Category: CRYPTOCURRENCY

The Zcash community is planning for developing a ZEC token that can function on Ethereum Blockchain. This would result in engaging the network’s decentralised finance  (DeFi) ecosystem. The Vice President of Business and Marketing Mr. Josh Swihart at the Electronic Coin company has said that in the next six months, the developers of Zcash hope to release a wrapped token. This comment by Mr. Josh was made at the Devcon developer conference in Osaka, Japan held last week. There is hope that after integration onto DeFi platform, the privacy-focused ZEC tokens will have the competence to provide unidentified, automated loans and transactions through the Ethereum network. Zcash Developers have also been hinting at the possibility of the interoperability that in turn would help ZEC’s privacy features to be applied on smart contracts. Ethereum interoperability and DeFi are allegedly targeting by ECC as a way to boost ZEC usage and purchase on exchanges. Over the past 12 months, sources familiar with the coin’s performance know ZEC has stalled. The vice president of ECC explained that they want to make Zcash widely available for DeFi applications. “If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with zcash as well. … Ultimately, we want zcash shielded [addresses] to be usable in ethereum smart contracts.”So maybe ECC is looking at the Ethereum Interoperability as a direction for Zcash,  developers say the looming 2.0 network update could potentially disrupt any cross-chain applications. This would more than likely result in the partnership being just short-lived.Now it is interesting to see how this situation will play out for ZEC.