ECC roadmap requires deal with pockets, proof of stake and interoperability
In assist of our technique to ship a world-class consumer expertise for ZEC, ECC has been working via product roadmap planning — pushed by the evolution of the web, business analysis, neighborhood sentiment and market alternative. Specifically, our analysis has targeted on business pockets fashions and consumer expertise, Zcash Shielded Assets (ZSAs), proof of stake, and cross-chain interoperability.
Based on that work, it has turn into clear that one of the simplest ways for ECC to contribute to the Zcash neighborhood over the following three years is to launch an official ECC pockets on high of a extremely interoperable Zcash protocol that leverages proof-of-stake consensus.
This weblog supplies context, our rationale for our choices and a high-level three-year roadmap. Our imaginative and prescient is expansive, and our roadmap aggressive, however it’s achievable and would require separate however built-in workstreams, with key determination factors on the best way, together with function prioritization, platform and power choice, and go-to-market plans.
We absolutely count on others within the Zcash neighborhood to have a imaginative and prescient for and ship on different neighborhood priorities, which can embrace assist for ZSAs. For these fascinated about studying extra about our analysis and pondering on ZSAs, and why we aren’t particularly prioritizing them at ECC right now, please seek advice from our companion weblog. Though our targeted efforts will probably be in assist of our roadmap, as detailed beneath, we absolutely assist and embrace the work of different builders who’re thoughtfully including capabilities to Zcash.
ZEC and the way forward for the web
The subsequent era of the web, colloquially Web 3, is upon us. In this new web, every particular person is self-sovereign. There aren’t any centralized gatekeepers to resolve who can take part. There aren’t any king-makers who decide who wins and who loses.
People are gaining extra management over their info. It’s a world the place the whole lot could be confirmed with out pointless disclosure.
In Web 3, an individual can bypass banks and their underwriters and get a mortgage from dozens or tons of or 1000’s of different people around the globe who select to mortgage property at some charge everybody agrees upon.
It’s a spot the place an individual can provide up collateral of a sure worth, with out disclosing what that collateral is, and the place an individual can retailer collateral in shielded swimming pools with out disclosing who owns it. It’s a spot the place somebody can show they’ve paid off a mortgage, with out ever revealing who they’re or how a lot was loaned.
Banks and bank card firms, as we all know them, have gotten much less and fewer mandatory. Anyone can earn yield, with or and not using a custodian.
This revolution reaches past finance.
Increasingly, people are utilizing each special-purpose and composable options that span domains and blockchains. It’s turning into a collaborative system, the place people work with each other as a result of it’s in their very own greatest curiosity.
This web will depend on a material of interoperability the place distributed capabilities will probably be composable in multi-chain functions. This doesn’t imply all programs should share information with all different programs. In some instances, we could solely have to show a reality to a different system, whereas we depend on zero-knowledge cryptography for granular privateness.
In this web, ZEC will probably be a crucial means for financial good and utilized in options that defend privateness and liberties. But for that to occur, we have to work collectively to make it straightforward for ZEC for use inside and throughout this new material.
ECC’s mission and focus
ECC’s mission is to empower people with financial freedom. In assist of that mission, we construct and assist know-how to supply people with entry to a good and open foreign money inside a framework that protects freedom, dignity, consent and safety.
As we shared beforehand, we’ve developed our product technique from engineering-driven to market- and consumer experience-driven, and our singular focus is to ship a world-class consumer expertise for ZEC. The language we’re utilizing right here is vital: ECC’s product focus is on the ZEC asset and we intend that ZEC can have a central place within the material of Web 3.
ECC is constructing and supporting merchandise for the ZEC customers of right this moment — and tomorrow. The subsequent iteration of that may be a product bundle known as Halo Arc, which incorporates: Zcashd, ECC Reference Wallet, ECC pockets SDKs, and numerous libraries. The particular merchandise ECC delivers will evolve over time as ZECs utility evolves.
Why this roadmap
Our product roadmap planning has been pushed by market analysis and perception into the way forward for the web, our imaginative and prescient for ZEC, and market wants.
Through this work it has turn into clear that one of the simplest ways for ECC to contribute to the Zcash neighborhood over the following three years is to launch a commercially out there pockets on high of a extremely interoperable Zcash protocol that leverages proof-of-stake consensus.
There are three key product deliverables included on this plan:
- An official ECC pockets
- Proof-of-stake consensus
An official ECC pockets
Formally releasing a pockets product will enable ECC to have interaction immediately with ZEC customers, quickly rollout new options that will or could not require modifications to the protocol, and iterate and take a look at new protocol-enabled options in live performance with the ECC core group. We will develop our cell and infrastructure groups with the intent of transport a first-release official ECC pockets in 2022. We may even proceed to construct and launch an SDK for different pockets builders and the code will probably be open supply.
Zooko launched the potential for and advantages of shifting Zcash from proof of labor to proof of stake in a weblog publish earlier this 12 months. Benefits embrace the discount in downward stress on the worth of ZEC, as most miners instantly liquidate ZEC for BTC or fiat right this moment.
This shift may even enhance the utility for ZEC via capabilities that embrace yield era via staking and a attainable path to on-chain governance mechanisms for ZEC hodlers.
We skilled the affect of the introduction of ASICs miners to Zcash in 2018. The quantity of exercise on the Zcash chain rapidly dropped by 80% as many Zcashers had been pressured to desert their GPU miners as their means for buying ZEC.
The curiosity in incomes ZEC from mining-related actions stays sturdy right this moment. ECC has been surveying guests to the z.money and ECC websites for a number of months. Over 50% of holiday makers to z.money and 20% of holiday makers to ECC’s web site have self-identified as miners.
There are different advantages of shifting to proof of stake which embrace the discount of the ZEC vitality footprint, offering a attainable path to on-chain governance mechanisms, and assist for interoperability by addressing issues with proof-of-work transaction finality, amongst different causes additional mentioned beneath.
Shortly after Zooko’s publish, ECC CTO Nate Wilcox outlined what a transition may appear like and attainable subsequent steps, and the neighborhood weighed in throughout numerous mediums signaling assist of a transfer to proof of stake. It was the #1 precedence within the ECC coin holder survey, #2 within the Zfnd ZCAP survey and was strongly supported in social media.
While the Zcash ecosystem is rising in functionality, we imagine that ECC is uniquely positioned to do that difficult work with the standard and velocity at which it needs to be achieved, and that it is going to be effectively acquired by present and future ZEC holders.
We imagine the shift to proof of stake is achievable inside three years if we’re capable of focus our time and efforts and rent extra expertise.
As highlighted above, we imagine ZEC will probably be a crucial component of the newly rising web. As we take into account shifting to proof of stake, some fascinating choices emerge that make cross-chain interoperability extra accessible, extra rapidly.
For instance, using a platform such because the Cosmos stack to assist proof of stake brings with it the potential to make ZEC extra transportable throughout chains and unlocks innovation as different builders and organizations can construct on a well known stack for Zcash.
By leveraging a extremely trusted and used platform reminiscent of Cosmos to maneuver Zcash to proof of stake, we might instantly notice the good thing about cross-chain interoperability with different initiatives taking part on the platform.
Where we aren’t focusing devoted efforts
We additionally explored different focus areas of curiosity to the neighborhood however elected to exclude them from the ECC roadmap. That doesn’t imply the Zcash neighborhood ought to abandon them. On the opposite! We belief that if there’s a market want, others locally will rise as much as ship way more than ECC is ready to ship by itself.
These areas embrace Zcash Shielded Assets (ZSAs), programmability and scaling.
We spent a substantial period of time on ZSAs and launched an accompanying publish on our findings. While there are thrilling prospects for ZSAs, we imagine that it’s best for ECC to deal with the roadmap outlined right here and assist the complementary efforts of others locally to convey ZSAs to life. The interoperability work we’re prioritizing might also be necessary to completely notice broad ZSA adoption.
Programmability is one other space of curiosity for ECC and others locally. While the potential upside is excessive, we imagine constructing interoperable bridges to different sensible contracting platforms reminiscent of Agoric, Ethereum or Solana could also be a greater and extra speedy path to realizing its advantages.
We additionally frolicked discussing scaling. Make no mistake, we’ll dedicate sources to scaling, however it is going to be one thing woven into user-focused work reasonably than a separate and distinct effort.
Roadmap by 12 months
We have mapped out a high-level roadmap for the following three years. It’s aggressive however achievable and would require separate however built-in workstreams with key determination factors on the best way together with function prioritization, platform and power choice and go-to-market plans.
The following workstreams and deliverables are mapped out by 12 months. Workstreams embrace:
- User Experience: What ECC intends to ship as consumer going through
- Protocol: What ECC intends to ship inside the Zcash protocol that helps the consumer expertise
- Campaigns: Complementary go-to-market campaigns
- Geographies: Where ECC intends to spend extra time on adoption and regulatory efforts