Zcash Foundation releases a report of the work done in Q1 of 2020

In a recent report, the Zcash Foundation has updated the crypto community on the work accomplished in the first quarter of 2020. Zcash is one of the most well-known privacy coins in the market. 

Firstly, the Foundation acknowledged that the current coronavirus pandemic has affected almost all the industries globally. However, as the project has always worked remotely, the pandemic’s impact on it has been less severe, as per the report. In fact, the Foundation has leveraged its blockchain network to develop a privacy-preserving contact tracing app in a coalition with TCN during this time. 

The report noted that the Zcash Foundation’s work on Zebra is still ongoing. Zebra is Zcash’s consensus-compatible node client. The long-awaited NU3 hard activation has been pushed to July from April, according to the report. It offered an update on the project’s ongoing relationship with ZecWallet and the release of the “light wallet version.” This version of the wallet will allow Zcash users to shield their ZEC tokens immediately.

The report also discussed the ongoing work on designing a Zcash-Cosmos pegzone. After reviewing the cross-chain integration concept with the members of the Cosmos ecosystem, the two teams are planning to publish a concrete roadmap by the second quarter of this year. 

Finally, it gives an update on the current state of budget and funding options for the project. The Zcash Foundation’s new budget outlines $2.68 million of spending compared to the earlier amount of $3.24 million. At present, the Foundation holds around 101k ZEC, 42 Bitcoin (BTC), and $4 million cash in hand, the report says.