The Electric Coin Co. reportedly is ceding the Zcash trademark for the Zcash Foundation. Zcash Foundation is an independent nonprofit institution that specializes in financial privacy and in development of Zcash. It also engages in some form of community interaction for Zcash.
The agreement was approved and enforced on November 6 this Wednesday. ECC developed and initiated the digital currency, Zcash, in the year 2016, three years ago. It has since then supported the project via research & development, awareness, education, engineering, 3rd party adoption, as well as regulatory associations.
ECC insists on continuing this work but wishes to pass on the obligation of trademark registration and security, to the foundation. It is known that the process of registering the trademark and protecting it, takes more than 500 hours and a monetary expense of over a quarter-million dollars.
The decision is the outcome of negotiations stretched across months. It assists in the advancement of ECC’s two main objectives:
- To further decentralize the currency
- To honor and protect the community’s voice in future prospects of Zcash
The gist is to let the contract transfer the trademark ownership to the foundation with no upfront costs, stipulating rights, responsibilities, or limitations.
If this whole procedure is enforced, the Zcash, as well as ECC, will have to relinquish the trademark rights linked to the Zcash foundation name.
Each party bears the right to defend themselves in favor of adopting its suitable implementation in a blockchain network. But it will only be possible for them to do that with different currency nomenclature, ticker symbols, or logos.
What makes this agreement important?
Zcash is the trademark that safeguards the community against the traitors and thieves. It also offers a legal enactment of governance by ensuring that the trademark is authentic and verified.
The Zcash also does the necessary work around Zcash and its community. Their dedicated actions are crucial for the maintenance of privacy and the firm’s mission to equip all the users with economic liberty and opportunity.
Hence, with this trademark agreement, the Zcash Foundation & the Electric Coin Co. have become strong foundations for the brand. The consolidated legal regulations and expanded power of the community opinion have marked the beginning of a robust crypto empire.