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The support from Winklevoss comes at a time when the regulatory environment of the United States is rapidly unfolding.
Gemini co-founder Tyler Winklevoss has openly declared support for ZCash, a privacy coin project that has struggled to gain popularity. The prominent crypto advocate made the declaration on Monday via a post from his official X account, hailing both the coin and Shielded Labs, the team behind the project.
Tyler Winklevoss on ZCash
The Winklevoss-twin poured in unreserved encomium for the ZCash project, noting that it is easily “one of the most underrated crypto projects in the world today”. He cited how the project fundamentally operates on the core of decentralization and privacy – two essential components of a truly free and open society.
It is in view of these that Tyler has now openly announced his support for the amazing team behind the project. Part of his post reads:
“… I’m supporting @ShieldedLabs and its contributions to Zcash. Onward!”
Notably, Winklevoss’ show of support comes at a time when the regulatory environment of the United States is rapidly unfolding. More so, in the area of privacy.
For context, ZCash, like every other privacy coin, offers users the privacy they need when sending, receiving, or just holding their private money. Essentially, these coins allow users to conduct transactions privately and anonymously, exercising complete control over their money. That is because, unlike other public networks, they leave no trace of where the money came from or where it is headed.
This unique tendency, however, has left the government fuming, leading to widespread crackdowns on such projects.
According to CoinMarketCap data, some of the most well-known privacy coins include Internet Computer (ICP), Monero (XMR), ZCash (ZEC), and Worldcoin (WLD).
Meanwhile, in view of the increased crackdowns, the Winklevoss twins have continued to voice their strong opinions against the government.
For instance, just last week, the US Federal Reserve, via its Operation Choke Point 2.0, clamped down on the crypto-friendly Customers Bank. Such actions, according to the twins, are nothing but an excessive show of force against the crypto industry.
Project Contemplates PoS Upgrade
Meanwhile, it appears that ZCash is preparing to transition from its current Proof-of-Work (PoW) model to a Proof-of-Stake (PoS) consensus algorithm. That is, according to Zooko, the Head of Products at Shielded Labs. However, there might be an interesting twist to this transition.
Per Shielded Labs, the plan is to upgrade the privacy coin project to “Crosslink”, a hybrid Proof-of-Work and Proof-of-Stake protocol. A part statement by the firm reads that “the Proof-of-Stake mechanism and the Proof-of-Work mechanism provide two layers of defence, making it safer than a pure Proof-of-Stake network or pure Proof-of-Work network”.
