Cryptocurrency company ZCash, the ones who are being the creation of privacy coin ZCash, have recently announced that they shall now be rebranding their company to Electric Coin Company.
According to information provided by their official blog post, the company said, “We’re changing the name for clarity.” Although this has left the crypto community quite baffled, with the majority of its supports believe this to be a really bad idea on their part, most people seem to think its some kind of weird early April fools joke at most.
“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.”
Even so, the community does consider this to be a terrible idea on the companies part.
The announcement does stress out that Zcash Foundation is distinct from the Electric Coin Company. Furthermore, the cryptocurrency Zcash (ZEC) is quite distinct from the both of them.
Zcash Company is now the Electric Coin Company! 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. Learn more about us: https://t.co/BSPzuaP1zq— Electric Coin Company (@zcashco) February 21, 2019
The Electric Coin Company does support the development, usage, and adoption of ZCash as a for-profit company. These include a number of scientist, engineers, business executives, and others that are a part of the company. However, the Zcash Foundation is a distinct organization, that functions quite similar to a 501(3) non-profit corporation. Both are currently engaged in working towards the adoption of Zcash for the general populace.
The cryptocurrency known as Zcash will remain the same. It still continue to trade as it was doing so before. Additionally, it’s presumed that it will continue to retain the ticker symbol ZEC. Moreover, the legal name of the Zerocoin Electric Coin Company, LLC, will also be retained. The only real change occurring for the formerly known Zcash company is the name they’ll be referring themselves to which is the Electric Coin Company.