Coin Company (ECC) spent $250k and logged more than 500 hours on the trademark. The firm explained that the agreement of the trademark is very important because it separates one product from another and protects reputation. The company also added that the trademark of Zcash protects the community from scams. They said that it also brings legal power to the blockchain governance of Zcash.
According to Electric Coin Company, the donation helps them to solve major issues. The first is to support and honor the feedback of the Zcash community. The second is to make the organization more decentralized. According to the Zcash Foundation, the agreement maintains interoperability with standard legal and business frameworks.
Back in October, Cointelegraph released a report on a potentially malicious counterfeit version of the native ZecWallet of the Zcash Foundation. This is exactly what ECC is fighting against. The agreement by the Zcash Foundation and ECC shows their commitment to preventing such events from unraveling. This would protect the community from scam as well as the reputation of the project.