ZCash development company will issue a token for the Ethereum blockchain

The developer of the ZCash cryptocurrency company Electric Coin Company (ECC) will issue a “boxed” ZEC token for the Ethereum blockchain. This was announced at the Ethereum Devcon5 Developer Conference by ECC Vice President of Marketing and Business Development Josh Swihart, CoinDesk reports .

According to him, a new token will be issued in the next six months. It is expected that it will provide enhanced functionality for the use of automated loans and financial products.

Subsequently, the new version of ZEC will be able to help ensure confidentiality in smart contracts to hide information about its members.

One of the most likely reasons for the integration of ZCash and Ethereum is ECC's attempt to expand the audience of users focused on the confidentiality of the coin through the market for decentralized financial instruments.

According to DeFi Pulse , Ethereum-based digital assets worth more than $ 553 million are blocked in DeFi applications. At the same time, ZCash’s popularity has not increased over the past year .

According to Svihart, the main goal of the company now is to turn Zcash into a platform on which development will be carried out "for all DeFi applications."

“If you want to do lending, if you want to use DAO, all this can be done with Zcash. Ultimately, we want Zcash hidden addresses to be used in Ethereum smart contracts , ”he said.

Nevertheless, ensuring cross-chain compatibility can only be a temporary solution, as it is unclear how this will work in Ethereum 2.0. In addition, such plans mean years of research and development, said James Prestwich, co-founder of Summa.

Recall that in September ECC published a report according to which the company, despite financial losses in a bear market, managed to avoid staff reductions.

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