Shocking Split! Electric Coin Company Leaves Zcash Over Governance Row! 😲

by

Well, well, well! It seems the Electric Coin Company (ECC), those clever clogs behind the marvel that is Zcash, have thrown in the towel over a little squabble with Bootstrap, the nonprofit that thinks it runs the show. Imagine that! 🎭

According to the ever-enthusiastic ECC CEO Josh Swihart, things have taken a turn for the worse with Bootstrap deciding to dance to a completely different tune – one that’s out of sync with Zcash’s grand mission. He claims they’ve made it impossible for the team to work “effectively and with integrity.” What a pickle! 🥒

But fear not, dear reader! Swihart assures us they’ll be starting a shiny new company with the same merry band of misfits, while the Zcash protocol itself will remain as robust as ever. Phew! 😅

“The Zcash protocol is unaffected. This decision is simply about protecting our team’s work from malicious governance actions that have made it impossible to honor ECC’s original mission.”

Bootstrap’s Side of the Story

Now, hold onto your hats! Bootstrap’s board, feeling all defensive, claimed that the disagreement stems from some pesky compliance issues. Apparently, they’ve got a plan up their sleeves involving the privatization of the Zcash-based Zashi wallet, which could lead to a lawsuit or two. Oh, the drama! 🎭

As a nonprofit, they fear that going down this road might attract the wrath of their donors. After all, legal limitations are no laughing matter, even if the Zashi plan sounds peachy keen. 🍑

“Their (ECC) commitment to the project is real, and their frustration with the constraints of nonprofit governance is understandable. But good intentions do not satisfy legal requirements, and urgency does not excuse a flawed process.”

The board insists they aren’t against the Zcash mission; they just think a rushed restructuring would leave the protocol’s credibility in tatters. Oh, what a tangled web we weave! 🕸️

“A restructuring done in a way that invites scrutiny, even if well-intentioned, would damage that credibility and set back the cause of privacy and financial freedom.”

And just when you thought it couldn’t get any juicier, a few hours later, former ECC CEO Swihart announces CashZ – a sparkling new Zcash wallet aimed at bringing the protocol to the masses! Talk about a plot twist! 🎉

Meanwhile, Dragonfly Managing Partner Hasseb Qureshi has dubbed the Swihart-led crew as “true believers.” Isn’t that just heartwarming? He boldly stated,

“Say what you will about them, the Zcash team are true believers and cypherpunks. When a project is driven by conviction, it survives where others would wither.”

ZEC Gets a Bit Wobbly

Initially, the ZEC coin took a nosedive, dropping 22% from $490 to a lowly $381 as the market mistook the news for the developers abandoning ship altogether. Silly billy traders! 🐒

But fret not! The ZEC has bounced back like a rubber ball, rallying by 10% to a splendid high of $438 after the team revealed their new wallet and reaffirmed their long-term belief. Hip hip hooray! 🎈

And as if that wasn’t enough excitement for one day, the number of traders cheering for ZEC on Binance jumped to a whopping 61%! Talk about a revival of good vibes! 🌟

Final Thoughts

  • Electric Coin Company CEO blamed Bootstrap nonprofit for “clear misalignment” with the Zcash mission. Sounds like a classic case of ‘He said, she said!’
  • However, the nonprofit maintains that the ECC disagreement is only based on legal and compliance issues. Oh, the legalese! 📜

Read More

2026-01-09 07:41