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ZEC Price Spikes 20% in One Day After Zcash Developers Revealed Proof-of-Stake Transition

Colombia, Distrito Capital de Bogotá, Bogotá
Published 2 years ago
ID #1024
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ZEC Price Spikes 20% in One Day After Zcash Developers Revealed Proof-of-Stake Transition
Colombia, Distrito Capital de Bogotá, Bogotá,
Published 2 years ago

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Zcash (ZEC) is up nearly 20% in the past 24 hours, helped by the euphoria surrounding the decisive transition from its core protocol from Proof-of-Work (PoW) to Proof-of-Stake (PoS).

ZEC's price hit an intraday high of $188.80 on Binance, after rising two days in a row more than 27%. The cryptocurrency's upward move also cleared a large chunk of the losses it had faced earlier this week, following a pullback in the cryptocurrency market.

The price of ZEC rose after the main developer of the cryptocurrency, Electric Coin Company (ECC), announced that it would move the Zcash protocol from PoW to PoS in the next three years. The nonprofit noted that the update would limit downward price pressures for ZEC by eliminating miners who "immediately liquidate" the token for Bitcoin or fiat.


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    miguel
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    Colombia, Distrito Capital de Bogotá, Bogotá
    V Bogota Cl 345