Latest data shows that one mining pool controls more than 53% of the hashrate of the Zcash cryptocurrency network. On September 19, 2023, the Viabtc crypto mining pool had 4.2 GSol/s with a total Zcash hashrate of 7.84 GSol/s. Electric Coin Co., which oversees the Zcash project’s codebase, acknowledged the problem Tuesday, citing a “lack of finality.”
Coinbase released a “PSA” called “Observed risks in Zcash mining pool distribution.” In the analysis, Coinbase detailed the prevailing problem and mentioned its direct interaction with the Zcash team. To protect customers’ assets from potential problems, Coinbase has taken measures including moving its Zcash markets to a “limit only state.”
ECC explained that the problem is caused by a lack of finality that affects all proof-of-work blockchains. The company offered a solution called Trailing Finality Layer (TFL). ECC believes this will fix the problem by providing finality for Zcash. Additionally, ECC noted the move to proof of stake (PoS) as a beneficial move for Zcash, listing it as one of its “top four priorities.”
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