Zcash founder Zooko Wilcox says Proof of Stake (PoS) can be a solution to costly transactions and resource-intensive environmental practices with the Proof of Work (PoW) model.
Wilcox was one of the early explorers of Bitcoin, known for trading on message boards with the man behind the pseudonym Satoshi Nakomoto. He’s no stranger to the ins and outs of how the technology behind cryptocurrency works and doesn’t work. The cryptopioneer called privacy a “primary value proposition”.
However, as Bitcoin has become mainstream, the loopholes in the proof of work concept have also increased. Security on the blockchain is not as secure as initially thought, transactions are expensive, and the entire system is not environmentally friendly.
In its early days (2010), Wilcox worked with a team of scientists to find a solution to the privacy problem. The solution became zk-SNARK.
Zk-SNARK is a succinct, non-interactive knowledge argument of Zero Knowledge. Simply put, they are a way to prove that a secret is known, without revealing the secret. They are hyper-encrypted so that no one in the blockchain knows who sent something or what the content of that something is.
Initially, Satoshi hoped to integrate zk-SNARK into the network. It never happened. Satoshi also anticipated the large carbon footprint of a successful bitcoin, but did not leave a blueprint for a solution.
However, at the first point, Zcash has arrived. Zcash and other anonymous or dark pieces have incorporated zk-SNARK to provide security and privacy solutions, some more reliable than others. At the second point, Wilcox foresees big moves.
A greener future with proof of stake
In a Forbes report, Wilcox announced that he is advocating for Zcash to move away from PoW and move to a greener PoS solution. It points to proven use cases of PoS such as Cardano and Tezos.
While environmental causes are important, safety also plays an important role. Wilcox told Forbes:
“I think the proof of work has security flaws, as demonstrated by the 51% of attacks that have occurred (when a miner controls the majority of the computing power on the network and can steal tokens ). And I think proof of stake can provide a much more powerful type of security at a lower cost. ”
For the creator of Zcash, PoS is a better overall approach as crypto progresses. While an easy transition from Zcash to PoS doesn’t necessarily mean the same for bitcoin.
While the above reasons are the ones most cited for a move from PoW to PoS, Wilcox reiterated the current state of privacy in a world increasingly watched over by governments and large corporations. . Despite the crypto space eyebrows rising in light of central bank digital currencies (CBDCs), he believes that Zcash and zk-SNARK could be a useful integration for everyone.
“We could certainly help them come up with improvements or variations, no evidence of knowledge that would serve their purposes. But we would only do that if it were fed back into ZEC, which is the engine of our mission, our mission is to empower and free everyone in the world.
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