Zcash is one of those cryptocurrency initiatives which could put a whole new spin on the entire concept. This project is designed to promote anonymity, something which many people feel Bitcoin lacks. However, the release of Zcash has been delayed once again, as the team feels there is a need to conduct additional security audits before releasing the code to the public.
Zcash Is Not Coming Anytime Soon
The concept of Zcash has been around for quite some time now, and many cryptocurrency enthusiasts have gone over the associated whitepaper. On paper, everything looks very promising, and the developers might even be able to pull of guaranteeing anonymity for all users. However, it will take some time to properly test the technology before this statement gains any credibility.
To conduct proper security checks and audits of the Zcash code, the team will rely on third-party auditors. This process will take a lot more time than initially assumed by the Zcash team, pushing the launch of this project back indefinitely. If there is one thing the DAO debacle has shown the world, it is how thorough vetting of code is direly needed.
Keeping in mind how Zcash has raised US$1m in funding from investors, this project will need to deliver on its promise from day one. There is no room for failure where this concept is concerned, which warrants a very slow rollout with thorough testing. So far two firms have been hired to conduct additional audits, although no indication was given as to how long this process will take.
It is interesting to note the Zcash developers will make all of the audit findings public, including the names of the companies. For now, there is a tentative launch date for Zcash scheduled for September 26th, albeit it is very likely this schedule will be pushed back in the coming weeks.
As odd as it may sound to some people, the Zcash project is all about collaboration, despite the strong focus on anonymity. Building the framework for this entirely different ecosystem is not a task the 16 people working on Zcash can complete on their own. Luckily, the Ethereum Foundation, as well as other cryptocurrency developers, are helping the team realize their goal.
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