Summary
- The Zcash (ZEC) development organization, Electric Coin Company (ECC), said it has left Bootstrap due to governance disputes.
- CEO Josh Swihart said the ECC team will establish a new company but remain the same team, and that the Zcash protocol will continue to operate normally.
- Zcash was trading at $457.41, down 6.98% from the previous day on CoinMarketCap as of 3:53 p.m. that day, and down 10.66% from a week earlier.
Forecast Trend Report by Period
The Zcash (ZEC) development organization is leaving Bootstrap due to governance disputes.
Josh Swihart, CEO of the Electric Coin Company (ECC), said on the 7th (local time) that "over the past few weeks it has become clear that most members of Bootstrap’s board have been taking actions that are plainly at odds with Zcash’s mission," adding that "yesterday, the entire ECC team left (Bootstrap)." Swihart said, "(The ECC team) will establish a new company but remain the same team," and added that "this decision is intended to protect the team’s efforts from malicious governance actions that have made it impossible to carry out ECC’s mission."
Bootstrap is a nonprofit organization established in 2020 to support the Zcash ecosystem. ECC, the Zcash developer, joined the organization when Bootstrap was founded. Swihart said, "The Zcash protocol will continue to operate normally and will not be affected by (the ECC team’s) departure."
Meanwhile, as of 3:53 p.m. that day, Zcash is trading at $457.41 on CoinMarketCap, down 6.98% from the previous day. That marks a 10.66% decline compared with a week earlier.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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