A privacy-centric altcoin Zcash (ZEC), in the last 24 hours Over 30% increase The daily low price rose from $154 to $188.
The sudden price spike in this altcoin at a time when the majority of the market is recovering from last week’s correction has led to the massive mining consensus update and to some extent grayscaleCEO of Digital Currency Group Barry SilbertIt seems to depend on .
The development company behind Zcash Electric Coin Companyreleased a new roadmap yesterday with a plan to focus on developing a native wallet, integrating interoperability features, and moving from a Proof of Work (PoW) to Proof of Stake (PoS).
While PoW is considered highly secure and decentralized compared to PoS, bitcoin Recent discussions on the energy consumption of its network and the focus on energy efficiency have caused several blockchains to move towards PoS.
While PoS claims to help with scalability and energy consumption, Bitcoin proponents believe that only PoW fulfills the true sense of decentralization. For this reason, the announcement aroused great repercussions on social media. Silbert only ZECHe compared it to the likes of Bitcoin as it has a limited supply of 21 million con, fueling the debate.
$BTC max supply: 21 million$ZEC max supply: 21 million$ZEN max supply: 21 million
— Barry Silbert (@BarrySilbert) November 20, 2021
Silbert went on to add an additional tweet reflecting the negative comments he received in his last tweet, saying he’ll be buying some more because people hate ZEC so much.
Wow, you all hate $ZEC. I’m going to buy more
— Barry Silbert (@BarrySilbert) November 20, 2021
ZEC may have risen sharply after the new roadmap. But it’s still really far from being above its all-time high of $5,000.
The privacy coin is currently trading at $178.94 and hasn’t managed to surpass $1,000 in five years. While most cryptocurrencies set new ATHs that broke the 2017 bull run, ZEC seems to be on a long price nap.
The move to PoS has helped take Ethereum to new heights, and ZEC proponents believe the major update plan for the next three years will help the privacy coin even more.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.