Support Comes from Cryptocurrency Billionaire for That Altcoin!

With the rapid development of cryptocurrency regulations in the US, Tyler Winklevoss, one of the founders of Gemini exchange, has announced his support for the privacy-focused cryptocurrency ZCash. Tyler, one of the Winklevoss twins, revealed that he will be supporting Shielded Labs, the independent organization behind the altcoin ZCash project. This move aims to attract more attention to ZCash, which is based on principles of privacy and decentralization, in the current regulatory environment.

Winklevoss twin praised privacy-focused altcoin project

Tyler Winklevoss described ZCash as one of the most undervalued crypto projects that best embodies the principles of privacy and decentralization. Winklevoss stated that ZCash brings privacy and decentralization, two fundamental building blocks of a free and open society, to money. In his statement, he said, “ZCash is one of the most important and undervalued crypto projects in the world today. By bringing privacy and decentralization to money, it forms the two fundamental building blocks of a free and open society. That’s why I support Shielded Labs, which contributes to ZCash. Forward!”

ZCash provides absolute privacy for users in sending, receiving, or holding money. Users can have full control over their funds without any external pressure on the source or recipient of their funds. Unlike other public networks, ZCash does not have a traceable record of where the money comes from or where it goes. This situation increases the pressure on government institutions to focus on privacy-oriented crypto projects.

Regulatory pressure in the USA

The Winklevoss twins frequently express their concerns about the heavy government pressure on the crypto industry. Last week, during the pressure on the crypto-friendly Customers Bank, they announced their opposition to the US Federal Reserve’s Operation Choke Point 2.0. It could be said that these pressures further emphasize the importance of supporting projects like ZCash. Zooko, the Products President of Shielded Labs, stated that it is time for ZCash to transition to a Proof-of-Stake (PoS) consensus algorithm. Currently, ZCash, like Bitcoin, circulates ZEC tokens using a Proof-of-Work (PoW) mining algorithm. However, this privacy-focused project uses ZK-Knowledge Proof technology to enhance security and scalability.

Similar to the halving in Bitcoin, ZCash also has a four-year halving cycle, during which the ZEC production rate is halved. Additionally, the total ZEC supply is limited to 21 million. With the upcoming second halving event in November this year, three quarters of ZEC coins will have been mined. With the decrease in new coin production rate, a decrease in downward pressure on the ZCash price is also expected. At the time of writing, ZEC is trading at $41.3 and has a market cap of $673 million.

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