Electric Coin Company, the creator of privacy-coin Zcash (ZEC), announced that Zcash Foundation would be a bilateral owner of the company’s trademark.
On November 6, ECC and the Zcash Foundation entered an agreement that holds the latter responsible for shouldering the costs associated with protecting the assigning the privacy-focused cryptocurrency. As per the report, the negotiations between the two parties started in August.
According to the foundation’s post on its community forum, during the initial discussions about the initiative, there had been a disagreement over ZEC’s future. However, talks about the ECC donating the company’s trademark to the Zcash Foundation had been resumed until both parties reached a consensus.
As emphasized by ECC, the trademark agreement is of utmost importance since it would give one product distinction over another. Furthermore, the company stressed that Zcash’s trademark safeguards the community from malicious attacks and provides the Zcash Blockchain the legal power to govern transactions. Notably, in October, reports claimed that unidentified scammers had launched a counterfeit version of ZecWallet, the Zcash Foundation’s native wallet.
Aside from being able to prevent scams and fraud cases, ECC also revealed that the donation allowed them to settle two other pressing problems. First, the organization would be open to further decentralization, and second, ECC would be able to honor the feedback from the Zcash community.
Meanwhile, the Zcash Foundation said that being the bilateral owner of the ECC’s trademark would enable them to maintain interoperability with existing legal and business frameworks.