On October 28, 2021, the privacy-focused cryptocurrency Zcash (ZEC) community marked five years since the launch of its mainnet.
Today is #Zcash’s birthday!
🎉🎂🧵 pic.twitter.com/NkiJSZoaMH— Electric Coin Company 🛡️ (@ElectricCoinCo) October 28, 2021
In 2016 the launch was accompanied by high volatility of the coin — at one point the price jumped to 2600 BTC per 1 ZEC, or more than $1.8 million at the rate at the time.
Currently the asset trades around $157, up 3.8% in the last 24 hours (CoinGecko). In market-cap terms, Zcash ranks 81st with a valuation of $1.8 billion.
In 2020, the creator of Zcash and CEO of the Electric Coin Company Zooko Wilcox in a ForkLog interview stated that the project had achieved significant successes during its existence.
Among its achievements, he highlighted the identification and remediation of a critical vulnerability in 2018, as well as the development of the community.
To mark Zcash’s fifth anniversary, Wilcox published a thread with selected congratulations from members of the crypto community.
My timeline is full of love for Zcash on this, its 5th birthday. Here’s a thread linking to some of my favorites.
— zooko❤ⓩ🛡 (@zooko) October 28, 2021
In November 2020, a halving occurred in the Zcash network. At the same time the Canopy upgrade was activated.
In April 2021, the Electric Coin Company announced the Halo Arc upgrade, aimed at significantly increasing the system’s scalability and eliminating the need for “trusted setups”.
Developers positioned Halo as a “trustless recursive version” of zero-knowledge proofs.
In August, Wilcox proposed abandoning the Proof-of-Work consensus algorithm in favour of a more energy-efficient and environmentally friendly Proof-of-Stake.
The Electric Coin Company entered into an agreement with Protocol Labs, the Filecoin Foundation and the Ethereum Foundation. The partners will study using Halo technology to improve scalability and privacy across the ecosystem.
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