So much Zcash FUD was obliterated over the last year… and it reflects in the price!
Last year, one Chinese mining pool (viaBTC) controlled more than 50% of the hash rate. Monero bros were warning that a massive 51% attack is coming and shielding transactions will be censored.
Today, viaBTC only controls 35% of the hash rate. American pools like Foundry and Luxor stepped in to create more balance and decentralization.
Last year, the Electric Coin Company hired most of the devs and was in charge of every major decision.
Today, you have lots of dev companies: Shielded Labs, ZODL, Valar Group, Tachyon. They work together, support each other, disagree on some philosophical issues (Shielded Labs wants shielded assets, ZODL wants to keep the simple design). But at the end of the day, everything works.
Last year, one could argue that shielded pools are unauditable until 100% of coins were withdrawn.
Today, Ironwood provides supply auditability with the same privacy protections.
Last year, most Zcash wallets and services were built by ECC employees and ECC grant money.
Today, there are many more choices. There’s a parallel and equally good ZEC mobile wallet (Vizor). There’s a new node client that’s faster and competes with zcashd: it’s called Zakura. The culture is less monolithic, as everyone can choose which software to use. Once again, more decentralized.
There’s also a lot to be said about the boost in exchange liquidity, UX improvements, DeFi integrations, progress-driven governance system (the recent vote for faster blocks is a major leap).
All these upgrades are reflected in the amount of shielded coins: 5 million ZEC is now stored in shielded pools, compared to last year’s 1.4 million ZEC.
Zcash is no longer the same project it was a few years ago: it’s bigger, it has a very healthy dev culture, and it’s constantly expanding in ways you would not expect.
There’s so much more to the picture than Balaji, Naval, Arthur Hayes, Barry Silbert & the Winklevoss twins.
If you cannot see the massive improvements and you think about Zcash in 2017 terms, you’re most likely zidelined and intellectually dishonest.
This technology is finally mature and it found its use cases: saving & spending with world class privacy, which leaves no sensitive financial data for the public to scrutinize.
It’s okay to be zidelined. It’s okay to wish that your bags were pumping instead. But if you cannot do fundamental analysis in the era of powerful AI and podcasts about everything, you’re really not gonna make it.
Zcash is making amazing progress at a rate most people can’t even follow. And privacy is the next big bull market narrative. So buckle up, forget about your 3% gains in bitcoin for a little while, and study a Zcash project. Join the Telegram/Discord channels, ask questions, learn something new about the most exciting field of mathematics and cryptography!
Don’t follow leaders, watch your parking meters - Bob Dylan