Zcash (ZEC), one of the popular private crypto coins in the market right now is set to release a fundamental milestone in October. This is in a bid to improve the altcoin’s features hence faster transactions and a transparent supply formula for the ZEC digital asset.
The Zcash blockchain project recently announced the news about an advanced feature within its platform as well as explaining its functionality. On October 28th, Zcash (ZEC) will roll out its ‘Sapling network upgrade’ to improve its ecosystem design. Zcash hopes to sustain and top the ‘private coins’ arena even though altcoins like Monero (XMR) have an upper hand in market cap at the moment.
Zcash updated their blog to make this advancement’s goal clear to its community, the Sapling network upgrade will focus on two main issues. One of them is a replacement of the outdated sprout addresses with new cryptographic ones. This will improve the Zcash blockchain transparency, efficiency and initiate a fair ZEC distribution.
The pioneer feature will address the issue of computing space, something most blockchain networks still suffer from. For the Zcash platform to execute a transaction that is zero-knowledge its sprout requires around 1.5 GB of space and a time span of 40 seconds. The new Sapling network comes with addresses that are shielded hence reducing the needed space to 40 MB and executes within a lesser time span. In figure terms, this will translate to an over 90% reduction in both computing resources and time.
Sapling’s Network other feature is meant to ensure ZEC coins are available and protect consumers from counterfeit coins during the upgrade. Zcash users will have to acquire new addresses; the team will use the migration opportunity for an audit process.
“The trade-off between shielding value and auditing the circulating supply raise valid concerns. Like any valuable asset, preserving the scarcity of ZEC is an important driver of long-term, sustainable value. For example, if gold counterfeiters could successfully sell fools’ gold, the perceived loss in scarcity would drive the value down over time. Zcash engineers have gone through great lengths to protect the network from any deviation in the expected ZEC in circulation,” the post states.
This news could spark a positive reaction by the ZEC price action given the attention it’s courting from the Zcash community. For an altcoin that has been in the red zone losing 25% in two weeks, Zcash could probably see a reversal as we head the “bullish” Q4.
Bitpanda Zcash (ZEC) listing
Getting listed on coin exchanges is one the biggest achievements by crypto projects in today’s blockchain landscape. ZCash was recently included on the Bitpanda coin exchange, a platform that will expose the ZEC digital asset to more prospective buyers. ZCash is now over 2 years old and already has a reputation of two hard forks that saw the birth of ZenCash & ZClassic.
Zcash (ZEC) enjoys a strong algorithmic score placing it a top position within the Bitpanda exchange in comparison to its competitors. The ZEC blockchain and token is designed using a highly secure and immutable tech known as ZK Snarks.
ZEC is currently position 21 in market capitalization out of over 1800 cryptocurrencies as of press date. The altcoin’s exchange value against the dollar stands at $117.45, a figure that is highly likely to deviate significantly at any moment. This is due to the coin’s volatility currently at 31% for the past month.