ECC exploring Zcash-Shielded Assets – Electric Coin Company
ECC is dedicated to supporting Zcash-Shielded Assets by aligning our engineering plans with the group in the perfect curiosity of the mission and ZEC customers.
For a while, ECC has been contemplating the potential of implementing Zcash UDAs (“User-Defined Assets”) to permit the creation of Zcash-“wrapped” tokens.
Instead of the time period “UDA,” we advocate for the time period “Zcash-Shielded Assets,” or “ZSAs,” for higher readability. For instance, Zcash-Shielded Assets might embrace Zcash-Shielded Bitcoin, Zcash-Shielded USDC and Zcash-Shielded Ethereum. It may additionally embrace Zcash-Shielded NFTs, DAOs and different novel use circumstances.
We’re excited in regards to the potential advantages of an economically extensible Zcash protocol made attainable with ZSAs. We are exploring how this may be completed in a means that additionally helps the continued development of our mission.
As with any main Zcash community improve, software program and protocol safety assessments ought to be accomplished. ECC and others within the Zcash group may additionally advocate for scientific peer assessment within the case of recent cryptography and an financial evaluation to guage the potential influence of any financial change.
As ZSAs have the potential to have an effect on Zcash economics, ECC is pursuing a examine of decentralized markets on the Zcash blockchain which contain a number of property. We’ve engaged the Computational Experimental Economics Lab at George Mason University, below the route of Professor Kevin McCabe, to help with this examine. Our total objective is to develop an financial mechanism that’s according to the sustainability of Zcash and has an total optimistic influence on present cryptoeconomics.
ZSAs ought to be applied in a means that’s useful to ZEC holders and the group at giant. We’ll publish extra weblog posts as findings and suggestions turn into accessible. We look ahead to sharing these updates with the broader Zcash group and collectively evaluating the completely different choices and tradeoffs for rolling out ZSAs.