‘Ethical Hackers’ Hijack Zcash with the Creation of Ebitz

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zcash(1)A group of European ‘ethical hackers’ have taken steps to launch a newer, improved version of Zcash that addresses many of the hotly-debated drawbacks of the privacy-centric cryptocurrency.

Two significant changes to the Zcash protocol have been made and the launch of the improved version, named Ebitz, is due November 28. Firstly, Ebitz does not support the “founder’s reward,” unlike Zcash, whereby 20 percent of Zcash mined is allocated to the founders for the first four years. This feature has been criticized by many in the crypto-community.

Secondly, the consensus algorithm in Ebitz has shifted to Proof of Stake from Zcash’s Proof of Work. The reason; to prevent the centralization of mining and avoiding the platform being controlled by a handful of GPU mining farms. These two issues have plagued Zcash and the group of European hackers

Read more ... source: TheBitcoinNews

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