Electric Coin Company (ECC) has donated the Zcash trademark to the Zcash Foundation. ECC created and launched the privacy-focused cryptocurrency Zcash (ZEC) in 2019, and can now personal the trademark bilaterally with the corresponding basis.
ECC and the Zcash Foundation have been in negotiations since August
Upon an settlement signed on Nov. 6, the Zcash Foundation might be financially liable for prices related to assigning and defending the trademark.
Announcing the information, the Zcash Foundation talked about the present disagreement with ECC over the trademark’s future. The basis famous that it returned to negotiations with ECC after failing to succeed in an settlement in late August 2019, in the course of the Zcash Community Forum.
ECC logged over 500 hours and spent $250,000 on the trademark
ECC defined that the trademark settlement is necessary as a result of it protects repute and separates one product from one other. The agency mentioned Zcash’s trademark protects the group from scams and brings authorized energy to Zcash’s blockchain governance.
According to ECC, the donation lets them remedy two primary issues – to honor and help the Zcash group’s suggestions, and to additional decentralize the group. The Zcash Foundation famous that the settlement maintains interoperability with customary authorized and enterprise frameworks.
Cointelegraph reported in October on a doubtlessly malicious counterfeit model of Zcash Foundation’s native ZecWallet. The settlement by ECC and the Zcash Foundation show their dedication to stop such instances.