ZEC’s ECC, the Electric coin company behind the crypto project, has just made the new source code for the blockchain improvement public which is why we are reading more about it in the ZEC latest news.
ZEC’s ECC opened its Halo 2 source code which is an update and more efficient version of the initial recursive proof composition that will eliminate the need for a trusted setup in Zcash:
“It may also advance a promising scalability solution for Zcash and other blockchains.”
Initiating a personal network with Zcash, by making use of the Zero-knowledge Succing Non-interactive Argument of Knowledge or popularly known as zk-SNARKs, requires relied on a setup. This indicates that option celebrations should supervise the network at the beginning and with the new Halo 2 source code, the entire procedure is enabled without relied on the setups when utilizing Zcash. The Ethereum Foundation also assisted in the advancements of Halo 2 according to the blog post:
“This would also set the stage for future support of recursive proofs in support of layer 1 scalability. In the months ahead, we will be committing significant resources in r&d, engineering, business development, marketing, operations, and third-party support to ensure halo 2 will be productized safely and securely. ultimately, it will be the zcash community that decides whether halo 2 becomes part of zcash.”
Zcash is among the few popular privacy-based cryptocurrencies in the crypto space which is an important principle in an era of increasing digital monitoring. In our previous Zcash news, we noted that The Zcash Foundation will select five members in the new Zcash member board to oversee the $36 million treasury and the foundation said that the community interest in such a proposal grew over the past few months. The move came right when the community-based governance gained a foothold in the market.
The upcoming Zcash halving could help the asset reduce its annual inflation rate and make the coin profitable for the miners. Reward halving is quite common for different forms of cryptocurrencies and is known to impact the supply of the coin, difficulty, and price. For many cryptocurrencies, the halving mechanisms are embedded into the code so they can lower the generation rates and inflation which can also prolong the life of the coin during a time of increased demand.
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