Following the recent changes within the Electric Coin Company, the team behind the Zashi project has announced its evolution into a specialized company dedicated to Zcash, introducing a new wallet derived from the Zashi codebase. This initiative aims to broaden Zcash’s reach significantly, targeting a user base in the billions, all while maintaining a concentrated focus on its core technology.
In a statement attributed to Josh Swihart, it was revealed that this new wallet, referred to as “cashZ,” will utilize the existing framework from Zashi. Users interested in early access are encouraged to join the waitlist, with assurances that transitioning from Zashi will be smooth when cashZ launches “in the coming weeks.”
The communication addressed anticipated concerns regarding the team’s commitment to Zcash. It emphasized that the engineers previously working at the Electric Coin Company remain fully dedicated to enhancing Zcash development. “Our mission is to scale Zcash, not to introduce new cryptocurrencies. We believe this transition is necessary to elevate our efforts,” the announcement stated.
The Rationale Behind the Formation of a New Entity
The decision to establish a standalone company stemmed from the desire to emphasize three core principles: the foundational ethos of Zcash, governance structures, and a collective drive for scalability.
In a detailed observation, the developers portrayed the previous ten years of cryptocurrency regulation as an ongoing challenge for privacy technologies, asserting that privacy solutions should be seen as fundamental rights rather than optional features. They called for organizations in this space to adopt a more proactive approach in advocating for civil liberties.
“Adhering to laws that conflict with ethical standards is not merely compliance. It is our duty to challenge unjust legislation. Code can serve as a powerful tool for transformation,” they noted.
From this understanding, the team positioned Zcash as part of a broader movement towards advocating privacy in the digital era, asserting that an organization weighed down by bureaucratic hurdles would struggle to contribute to this crucial agenda. “We require innovative leadership capable of navigating complexities without delay,” they highlighted.
A critical aspect of their discussion addressed the frequent misalignment between nonprofit organizations and venture-backed entities. Drawing on insights from notable commentators, the team acknowledged a shift away from the so-called “foundation era” of crypto and posited the Zcash Foundation as a proficient nonprofit model capable of impactful work.
They pointed to a profound contrast: “Nonprofits tend to follow the rules, whereas tech startups innovate and adapt.” With increasing scrutiny of nonprofit practices in the U.S., they warned against conflating the goals of a rapidly growing tech entity with nonprofit frameworks, encouraging a clearer separation of objectives.
Finally, the announcement outlined the launch of cashZ as part of a larger vision: making Zcash so prominent that it cannot be overlooked. The team articulated a strategic dichotomy: “To remain unnoticed or to grow to a scale that prevents interference.”
The team noted that Zcash has experienced a transformative resurgence over the past couple of years, acknowledging the contributions of numerous individuals and organizations while emphasizing a collaborative ecosystem effort. “Our visibility has increased, and we must elevate our impact to match this recognition,” they stated.
Currently, the highlight is the upcoming launch of cashZ, with the team promising further announcements while prioritizing execution. “Results speak louder than words,” wrote Swihart, inviting users to join the waitlist as they work towards onboarding a vast number of users to Zcash.
As of now, the ZEC price has regained some ground after a recent decline, stabilizing at $436.
