Following a dramatic mass departure from the Electric Coin Company (ECC), the core development team behind Zcash has resurfaced to announce their next move: the launch of a new wallet designed to bypass corporate stagnation.
Less than 24 hours after their sudden exit, the developers revealed they are already building cashZ, a wallet that promises to return the project to its “cypherpunk” origins. Former ECC CEO Josh Swihart confirmed that the new application is built on the same Zashi codebase the team originally developed, ensuring a frictionless migration for current users.
The move marks a definitive split from the parent organization, following months of friction regarding governance and non-profit constraints. Swihart emphasized that while the company name has changed, the technical expertise remains intact, stating that the entire team is still “100% committed to full-stack Zcash development.”
A Vision Beyond Bureaucracy
In a statement outlining the rationale for the new entity, Swihart identified three pillars for the future of Zcash:
- Cypherpunk Identity: The new organization will be structured specifically around the philosophical belief that privacy is a fundamental right, not a corporate “feature.”
- Operational Agility: By breaking away from the previous governance model, the team aims to act with “courage and speed,” advocating for privacy rights without being slowed down by institutional red tape.
- Scaling for Competition: With the project outgrowing its “small-scale” status, the team argues that Zcash needs a lean, aggressive structure to compete with giants like Bitcoin, Ethereum, and Solana.
Market Response and ZEC Volatility
The internal upheaval initially sent shockwaves through the markets, with the Zcash token (ZEC) plunging over 21% to slip below the $400 mark on Thursday.
However, the announcement of the ‘cashZ’ project provided a much-needed stabilize. Early Friday trading saw a modest recovery as ZEC climbed back toward $430. Despite this bounce, the asset still faces a steep uphill battle; it remains 38% down from its 2025 peak of $700 and nearly 86% off its historic 2016 all-time high.
