In line with a recent announcement published yesterday, Parity Technologies will be working in collaboration with the Zcash [ZEC] Foundation to develop independent ZEC node software. This technical partnershipseemsto stem from the success of ZECas a privacy-oriented protocol and itsexceedinglyimplementation of zerodataproofs.The releaseconfirmsadominantgoal for Parity and Zcash as both organizationsperceivethe importanceof strongfinancial privacy, and believe that a cryptocurrencyengineeredaround zero-knowledge proofswillfacilitatesecure thatelementaryfreedom.
Parity Technologiesarecontributingsignificant resources to the project,thatit hopesarea “bridge” on Parity’s primary new blockchain project, Polkadot,afterPolkadot was launched back in the year 2019.
Polkadot is Parity’ssolutionfor blockchainsability,thatought to be achieved for blockchains tofunctiona worldwideunderlying technology.Featuresof Zcash [ZEC]couldprovehelpfulin Polkadot’s build. Parity CTO Fredrik Harrysson stated that this partnershipcanfamiliariseParity’s engineers with the zero-knowledge cryptography.
The Zcash Foundation,thatserves the Zcash community but howeverisseparated fromZooko Wilcox’s ZerocoinElectricalCoin Company [Zcash Company],would alsoadd its own engineers to the project,doubtlesslyhiring new talent. Once the new node has been createdbeneathParity,it’lltransfer to the Zcash Foundation. ZECusersin the mere future would beable touse whichever original or new Zcash protocols theylike choose to. ZCH FoundationE.DJosh Cincinnati, while explaining further added:
“Anindependentnode protocol implementation provideswith a lot morechoicesfor ZCH miners and users,thatpromotes healthy decentralization of the cryptocurrency till itmatures.”
Harrysson mentioned that this technical collaborationis expected tobolster cryptocurrency “as a tool forthe financialprivacy.”Cincinnati backs the sentiment, adding:
“Technologies thatfocus onprivacyenableallindividualstointeractwithout concernof censorship orreprisal.”
For Zcash [ZEC]users, the existence of a second, compatibleclientboostssecurity and protects if one nodeinfects via abug. Earlier InSep.2018, a bug was discovered in Bitcoin Core,howeveryet after anupdate wasreleasedsome nodes still ran on older protocols . Therefore, without any securityalert system, node operators were relied uponto findthe update’s existence themselves and thereby upgrade them manually. A high proportion of Bitcoin Core was leftsusceptible toattack,somethingthat multiplies, compatibleclients mightaddress by providing alternatives.
The newsoftware update wouldalsoimprove decentralization for ZECbyleveragingthe governance leadershipmechanism ofthe Zcash Foundation.Bothexisting and new protocolswill besimilar in creation,atleast to start with. Zcash Foundation and ZCH Company will alsoought toagree on adding ordisposing away any desiredoptionswithin thefuture.
ZCH founder Wilcox issupportiveof decentralization after heproclaimedthe formation of the Zcash Foundation, Wilcox wrote of ZCH Company:
“Itwouldn’tbeappropriatefora singlefor-profit companyto possessthisabundantpower over the evolution of the Zcash technology.”
Parity Technologies is Ethereum-based and is founded by Ethereum’s co-founder ‘Gavin Wood’. Ethereum co-founder Vitalik Buterin hasconjointly praised Zcash’s work,particularlywith usable zero-knowledge proofs.