Zcash’s new upgrade has been at the forefront of the entire crypto industry for quite some time now. By market cap, the altcoin is the 23rd largest public digital asset and compared to other digital assets, Zcash has a large community and user base. More about this update we read in our latest cryptocurrency news below.
Zcash in its nature was not enough for the founders so the company backing up the asset-The Electric Coin Company proposed Zcash’s new upgrade. During the ZCon1 In Croatia, the developers announced that they are looking to build a better blockchain for Zcash which could be used by more than 10 billion people. For quite some time now, Monero and Zcash are known to be the forerunners in the cryptosystem because of their privacy features. While Monero became extremely popular with low transaction times and immense fungibility, Zcash has not so the blockchain cannot enable private transactions by default yet.
As noted by Decrypt, however, the Electric Coin Company will change how Zcash works and will make the crypto anonymous, easier to use and increase its accessibility to a global population. The company will build a brand new blockchain and will throw away the current chain since 2016. The company also pointed out that it will involve sharding in the chain. Sharding became a leading scaling solution mainly for the Ethereum developers who intend to implement Proof of Stake and sharding in the next two years. The mechanism splits information in a database into different servers and this is why cryptocurrencies could allow for different groups of nodes in one blockchain to process different requests.
As noted in the coming altcoin news this Zcash’s new update will be entirely separate from the current Zcash chain. When the new digital assets get activated, there will be no need for much effort to ensure that the users are doing the right thing. However, it is unclear how this new system will work. The upgrade aims to revolutionize Zcash’s place in private finances. Currently, less than 2 percent of all transactions are with the help of the on-chain privacy mechanism since shielded transactions can be more expensive.
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“No party has independent authority to declare that a specific chain of Zcash can actually be called Zcash. There must be agreement from both parties, and neither party can unilaterally override the will of the community.”Wilcox is in the Zcash news today for telling the media last week that the Zcash trademark negotiations were emotionally painful for him. As he described, they were compared to "watching a baby bird leave its nest."
“As a person, I am devoted to zcash and can never stop working for zcash and all that it means for humanity,” he said. “As the ECC, of course, we can only work for the community if they hire us to do so.”Ever since the ECC startup started the launch of the Zcash (ZEC) privacy coin in 2016, Wilcox has been the de facto public face of the cryptocurrency. That is why he believes that the trademark agreement is a sign of the project and how it is "rapidly moving to a status" where he does not have the power to "make something happen or stop it from happening."All in all, Wilcox is a wealthy man who benefied from the Zcash founders' reward which delegates a portion of the newly mined coins to the founding team. However, he said that he is all-in with the money he earned.
“I’ve pledged half of all the money I expect to see in the world to fund the foundation,” Wilcox said and agreed that it requires a great deal of risk and faith in the community for a project like Zcash to succeed.
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