Electric Coin Company Shares Zcash Trademark Rights With Zcash Foundation
The Zcash trademark was gifted by the Electric Coin Company (ECC) to the Zcash Foundation. Back in 2016, ECC developed and rolled out privacy-centered cryptocurrency Zcash (ZEC). Following the assignment, both parties will hold the ownership to the trademark.
According to the agreement signed on November 6, the Zcash Foundation will bear the costs related to the allotment and protection of the trademark.
While disclosing the news, the Zcash Foundation pointed out the prevailing disagreement with ECC over the trademark’s prospects. The Foundation revealed that it started renegotiating with ECC after flopping to attain a deal in August 2019 at the Zcash Community Forum.
ECC pointed out that the trademark contract is crucial because it safeguards public esteem and segregates various kinds of products. The company stated that Zcash’ trademark safeguards the community from frauds and draws legal strength to Zcash’ blockchain administration.
As per ECC, trademark ownership sharing enabled them to resolve two basic issues: back the Zcash community’s feedback, additionally decentralize the institution. The Zcash Foundation pointed out that the deal ensures interoperability with general legal and enterprise level infrastructure.
Last month, a likely evil intentioned fake version of ZecWallet was discovered. The deal between ECC and the Zcash Foundation highlights the commitment from both parties to avoid such cases.