Privacy coin Zcash will now undergo its first halving event but will Zcash’s halving revive the already crashed ZEC prices? Let’s find out in today’s Zcash news.
The hard form event set for today, November 18th, will cut down the inflation rate of Zcash from 25% to 12.5% which is a huge decrease because the privacy-based altcoin was hampered by high inflation since it was created in 2016. The series of halving events every four years starts today with one scheduled in a few hours which is expected to decrease the inflation rate of the coin substantially. Zcash block rewards will be cut from 6.25 to 3,125 ZEC per block. According to Messari, Zcash will undergo its fourth network upgrade that will provide up to $70 million in funds to developers in the next four years.
The halving will undergo its fourth network upgrade that is expected to provide up to $70 million in funds to developers in the next four years. Zcash uses zero-knowledge proofs which allow transactions to be verified without having to reveal the sender, receiver, or transaction amount. Also, it will enable the storing of assets in a private manner which means that not only the process of the transaction will be private. At the start of the year, Zcash was the subject of a research paper which explored how big is the extent to which the coin is used for illicit or criminal purposes. Monero remains the main coin for hackers and cybercrime as the study found no evidence for illicit usage of Zcash.
However, this didn’t prevent major exchanges like in South Korea for example including Zcash as part of the privacy coins club. ZEC was even one time worth more than Bitcoin when the hype fueled the prices higher but then collapsed since along with most of the other altcoins that were of similar age. The industry observes suspected that the downward price action was a result of the miners selling the ZEC coins after suffering high inflation in the early days. The halving event hopefully will bring the first major relief as miners will not be forced to hold prices down. However, will Zcash’s halving revive the prices?
At the time of writing, zEC Was trading at $65, having increased by 11% over the past week. The popular crypto analyst dubbed “Squeeze” noted:
“Pouring one out for $ZEC’s first halving event in 23 hours with no price impact.”
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