Electric Coin Company (ECC), the maker of privacy-oriented cryptocurrency zcash, has transferred the ownership of zcash trademark to the Zcash Foundation “at no cost.”
Announcing the news on Thursday, ECC said the decision has been taken after “months of negotiations” and it will help with further decentralization of zcash. ECC and the Zcash Foundation executed the decision through an agreement signed on Wednesday.
ECC launched zcash in 2016 and has been supporting the project through research and development, engineering and regulatory relations, among other work areas. The company said it will continue its work.
As the zcash trademark ownership now lies with the Zcash Foundation, an independent nonprofit that focuses on financial privacy, zcash development and community engagement, the foundation will be responsible for the trademark protection. ECC said zcash trademark registration and protection has cost it “500 hours and more than a quarter of a million dollars” since 2016.
“The trademark protects the community from scammers and gives legal force to governance decisions by guaranteeing that the Zcash name is applied to the correct blockchain,” said ECC.