$ 30,233.00 2.38%
$ 2,036.74 4.00%
$ 52.00 2.19%
$ 0.086870 1.64%
$ 8.02 3.53%
$ 1.40 4.99%
$ 0.000140 2.79%

Chief Engineer of Electric Coin Company outlines goals & challenges

Chief Engineer of Electric Coin Company outlines goals challenges

The Electric Coin Company (ECC) formerly known as the Zcash Company has some very ambitious targets for the future. At the Zcon, Annual Privacy Conference held in Croatia on June 22, the Chief Engineer at the ECC Nathan Wilcox outlined some of the challenges that the company is currently facing and stated that they are aiming to make ten billion people use the Zcash by the year 2050.

The Electric Con Company, a company with the aim to empower everyone with economic opportunity and freedom, was started in 2016 by the Zcash. After Monero, it is the second biggest privacy coin in the world. The coin company plans to make crypto mainstream and user-friendly and wants to bag the title of the most widely used cryptocurrency in the world.

So, to be used widely, the company ought to be scaling its outdated technology in order to serve the potential billion users. The infrastructure of the company might need an entire overhaul that could make way for the rebirth of an entirely new blockchain.

As the company was initially based on codes of Bitcoin and thus inherited much of the limitations that come along. In principle, the company is working on how to make the Zcash blockchain able to handle thousands of transactions per second. So, in order to make this happen, the company is considering sharding: a technique involving database partitioning that was used to radically scale Ethereum‘s blockchain. It enables the process of more transactions per second.

Even though sharding is the solution that can be looked upon, but this will require a new blockchain to be developed from scratch. The Product designer and engineer at ECC Daira Hopwood stated that they have been working on an entirely new blockchain and protocol. Moreover, the users don’t lose their wealth; efforts are being made to make sure that the values of the original Zcash coin are being transferred onto the new chain. Lastly, private transactions of ECC are not being used by anybody, and this is one of the significant issues the company is facing, but with new blockchain, this problem is likely to be solved, as well.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

Related News

Hot Stories

Seth Green loses his 4 NFTs in a Phishing scam; begs not to buy them.
Bitcoin, Ethereum, Shiba Inu, and FTX Token Daily Price Analyses – 19 May Roundup
Mike Novogratz preaches humility in investments and keeps his LUNA tattoo 
Ripple price analysis: XRP/USD set to break higher in the next 24 hours
Dogecoin price analysis: DOGE/USD set to break above the daily resistance

Follow Us

Industry News

Gabe Plotkin's hedge fund Melvin Capital shut its doors this week
CFTC indicts 2 men for running a $44M crypto Ponzi scheme
Goldman Sachs: crypto crash has little effect on the US economy
Commonwealth bank halts crypto pilot program
Mike Novogratz preaches humility in investments and keeps his LUNA tattoo