The Winklevoss brothers have donated $1.16 million to support Zcash's core protocol development through Shielded Labs.
Tyler and Cameron Winklevoss have donated 3,221 ZEC, valued at approximately $1.16 million, to Shielded Labs, the supporting organization for Zcash. This funding will bolster efforts on the core protocol of the privacy-centric cryptocurrency.
Shielded Labs operates independently from the main Zcash development team and does not engage in mining. Instead, it relies on donations, focusing on research and engineering rather than commercial endeavors. Notable among its members is Zcash founder Zooko Wilcox.
The funds will be allocated towards long-term projects, including the Network Sustainability Mechanism, Crosslink, and Dynamic Fees, which aim to improve the network's security, scalability, and economic viability.
Tyler Winklevoss highlighted the necessity of diverse independent teams for a robust ecosystem, while Cameron Winklevoss reiterated their long-standing support for Zcash, emphasizing the importance of privacy in "sound money."
This grant arrives at a pivotal time for Zcash, following the departure of several developers from the Electric Coin Company (ECC) due to board disagreements, leading them to establish a new firm. Additionally, former ECC cryptographers have launched a new wallet, CashZ, which utilizes Zashi code and offers an easy migration for users.
Earlier this month, Winklevoss Capital, the brothers' investment fund, also invested over $50 million in Cypherpunk, a company focused on accumulating ZEC.
