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Zcash Foundation, ECC resume trademark negotiation deal amid fears of fallout

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Zcash Foundation, the non-profit organization behind the privacy-focused cryptocurrency, has been at the center of an ongoing controversy pertaining to the use of the “Zcash” trademark. As per the initial plan, both Electric Coin Company (ECC) and Zcash Foundation would have equal control over the use of the trademark. However, ECC soon decided that the equal governance control would lead to complicated veto power and terms of use, thus backing away from initial plans of sharing the trademark.

Although ECC has held complete authority over the trademark since the beginning, ECC was planning to hand over partial ownership for the use of the trademark. However,  Zooko Wilcox, Head of the ECC, has said that sharing veto power over the use of the trademark would have made it quite complicated for users to follow Zcash terms. In a statement released last week on the Zcash public forum, Wilcox wrote,

“The bottom line is that the previous plan to lock the trademark into a 2-of-2, double-veto governance structure with the [Zcash Foundation] has not (at least not yet) been implemented, and the trademark currently remains under the unilateral control of [the] ECC.”

Zcash Foundation published a blog on 2 September, a blogpost that informed the community about the failed negotiation with the ECC, while also halting its own efforts in sorting out the impending funding crisis on the network. The blog post by Josh Cincinnati, who also heads the Zcash foundation, wrote,

We are delaying our community sentiment collection and any decision-making regarding NU4 until the ECC recommits to the 2-of-2 agreement that was already agreed upon.”

ECC and ZCash Foundation resumes private discussions

After failed negotiations and after the Zcash Foundation threatened to halt any further progress on the network, things have started to change for the better. Wilcox released a statement on 5 September stating that they have initiated private discussions to resume discussions on the issue. The statement assured the community that both parties can reach a mutual agreement, an agreement which would be beneficial for a “diverse set of Zcash stakeholders and community members.”

Wilcox, while addressing the recent disagreement and the blog released by Zcash foundation had said,

“Public disagreements are rarely fun, they are often unavoidable and necessary aspect of good governance.”

Source:ambcrypto

Zcash

Zcash is completely compliant with FATF’s Travel Rule, claims ECC’s Jack Gavigan

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Recently, popular South Korean exchange OKEx was in the news after it delisted all its privacy coins, including Monero [XMR], Zcash [ZEC], and DASH [DASH], along with several others. UpBit followed suit, delisting several privacy coins as well. Both exchanges went on to claim that the regulatory obligations arising from the Financial Action Task Force [FATF], primarily the FATF’s travel rule, was the reason behind the delisting.

FATF is an intergovernmental body that aims to prevent money laundering, terrorism financing and financing of weapons through its policies. In February 2019, the FATF had presented a draft citing Recommendation 16 or the “Travel rule.” As per the travel rule, cryptocurrency exchanges are required to keep all transaction information, with respect to the buyer and the seller. Privacy coins are designed to provide anonymity to users, an aspect contradictory to the FATF’s travel rule.

Just a few days after the aforementioned delisting episodes however, Zcash has now come out to claim that it is compliant with the FATF’s recommendations. Jack Gavigan, COO of Zcash, wrote a blog post claiming the same.

The blog post expanded on several aspects that highlighted the fact that the privacy coin Zcash and virtual asset service providers [VASPs] are indeed compatible with FATF recommendations. The FATF makes it mandatory for VASPs to undertake Customer Due Diligence [CDD] measures, while building business alliances. The post read,

“The fact that a VASP supports Zcash or that a customer intends to trade Zcash does not impact the VASP’s ability to carry out CDD checks.”

Regardless of Zcash being a privacy coin, VASP will still be able to observe a customer’s transactions, Jack Gavigan claimed. This allows virtual service providers to keep an eye on suspicious activities or unexpected behavior. Along with monitoring transactions, VASPs can also keep a record of the same. Transactional information for deposits and withdrawals like customer identity, amount, receiving address, transaction ID and the sending address can all be recorded, the blogpost added in an effort to alleviate concerns.

Source:ambcrypto

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Zcash Price Gets Drenched in Blood Due to the Market Pressure

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The market is currently under huge selling pressure. The same has caused the heavy fall in the price of the altcoins. Zcash is among the few coins, which are getting widely affected by the downtrend in the market.

We are speculating that the selling pressure would soon leave and we would have the flourishing days again. The intraday traders might not be having a good day, but in the future, they would book huge profits. The coin holds a high possibility of upsurge.

Zcash Intraday Price Analysis:

The data feed is taken from Trading View on September 19, 2019, at 10:50:16 UTC for price analysis.

Zcash Price
Zcash Chart By TradingView

Yesterday, the coin opened with an escalation. The visible jump occurred when price changed from $51 to $52 by 2.63%. The price immediately shifted to $50.30 by 3.1%. The recovery in the price took it to $53.50 by 6.37%. The intraday escalation in Zcash was of 3.90% as it closed the day at $52.87. Today, the opening hours shifted the price from $52.87 to $48.55 by 8.21%. ZEC is seen hovering around $49. The rest of the day is speculated to remain same.

The market is speculated to embark the price rally soon. Zcash (ZEC) would also be seen hitting huge counters in the market. The future holds a better time for Zcash. Hence, if the traders are picking Zcash, then their investment wouldn’t go futile.

The best-suited investment for ZEC is long term investment. The same would bring colossal profit to the traders.

Source.cryptonewsz.

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Foundation Says Developer of Zcash (ZEC) Violated Trademark Promise

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A crisis is happening in the Zcash (ZEC) community. The nonprofit Zcash Foundation has recently accused the Electric Coin Company (ECC) of promising to let the foundation share its trademark and then backing down afterward.

According to the foundation, this has lowered the whole ecosystem to the level of “decentralization theater”. The people are at the foundation are so mad because the community has been awaiting a lot for this moment. The promise was originally made back in 2017.

Even during a recent convention, the CEO of the ECC Zooko Wilcox affirmed that both organizations were committed to be partners and to lead the way together. At the time, Wilcox affirmed that the trademark would be shared. This was only months ago. The CEO affirmed that the partnership would have long and good effects in the industry, so it is surprising so see the decision changing so much.

It seems that this event will deeply affect the Zcash community. The members of the foundation have complained that this decision will harm several projects that were being planned or developed and that this will harm the community a lot.

They have also argued that by arbitrarily holding the trademark, the company will have a lot of power and that the foundation will not lend its credibility to legitimize a process that was said to be hollow.

Finally, the foundation also criticized the ECC for its excuse to deny trademark sharing. According to the company, they envision “the evolution of alternative governance models”. This was written off as yet another hollow promise from a company that cannot be trusted anymore.

Source. bitcoinexchangeguide.

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