Zcash (ZEC) jumped over 20% high in the past 24 hours to $217.58. It’s because of the reason that euphoria gave its core protocol’s transition from Proof-to-Work (PoW) to Proof-of-Stake (PoS). The starting price of XEC on 21st November was around $185 with a market volume of $633 million.
The price and circulation of ZEC jumped up after the announcement of the crypto’s main developer ECC (Electric Coin Company) that it would move Zcash’s protocol to PoS from PoW but within the next three years.
This update would help to limit the pressures of ZEC price’s downward by removing miners that “immediately liquidate” the token for Bitcoin or fiat.
Because of this PoS upgrade, another benefit would be the ZEC energy footprint reduction.
The announcement of ECC promised that the users would stake their ZEC holding portions into a dedicated Zcash smart contract.
The CEO of Digital Currency Group, Barry Silbert tweeted that he would buy more Zcash tokens. At the same time, the ZEC coin price raised high against the U.S. dollar and also Bitcoin.
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