ZCash (ZEC) has made one of the most important announcements regarding their system update so far as they have made a significant investment in Agoric, as stated in the announcement that went public days ago on May 21st. The Agoric investment was made in order to provide an OCAP programming layer that would allow programming in accordance with ECMAScript requirements. However, there was another announcement during the last several days that cast a shadow over the OCAP layer, as ZEC has just announced the ZCash Version 1.1.1.
ZCash and the Agoric Investment
After announcing the Agoric investment on May 21st, the team behind ZCash (ZEC) on the head with Zooko Wilcox, have announced the sapling MPC, known as multi-party computation protocol that would provide a maximal security against illegal activities and counterfeiting.
Since ZCash is working on a unique protocol, called z-SNARKS, which basically represents a proof of random operations while applying zero-knowledge technology. While doing so, this protocol is working on creating different proofs for certain computations.
As this protocol might go on with changing its directions, it will also change parameters by creating new ones, and that is exactly where MPC comes as more than useful – to assure transparency in this process while vouching for security.
ZCash (ZEC) has gone on strong with implementing changes and updates into their system, so they have announced the ZCash version 1.1.1, only several days later on may 30th.
ZCash and the Version 1.1.1
After Agoric investment for improved security and transparency with z-SNARKS, ZCash on the head with Zooko Wilcox, announced the arrival of the Version 1.1.1, on May 30th with a public announcement.
This is yet another important move for ZCash and the team behind ZEC as the release of the mentioned version means that we are getting closer to the arrival of the latest network upgrade dubbed Overwinter that was scheduled to arrive after the arrival of Sapling as per the roadmap of ZCash.
ZCash version 1.1.1 thus represents a compatible version of node software for Overwinter, while the first block of the new system update, Overwinter, and should be launched on June 25th, as scheduled weeks earlier.
Some of the changes that were noted as crucial to the new system update is ZCASH-CLI.
This neat addition represents a security protocol that is most suitable to be used for private and sensitive information and data.
With this announcement, Simon Liu added that the ZCash version 1.1.1 has finally arrived, adding that the mentioned version is compatible with Overwinter, while it provides support for Sapling test net and Sapling consensus.
ZCash and Transaction Expiry
Only one day later, on May 31st, ZCash (ZEC) announced the availability of a new feature called Transaction Expiry, which was yet another great addition to the new system updates.
With Transaction Expiry, as a part of the Overwinter system update, ZCash network will now be able to remove all transactions in the mempool that are not being validated or mined after a certain period of time, by marking this transaction invalid and removing it from the mempool.
Every new transaction ends up in the mempool where it waits to be verified and mined, so with this new upgrade, the system will be able to get rid of the cluster made by the invalid transactions that have no odds for being verified or mined within the given period of time.
All new transactions will be kept in the mempool for about 20 blocks each, which is approximately an hour, after which the mentioned transactions will be cleared and removed if not mined and verified.
After all the neat announcements that the ZEC team shared over the past couple of days, ZEC has managed to acquire a well-deserved rise of nearly 7% on June 1st.
ZCash and the Market
The market once again seems to be acting sluggish, however, in a divided manner as while a portion of currencies is going up with minor rises, the other half is dropping at various rates.
Following the latest trend, ZCash (ZEC) seems to be stuck with the dropping currents in the market, so we can see it dropping by -8.41% while trading in the green.
Ranked as 25th currency on the global coin ranking list, ZEC made an all-time high of around 876$ per one unit back at the beginning of January, however, we can now see it trading at the price of 233$ per one ZEC unit, which is more than three times lower compared to its record price.