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The Electric Coin Company (ECC) has announced launching a major upgrade for the Zcash privacy coin. Zcash is one of the most popular privacy coins, and it has been used to maintain transaction anonymity.
In a blog post, the ECC confirmed that the major upgrade within the Zcash network since November 2020 had eventually been launched. The upgrade dubbed NU5 is a strategic one for the network, and it will help improve some features within the blockchain.
Zcash launches NU5 upgrade
The NU5 upgrade is already live on the Zcash network. The upgrade is historic for the Zcash Network, and it could help boost the value of ZEC tokens. ZEC is one of the oldest cryptocurrencies in the market, and its value has been supported by the anonymous nature of the Zcash blockchain network.
“It’s here!!! Zcash d 5.0.0! If the Zcash users choose to run Zcash d 5.0.0, then at the end of this month Zcash Network Upgrade 5 will activate on mainnet. This is a historic step forward for human society,” a Twitter thread said.
It’s here!!! Zcashd 5.0.0! If the Zcash users choose to run zcashd 5.0.0, then at the end of this month Zcash Network Upgrade 5 will activate on mainnet. This is an historic step forward for human society.https://t.co/X5LT1H4rXq
— zooko❤ⓩ🛡🦓🦓🦓 (@zooko) May 11, 2022
The Nu5 upgrade comes with a wide range of features for those that want to use the network. One of these features is the Orchard shielded payment protocol. According to the company, this protocol will ensure that Zcash no longer relies upon the complex setup procedures that the Zcash network has used.
The ECC has also praised the integration of the Halo proving system within the network. The company said that this system would enable Zcash users to create private and transparent digital cash payments through their mobile devices.
The use of mobile phones in making ZEC transactions will be supported by a new address format dubbed unified addresses. The addresses eliminate the need to use multiple addresses when making transactions. This initiative streamlines using ZEC tokens for transactions by making the process efficient for new users.
The other new feature that will also be introduced with this new upgrade is heightened privacy. The company noted that this upgrade would provide more benefits to cryptocurrency enthusiasts focused on privacy. With NU5, any ZEC received through the network will automatically be routed to a recent shielded pool at a unified address.
The additional privacy feature will ensure that every transaction made using ZEC tokens will be shielded by default. This adds an extra layer of security without a user initiating any extra processes.
The popularity of the Zcash protocol
Zcash is one of the most renowned and one of the oldest privacy blockchains. Zcash is a fork of the Bitcoin network with an added layer of privacy. The Zcash network uses zero-knowledge proofs. Zk-proofs are a form of cryptography used to verify legitimate transactions while hiding details that could normally expose identities.
The Zcash network shares some similarities with the Bitcoin network. One of these similarities is that the total supply of both ZEC and Bitcoin is capped at 21 million coins. The Zcash network was launched in October 2016, and its zero-knowledge proofs needed a trusted setup procedure that would allow users to build and verify transactions based on privacy.
The launch of the Zcash network saw the participation of the famous whistleblower, Edward Snowden. At the time, Snowden was known as John Dobbertin. The Senior Vice President of the ECC, Josh Swihart, said that Snowden did not receive any money for being involved with Zcash. He said that Snowden helped launch the project as more of a service.
Zcash currently ranks as the 45th largest cryptocurrency, with a market cap of $1.36 billion. It is also the second-largest privacy coin after Monero.
To learn more visit our Investing in Zcash guide.
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Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.