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Zcash Developers Establish New Entity and Rebrand Wallet

Zcash Developers Establish New Entity and Rebrand Wallet

Developers who departed from Electric Coin Company (ECC) have announced the formation of a new entity, the Zcash Open Development Lab (ZODL).

The flagship wallet Zashi is now called Zodl. According to the team, the rebranding will not affect the user experience and requires no action from service clients. They do not need to download a new app, change their seed phrase, or transfer funds.

Source: zodl.com.

“Just continue using Zashi as usual. The app will automatically update to Zodl with the next release. In the coming days, the name Zashi will gradually be replaced by Zodl across all official channels, including support Discord,” the developers wrote.

In January, the entire ECC team left the company amid internal conflict. Former CEO Josh Swihart stated that most board members of the nonprofit Bootstrap Foundation acted contrary to the mission of the privacy-focused cryptocurrency.

The developers explained that the change was necessary for the further evolution of the protocol and the implementation of ZEC without reliance on the development fund.

“The engineers and product specialists who have been developing Zcash for years remain in place and continue to create new solutions,” emphasized ZODL.

Some users welcomed the rebranding, comparing the new name to the community-popular term HODL. Others criticized it as awkward due to pronunciation difficulties.

Following the news, the price of ZEC rose by 2.4% in the last 24 hours. At the time of writing, the coin is trading around $287 with a market capitalization of $4.7 billion.

Hourly chart of ZEC/USDT on Binance. Source: TradingView.

Previously, Digital Currency Group founder and CEO Barry Silbert predicted a shift in focus from Bitcoin towards Zcash.

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