In line with a recent announcement published yesterday, Parity Technologies will be working in collaboration with the Zcash [ZEC] Foundation to develop independent ZEC node software. This technical partnership seems to stem from the success of ZEC as a privacy-oriented protocol and its exceedingly implementation of zero data proofs. The release confirms a dominant goal for Parity and Zcash as both organizations perceive the importance of strong financial privacy, and believe that a cryptocurrency engineered around zero-knowledge proofs will facilitate secure that elementary freedom.
Parity Technologies are contributing significant resources to the project, that it hopes are a “bridge” on Parity’s primary new blockchain project, Polkadot, after Polkadot was launched back in the year 2019.
Polkadot is Parity’s solution for blockchains ability, that ought to be achieved for blockchains to function a worldwide underlying technology. Features of Zcash [ZEC] could prove helpful in Polkadot’s build. Parity CTO Fredrik Harrysson stated that this partnership can familiarise Parity’s engineers with the zero-knowledge cryptography.
The Zcash Foundation, that serves the Zcash community but however is separated from Zooko Wilcox’s Zerocoin Electrical Coin Company [Zcash Company], would also add its own engineers to the project, doubtlessly hiring new talent. Once the new node has been created beneath Parity, it’ll transfer to the Zcash Foundation. ZEC users in the mere future would be able to use whichever original or new Zcash protocols they like choose to. ZCH Foundation E.D Josh Cincinnati, while explaining further added:
“An independent node protocol implementation provides with a lot more choices for ZCH miners and users, that promotes healthy decentralization of the cryptocurrency till it matures.”
Harrysson mentioned that this technical collaboration is expected to bolster cryptocurrency “as a tool for the financial privacy.” Cincinnati backs the sentiment, adding:
“Technologies that focus on privacy enable all individuals to interact without concern of censorship or reprisal.”
For Zcash [ZEC] users, the existence of a second, compatible client boosts security and protects if one node infects via a bug. Earlier In Sep. 2018, a bug was discovered in Bitcoin Core, however yet after an update was released some nodes still ran on older protocols . Therefore, without any security alert system, node operators were relied upon to find the update’s existence themselves and thereby upgrade them manually. A high proportion of Bitcoin Core was left susceptible to attack, something that multiplies, compatible clients might address by providing alternatives.
The new software update would also improve decentralization for ZEC by leveraging the governance leadership mechanism of the Zcash Foundation. Both existing and new protocols will be similar in creation, atleast to start with. Zcash Foundation and ZCH Company will also ought to agree on adding or disposing away any desired options within the future.
ZCH founder Wilcox is supportive of decentralization after he proclaimed the formation of the Zcash Foundation, Wilcox wrote of ZCH Company:
“It wouldn’t be appropriate for a single for-profit company to possess this abundant power over the evolution of the Zcash technology.”
Parity Technologies is Ethereum-based and is founded by Ethereum’s co-founder ‘Gavin Wood’. Ethereum co-founder Vitalik Buterin has conjointly praised Zcash’s work, particularly with usable zero-knowledge proofs.