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Zcash Governance Acronyms (ECC, ZF, ZCAP & More)

By alberdioni8406 | ZEC | 3 Apr 2023


Zcash (ZEC) is an anonymous cryptocurrency that maximizes the privacy of the individual, it guarantees that transactions are not tracked by default but also allows, for those who wish to do so, that they can be seen on the blockchain using a transparent address called taddress.  

The original form (default) is built on anonymity and privacy, allowing the ecosystem to have shield addresses called zaddress, where no transaction information can be seen on the blockchain. The Zcash coin (ZEC) was created from the Bitcoin Core codebase but unlike this one (which makes addresses public and accessible to anyone who wants to verify transactions on the blockchain) ZEC overflows privacy, after all, every individual has the right to have transactions not exposed!  

Zcash was created by computer scientist and cybersecurity expert Zooko Wilcox-O'Hearn, ZEC uses the zk-SNARK zero knowledge proof of technology, a tool that allows nodes to verify transactions without revealing any sensitive information from the user who is executing transactions on the ZEC blockchain. It has a limited supply of 21 million coins and was officially launched on October 28, 2016, making it one of the powerful and anonymous coins by default in the crypto space.  

As we know, the Zcash blockchain will undergo an Upgrade, the Network Upgrade 5 or simply NU5, which is the sixth major upgrade that the ecosystem will undergo and a component of the Halo Arc product suite release.This activation will take effect in block 1687104 on May 31, 2022 and its testnet has been running since September 30, 2021 having been activated in block 1,590,000.  

Network Upgrade (NU5) is an evolution of technology that allows nodes to confirm transactions on the Zcash blockchain without sharing sensitive information, zk-SNARK and move Zcash to the Halo proving system removing the need for a trusted setup and updating the protocol underlying cryptography, elevating the nomenclature so that future upgrades switch from an Alias ​​based theme [such as canopy and Sapling] to a simple number system.    

Read more about Halo proving system.

NU5 will have major network improvements which will create a version of Zcashd and the consensus node for ZEC including support for Unified Addresses (UA).  

Unified Addresses (UA) are created by a considerable number of Zcash address types, among which taddress, Sapling & Orchard, UA can be considered/are unified addresses that make it easy for wallets to migrate funds to the last shielded pool while gradually deprecating the old technology existing on the network.  

UA will make it default to move coins to the last pool the wallet supports, a feature that will migrate and auto self shield which is an important part of the Electric Coin Co (ECC) Halo Arc product suite release.  

With UA for example, the Zcash address format will allow usability improvements, increase and ease interoperability as well as support making Zcash shielding by default. Network Upgrade 5 (NU5) will be the next upgrade that the Zcash Blockchain will follow on May 31, 2022 while Unified Addresses (UA) is a feature that will be originated from the upgrade making possible that there are more usability improvements or even make shielding by default much more efficient.

 

  • ZEC Protocol Governance

There are several acronyms that make up the ZEC governance protocol, which often confuse who enters Zcash world and will highlight below: Electric Coin Co (ECC) It's the devs software company that is behind the creation of the ZEC in 2016, focused on building technologies that support and provide for people to have fair access to one open currency, independent where they are located in the terrestrial sphere.  

The ECC is a renowned company in cryptography with engineers producing and consistently delivering results and the team is also focused on protecting the trademark of Zcash. The company is headquartered in Denver in the United States and could be found at the following web address.  

Zcash Foundation (ZF) - The Zcash foundation ensures that the open protocol and power remains decentralized as well as diversified, allowing the cryptography used to keep information private and secure. The focus of the Zcash Foundation is primarily on the users of the ZEC blockchain, laying the infrastructure so that it remains in public use.   

One of the missions of the Zcash Foundation is to ensure that the individual maintains privacy as a fundamental right, choosing to share or not information with others, privacy is consented as well as autonomous, Protecting information about finances as they carry an extensive and wide range of user data and keeping it safe becomes an imperative of the right to privacy for the human being.  

The Zcash Foundation central mission is to provide help in maintaining privacy also improvise open financial networks allowing everyone to protect their private integrity using their own terms. Although the Foundation has its primacy in the focus of the Zcash blockchain protocol, they also support the use of applications that support zero knowledge proof to protect that financial transactions are of a private nature. More about the Zcash Foundation can be read here.  

Zcash Community advisory panel (ZCAP) - This panel is composed of members of the ZEC community who are eligible to take part in advisory polls conducted by the Zcash Foundation.  

This entity was originally formed in 2018 as a governance panel, has been constantly expanding, the ZCAP provides input on the appointment of Zcash Foundation board members, was a crucial instrument used in governance that resulted in ZIP 114, the tool that established the fund of the Devs, and also elects the Zcash Community Grants committee.

ZCAP is made up of more than 130 members which can be seen at the following link.  

Zcash Community Grants (ZOMG) This program is intended to contribute to the adoption of Zcash use in the world and fund independent teams that resolve to build something for the ZEC community. Dedicated to teams that can build applications or even lead other work intended to make known and to expand the currency to reach new horizons around the world.

The fund that makes up the ZOMG comes from Zcash Dev Fund and the grant is chosen by a committee of five people who were elected by Zcash community for this purpose. Submitir for one grant and more information please visit the website.   Zcash Community Forum (ZCF) Zcash community Forum is hosted by Zcash Foundation and could be found a range of topics, it's a open space where users can conduct discussions around the Zcash ecosystem. To participate just need to create an account and leave questions which could be answered by moderators and community members.  

On the Forum it's good to keep the code of conduct when creating threads and engage with the community. Find more about here.  

Zcash is a currency constantly evolving in crypto and how private market and limited combat one of the biggest problems that the financial world exposes, snooping in economic affairs that inflicts one of the issues regarding invasion of people's privacy and no respect when it violates privacy.

I'm entering the Zcash world and as a supporter of privacy I am quite satisfied with the $ZEC.  If you liked the article donate🤑 Also find some wallets and choose with suits you better here.   CONSIDER DONATE TO MY FUNDRAISING CAMPAIGN. More Information about Zcash find in the ZEC official website Feel free to contact me in any of those links: Twitter Telegram Email - [email protected]  

**Article published ten months ago on my Free2Z zpage.

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