Vitalik Buterin defended Zcash, the privacy coin is a failed cryptocurrency than silly meme project DOGE?

The famous Zcash privacy coin (ZEC) has been considered one of the most failed projects in the cryptocurrency market. However, for some reason, the founder of Ethereum, Vitalik Buterin, defended ZEC.

Vitalik Buterin, co-founder of Ethereum

Is ZEC a failed privacy coin project?

Why do you call a project failure? Is it because after raising capital, three years of founder’s rewards, and a request for an extension of these rewards, the market cap is still smaller than DOGE? DOGE has long been known as just a silly meme project that has hadn’t gotten an update in five years. Yet Zcash, an idea project from the beginning, with the team, with network and technology updates, and still losing to DOGE is an incredible joke.

According to market analyst WhalePanda, Zcash’s market capitalization has not increased and is not profitable; the main reason why investors call it a failed project. Moreover, the reward of Zcash founder, Zooko Wilcox-O’Hearn, is controversial. Accordingly, each month, Zooko receives 2,033 ZEC. At $31.85, the founder’s award is equivalent to $64,000 per month. Meanwhile, throughout 2018, ZEC prices ranged from $925 to $50. So Zooko has received a considerable amount of money from Zcash while investors are continually losing money.

Vitalik Buterin defended Zcash

Ethereum founder and adviser Zcash, Vitalik Buterin, has spoken out about WhalePanda’s criticism of Zcash.

Although Zcash does not climb to the top of the rankings, however, the increase in market capitalization of ZEC compared to the previous three years has also created significant profits for investors to seize opportunities.

ZEC market capitalization has increased by nearly 40,000% since 2016. This number has increased from $624,280 to more than $250 million. However, ZEC’s all-time highest price still comes from the first month of launch.

WhalePanda confirmed that Zcash’s investors are considering the bill for an experiment that is taking place over the past three years.

What is Zcash?

Zcash is a publicly encrypted blockchain and scientific breakthrough in cryptography with its use of zero-knowledge cryptography known as zk-SNARKS. This framework allows the user to leverage two addresses: one fully private and one transparent (similar to Bitcoin). The two customizable modes, shielded and transparent, allow your transaction to be completely anonymous or publicly viewable.

ZCash was created in October 2016 by a developer called Zooko Wilcox. Wilcox really liked what Bitcoin could do, but he didn’t like the fact that transactions were available for everybody to see.

 

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

 

You might also like

LATEST NEWS

LASTEST NEWS