The Electric Coin Company (ECC) team that developed the privacy-focused cryptocurrency Zcash will split with the Bootstrap Foundation and form a new company, Cointelegraph reported on Thursday.
ECC Chief Executive Josh Swihart said the entire team decided to resign due to a conflict of views with the Bootstrap board. He said board members Zaki Manian, Christina Garman, Alan Fairless and Michele Lai had taken actions that ran directly counter to the Zcash mission.
Swihart said changes to employment terms meant the team could no longer carry out its existing duties. He said the move was intended to protect the team’s work from malicious governance actions.
ECC founder Zooko Wilcox said on social media platform X that he believed in the board’s integrity. He said the Zcash network was open source and that the dispute would not shake the system’s security and privacy.
Zcash was trading around $461 after falling about 7 percent over the past 24 hours.
Chi-kyu Hwang
delight@d-today.co.kr