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The Zcash price is beginning its recovery after an immense price drop over the last two days. The resignation of the entire development team had led to fear and a crash. Now, the developers are reforming under a new company and are causing price gains.
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Zcash Price: Recovery begins after recent crash
The Zcash price is already in recovery after a crash that started on Wednesday and extended through Thursday. The Privacy Coin had suffered a severe setback after its developers from the Electric Coin Company (ECC) resigned en masse.
Today, ZEC is already five percent in the green in the daily trend. The cryptocurrency is trading at $427.80 at the time of writing. Among investors, a radical change in sentiment can be seen within a very short time.
What had happened? On Wednesday, ECC CEO Josh Swihart announced the resignation of the entire Electric Coin Company, which was primarily responsible for the development of Zcash.
According to Swihart, this was due to a conflict with the non-profit organization Bootstrap. Bootstrap was responsible for managing the ECC. Without giving more detailed background, Swihart explained that the ECC had been practically dismissed by drastically changing the employment contracts of Bootstrap.
“The board members of Bootstrap (…) have clearly moved away from the goals of Zcash,” Swihart announced. “In short; Our working conditions have been changed in such a way that it has become impossible for us to perform our duties effectively and with integrity,” the CEO explained.
This conflict initially had a drastic effect on the Zcash price. Within a day, the market value of the privacy coin fell by 20 percent. As a result, ZEC reached a regional low of $373 yesterday. Since then, the cryptocurrency has been able to rise again by around 15 percent to almost $428.
Zcash developers announce new wallet CashZ
Despite all fears, Swihart had tried to reassure Zcash supporters from the start. All developers will remain loyal to the project and continue working on the cryptocurrency, Swihart promised.
Only a restructuring is to be implemented. After all employees have left the ECC, the next goal is to found a new company in whose name the goals of Zcash will continue to be implemented.
“We are starting a new company, but we are still the same team with the same mission: to create unstoppable confidential money,” Swihart wrote.
Yesterday evening, he already published the next announcement via X. Under the name CashZ, a new wallet will be developed and at the same time a new company will be created that employs the developers.
“We are all in on Zcash. We need to scale Zcash to billions of users. Startups can scale, but non-profits can’t. That’s why we started a new Zcash startup,” Swihart wrote and linked to CashZ.
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The new wallet is also intended to replace the wallet previously developed by the ECC called Zashi. On a website, CashZ has only been announced so far and background information has been provided.
“The ECC team that launched Zcash and developed the Zashi wallet is now releasing a new wallet for Zcash based on the Zashi code we developed. The code name for the wallet is cashZ.”
Accordingly, the new work will focus primarily on the original goals of Zcash. Under CashZ, Zcash should once again follow the ideals of the Cypherpunks more closely. However, new heights must be reached in terms of scalability.
“Zcash needs to get so big that they can’t stop us, and we need to scale to succeed. (…) We are bringing billions of people to Zcash, and you could be among the first.”
