Barry Silbert has been loading up on Zcash. Is there something everyone’s overlooking about this coin? Covered: What is Zcash? Barry Silbert Buys Zcash What’s Upcoming for ZEC? Digital Currency Group (DCG) is the parent company of the crypto asset management giant Grayscale. As the bull run this year progressed, Silbert quietly added Zcash (ZEC) […] The post Digital Currency Group Founder Barry Silbert Is Loading Up On Zcash — Here’s Why appeared first on CryptosRus.

Digital Currency Group Founder Barry Silbert Is Loading Up On Zcash — Here’s Why

Barry Silbert has been loading up on Zcash. Is there something everyone’s overlooking about this coin?

Covered:

  • What is Zcash?
  • Barry Silbert Buys Zcash
  • What’s Upcoming for ZEC?

Digital Currency Group (DCG) is the parent company of the crypto asset management giant Grayscale. As the bull run this year progressed, Silbert quietly added Zcash (ZEC) to his company’s stash. ZEC seems to be a somewhat overlooked token in the crypto ecosystem, but what is it about ZEC that’s catching Silbert’s attention?

RECOMMENDED: ETHEREUM ZCASH AND FILECOIN PARTNER FOR GAME-CHANGING RESEARCH PROJECT 

What is Zcash?

If you’re unfamiliar with Zcash, it is a cryptocurrency that has pioneered “zero-knowledge proofs.” These proofs have many purposes but put simply they aim to use cryptography to provide enhanced privacy for its users compared to other cryptocurrencies such as Bitcoin (BTC). It is based on Bitcoin’s codebase and shares many similarities to BTC, such as a fixed total supply of 21 million units.

Vitalik Buterin himself, the co-founder of Ethereum, said that for scaling solutions, zero-knowledge tech will win out in the long run. However, it is in its very early stages of development, and Zcash was the first to successfully implement the technology. This is why Zcash is considered highly private and secure.

Barry Silbert Buys Zcash

In mid-November, Silbert tweeted out that he’s noticing a lot of people within the crypto community that don’t seem to care much about Zcash, so he went ahead and bought more.

ZEC has been considered a “dead” project throughout this bull run. However, Silbert is seeing something different with the token. Upon his initial tweet, it looks like he bought the local bottom when the privacy coin was trading right around $158.

Today, Silbert announced that DCG is buying $85 million more in Zcash. At the time of writing, ZEC is trading at $241.10. 

What’s Upcoming for ZEC?

What’s got the DCG so bullish on Zcash? Well. Yesterday, Electronic Coin Company (ECC), the developer team behind ZEC, announced that the token will be making a transition from proof-of-work to proof-of-stake within the next three years.

This update is a big deal for Zcash because, as the token currently stands, it is being immediately liquidated by ZEC miners for Bitcoin or Ethereum due to the assets’ superior monetary qualities. A blog post earlier this year from Zooko, the CEO of ECC, explains how this new update to proof-of-stake could benefit ZEC token holders in the long run.

RECOMMENDED: ANGEL INVESTOR SRINIVASAN: PROOF-OF-WORK VS. PROOF-OF-STAKE

ECC also shares that alongside proof-of-stake consensus, Zcash’s three-year roadmap plans to implement two other key products for Zcash users, including an official ECC digital wallet and interoperability functionality.

The post Digital Currency Group Founder Barry Silbert Is Loading Up On Zcash — Here’s Why appeared first on CryptosRus.