Zcash Archives - 2100NEWS

UrbanFebruary 23, 2019

11min616

The ZCash Company that is behind the privacy coin ZCash spread word that from now on they are rebranding to Electric Coin Company.

“We’re changing the name for clarity,” the company said in a blog post. However, the community is confused, with most people considering this a terrible move: “Not sure if early April fools joke or not,” seems to be the common verdict.

“Our legal name has always been the Zerocoin Electric Coin Company, LLC, and we’ve been calling ourselves the ‘Zcash Company.’ But, the company isn’t ‘Zcash.’ Zcash is the cryptocurrency we build and support, with the help of others in the community,” the company explained, adding, “Also, we aren’t the Zcash Foundation. The Foundation is a separate and independent 501(c)(3) nonprofit organization […] Only the name has changed. We are the same team, with the same mission: to empower everyone with economic freedom and opportunity. We developed and help steward Zcash.”

But the community considers this rebranding effort a terrible idea. “Headline tomorrow: $crypto reaches overnight mass adoption as creators of Ether, Tron, Stellar, BCH fell in line to rebrand their coins to: Anaesthetic Solvent Company, Subatomic Particle Company, Star Flux Company, [feces emoji] Company,” writes Twitter user @singhsoro.

Lawyer, blockchain enthusiast Preston Byrne also commented on the news:

Preston Byrne

@prestonjbyrne

I think ZCash’s name change to “Electric Coin Company” is awesome and retro. Like “Electric Boat” or “General Electric.”

See Preston Byrne’s other Tweets

However, he remains in the tiny minority that had anything good to say about the idea. Also, many are commenting under the false assumption that the Zcash (ZEC) coin will be changing its name – that’s not going to happen, and that’s exactly the reason the company is going forward with its decision.

And of course, the crypto community would not be what it is if there was not at least one joke at the expense of the news.

CryptoScamCentral@CryptoScamHub

As announced the ZCash company @zcashco is changing its name to ‘Electronic Coin Company’ as part of the rebranding,it’s services will expand &include Electricians’s on the Blockchain ????????????‍♂️Have a wiring problem at home?In future call @zooko to fix it, anonymous service on request.

See CryptoScamCentral’s other Tweets

Anej KorsicJanuary 30, 2018

3min465
  • Some consider Bitcoin and privacy coins (Verge, Monero,…) a threat
  • ZCash, ZenCash,… are using encryption to ensure privacy

Governments around the world worry that cryptocurrencies could become future tax havens.

The loudest among world leaders are Indian Prime Minister Narendra Modi and British Prime minister Theresa May. They have spoken about the alarm at the rise of virtual cash which is moving offshore.  After a month of hearings, The U.S. Congress held it is clear that this is considered one of the priorities of several governments. Treasury Secretary Steven Mnuchin called on the world’s 20 biggest economies to work together to make sure cryptocurrencies don’t become the next tax havens.

Some say that is already happening with the likes of David Drake. His New York-based family office has more than $10 million in cryptocurrency and blockchain investments. Allegedly he is using digital money like an offshore bank account – a place to legally park overseas business profits and reduce his taxes.

Rising demand

There is an increase in demand for fresh ways to hide assets after European and U.S. regulators which already clamped down on traditional banks. KYC which is an abbreviation of ”know your customer” and anti-money-laundering rules and forced offshore financial institutions are forced to disclose their clients’

information. Several leaks such as Panama Papers  prompted the campaign. That revealed more than 11.5 million documents, many high-

profile politicians such as at the time British Prime Minister  David Cameron and  Icelandic Prime Minister Sigmundur Davíð Gunnlaugsson. Just in European Union, the annual loss of revenue was  around €160-190 billion. And that was conservative estimate.

 


Demand for tax evasion is high and keeps rising, which is great news for the owners of privacy tokens. However, with all this water they shook and fear they created in policymakers a change might be on its way.



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