Zcash Developers Leave Electric Coin Company to Launch Independent Firm

TLDR:

• Entire Electric Coin Company development team exits to form independent Zcash-focused firm
• A governance dispute with Bootstrap board members triggers mass departure from ECC structure
• Zcash protocol remains fully operational despite organizational split affecting development team
• ZEC price drops 9.78% in 24 hours as market reacts to news of developer team reorganization 

Zcash developers are launching a new company after collectively departing Electric Coin Company following governance tensions with Bootstrap board members. 

The entire ECC team exited the organization and plans to continue developing privacy-focused cryptocurrency solutions under a fresh corporate structure. 

Josh Swihart announced the move through social media, explaining the split stemmed from disagreements with board leadership. 

Despite the organizational change, the development team maintains its original mission while ZEC trades at $428.97 amid market volatility.

Formation of New Development Entity

The former Electric Coin Company team is establishing an independent organization to pursue Zcash-related development work. 

Swihart confirmed the same team will operate under new management structures. The developers cited fundamental disagreements with Bootstrap board members as the primary catalyst for forming a separate entity.

Board members Zaki Manian, Christina Garman, Alan Fairless, and Michelle Lai reportedly altered employment terms in ways the development team found untenable. 

The changes made it difficult for developers to execute their responsibilities with integrity. Rather than compromise their vision, the team chose to build a new operational framework.

The newly formed company will maintain focus on creating what developers call “unstoppable private money.” This mission aligns with the original goals that guided their work at ECC. 

The transition allows the team to operate independently from governance structures they believe hindered progress.

Network Stability and Industry Perspectives

Zcash protocol operations continue without disruption despite the organizational split. The blockchain’s open-source and permissionless nature ensures users can transact normally regardless of corporate changes. Technical infrastructure remains secure and functional throughout the transition period.

Zooko Wilcox offered measured commentary on the situation without directly involving himself in the dispute. He vouched for the character of the Bootstrap board members named in the controversy. 

His decade-long professional relationships with several board members informed his assessment of their integrity.

Market participants reacted to the news with ZEC declining 9.78% in 24 hours and 17.93% over seven days as of this writing. Trading volume surged to $1.59 billion during this period. 

The price movement suggests investor uncertainty about organizational stability, though technical fundamentals remain solid.

The development team promised additional information about their new venture soon. Meanwhile, the split demonstrates how cryptocurrency projects navigate tensions between decentralized principles and organizational governance. 

Both parties maintain their actions serve the broader Zcash ecosystem and community interests moving forward.