🔥 Key Takeaways
- Zcash (ZEC) has plummeted by double digits following the constructive discharge of the Electric Coin Company (ECC) team.
- The ECC board cited disagreements over proposals to privatize the Zashi mobile wallet as the reason for the dismissal.
- The news has sparked concerns over the future of Zcash and its commitment to decentralization and community involvement.
Zcash Plunges as ECC Team Ousted Amid Privatization Dispute
The price of Zcash (ZEC) has taken a significant hit following the surprise announcement that the Electric Coin Company (ECC) team has been “constructively discharged” by the board. The news has sent shockwaves through the cryptocurrency community, with ZEC plummeting by double digits in the aftermath.
According to a statement released by the ECC board, the decision to dismiss the team stemmed from disagreements over recent proposals to privatize the Zashi mobile wallet. The board claimed that the proposals were met with resistance from the ECC team, who were reportedly opposed to the idea of privatizing the wallet.
The news has sparked concerns over the future of Zcash and its commitment to decentralization and community involvement. Zcash has long been touted as a privacy-focused cryptocurrency, and the possibility of privatizing key infrastructure such as the Zashi wallet has raised eyebrows among community members.
As the news continues to unfold, it remains to be seen how the Zcash community will respond to the dismissal of the ECC team. One thing is certain, however – the move has already had a significant impact on the price of ZEC, and it may take some time for the market to recover.
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