Sovright Launches Argos Tool to Help Early Zcash Adopters Recover Lost Wallet Assets

BlockBeats News, June 30th, Sovright, a non-profit organization established by former members of the Zcash development team at the Electric Coin Company (ECC), launched the wallet recovery tool Argos to help early Zcash users recover assets held in shielded addresses that became inaccessible due to the discontinuation of the ZEC Wallet Lite in 2022.

Sovright's Chairperson, Michelle Lai, stated that users holding the original wallet mnemonic phrase can use Argos to recover their funds. While the exact number of affected addresses cannot be accurately determined, it is estimated that a significant amount of funds are involved, mainly impacting early and long-term Zcash users.

In addition to Argos, Sovright recently launched a testnet version of the Sovright Mining Pool, aimed at helping individual miners to participate in mining and address the issue of excessive centralization of Zcash hashrate.

Sovright was founded after a governance dispute between ECC and the Bootstrap governance entity. All former ECC employees have left to establish the for-profit entity Zcash Open Development Lab (ZODL), while three former Bootstrap board members have formed Sovright to continue promoting the development of the Zcash ecosystem in a non-profit capacity.