Seeing ZEC plummet by 30%, I thought the project team had run away. Upon clicking on it, I realized: This matter is not as ruthless as running away, But it's more troublesome than running away. It's not that the code exploded, Not being hacked, It's not just a regulatory ban. But rather—— The core development team of Zcash has left the original governance system. It's not the kind of argument or breakup, It's about speaking clearly, explaining responsibilities clearly, and then establishing a new company on the spot. This time, it's no wonder the market isn't panicking. 1、 Let's start with the conclusion: this is not an 'internal struggle', it's a structural failure On January 8th, Josh Swihart, CEO of Electric Coin Company (ECC), issued a statement announcing a showdown. The core meaning is only one sentence, but it carries great weight: The non-profit organization responsible for governing ECC has clearly and consistently deviated from Zcash's core mission. What is truly alarming is the legal terminology he uses: Constructive Discharge In human language, it means: You were not officially fired, But the rules have been changed to a certain extent—— You can no longer do things professionally, compliantly, and efficiently, and can only be forced to leave. So the ECC team's choice is very direct: Okay, then we won't work in this system anymore. 2、 They are not starting from scratch, but continuing to do the same thing Subsequently, Josh announced the establishment of a new company, CashZ. Pay attention to a few key signals (which are important): ❌ Do not create a new public chain ❌ Not issuing new tokens ❌ Do not engage in forking ✅ Continue based on Zcash code ✅ Focus on wallet products and commercialization implementation What does this mean? They do not deny Zcash. What they deny is the existing non-profit governance structure. let me put it another way: There's no problem with the agreement, The problem is that this organizational structure is no longer suitable for making things bigger. 3、 Why was ZEC smashed so badly? Because the market is actually very sensitive. This 30% bearish candlestick, Not pricing 'technical failure', But rather pricing a lower level of risk: When the person who understands a project the most and is best able to advance it, When choosing to leave the original governance system, This indicates that the system has reached its limit. What everyone is worried about is not whether it will return to zero today, But rather a more realistic question: Next, who will be responsible for the actual execution? This is the true source of price decline. 4、 Industry judgment is much calmer than community tearing In the review of the encrypted podcast The Rollup, I strongly agree with one judgment: This is not a project collapse, but a structural adjustment that will happen sooner or later. The root of the conflict is not in technology, Not in the privacy narrative, It's not even about who is more 'just'. And on a recurring contradiction in reality: When the encryption project enters the stage of "large-scale implementation", Non profit organizations often become the first bottleneck. Slow financing Weak motivation Low execution efficiency Strong legal and compliance constraints In the 'ideal stage', one can still endure, Once you want to make a product, a user, and grow, These issues will erupt in a concentrated manner. 5、 Does this sound like OpenAI back then? To be honest, it looks very similar. On one hand, it is believed that: Non profit is safer and purer The other side believes that: Not for profit, many things cannot be pushed forward at all There is no absolute right or wrong, Only a phased reality. What Zcash is currently facing, It's not a dispute over values, But a more brutal question: The organizational structure can no longer keep up with the mission and ambition. 6、 The most ironic point From the results, it can be seen that the goals of both parties are highly aligned: Everyone wants Zcash to have sustainable income Everyone wants to break free from the drive of donations Everyone is concerned about legal and political risks Everyone realizes that 'pure non-profit' cannot continue But they still went their separate ways. There is only one reason: We have never been able to reach a consensus on how to safely achieve profitability. So, originally for the sake of 'being more secure', In the end, the greatest uncertainty was revealed, It was thrown to the market all at once. 7、 Zcash is not the first, nor will it be the last If you zoom out, you will find: Zcash is not an isolated case This kind of conflict repeatedly occurs in the encryption industry Every time, it happens at the threshold of 'moving from ideal to reality' When the project is still small, non-profit is a protective shell When the project needs to expand, non-profit has become a brake pad If you don't change the structure, We can only switch people. ECC just went a little further this time.