“The Ceremony” is about the launch of the cryptocurrency ZCash. The Podcast follows an interview and video of “the ceremony” through the eyes of Morgen, a journalist, and the creator of Zcash, Zooko.
The origins of Zcash
- After the financial crisis of 2007-2008, it was clear there were issues with the financial system.
- The first cryptocurrency, Bitcoin, can be seen to some as a solution, but it had some issues.
- Privacy - all the transactions were recorded on a public ledger.
- Zooko and others in the cryptocurrency space set out to create a solution to Bitcoin’s privacy issues.
- Morgen, following the cryptocurrency space since inception, caught wind that Zooko was creating this new currency and wanted to watch as it was created in this “Ceremony”.
- In order to prove the legitimacy of Zcash and its privacy, Zooko and other core developers created the “Ceremony” out of spontaneity to convince customers that Zcash was accomplishing what it intended to.
- However, not all of the “Ceremony” went according to plan when Morgen’s phone started giving off feedback, alluding to some sort of privacy issues.
- In the end, Zcash was successfully created five days after the summit, and reached highs of nearly $4,000 a coin within the first week of public access.