The cryptocurrency market has been abuzz in recent days with serious internal news at Zcash, as CEO Josh Swihart confirmed that he and the entire core development team have resigned en masse following a prolonged conflict with the board of directors. This move not only raised concerns about the future of one of the oldest privacy coins on the market, but also directly caused the price of ZEC to plummet sharply in a short period.
Chia to Josh Swihart, the main reason for the collective decision to leave was that the new working conditions and governance direction contradicted Zcash's original mission. The project was built around privacy, decentralization, and the independence of the technical team, but Capital adjustments from management are believed to have undermined those core values. Swihart stated that he and the developers no longer had the space to continue pursuing the vision they believed was right for Zcash.
Join BingX today to receive a range of offers and experience top-tier security standards.
Notably, this entire development team isn't abandoning Zcash in the sense of giving up the technology, but rather is forming a new company with the goal of continuing to develop the Zcash protocol more independently. This raises many questions about Zcash 's future governance structure, as well as the relationship between the new legal entity of the development team and the organizations currently controlling the brand and development funds of the project. Within the community, many believe this could be the beginning of a "breakaway from the company" development model, similar to how many large open-source projects have separated from centralized management organizations to return to their original community spirit.
