- Zcash (ZEC-USD) is about to get one of its biggest updates yet.
- Zcash crypto, ZEC, is one of the most successful privacy coins
- Developers expect the upgrade to roll out by the end of the month
Even in a booming coin industry, Zcash crypto stands out. It is one of the most popular games for investors looking to trade cryptocurrencies untraceably. Now it’s heating up as it prepares what some are calling one of the network’s “biggest upgrades ever.”
The Zcash network was first launched in 2016, making it one of the first privacy coins in gaming. It promises full fungibility and completely anonymous transactions. Of course, on the blockchain, that might be a bit of a hard thing to imagine. After all, the blockchain is created to permanently record every transaction on an eternal digital ledger.
Zcash achieves this anonymity through a technology called zero-knowledge succinct non-interactive arguments of knowledge, or more simply, zk-SNARKs. Using zk-SNARKs, operators can send proof of a transaction’s authenticity for validation without having to reveal the underlying data to the node. This guarantees complete confidentiality of the transaction. The node can then record the validated transaction in the blockchain without having to publicly log the sensitive data.
Zcash crypto is different from other privacy coins in that the network also allows users to transact seamlessly. Most private coin users want their transactions to be completely private. However, some may wish to have the ability to reveal data to trusted third parties. Since Zcash supports both private and public addresses, one can select the address that best suits their needs for the network.
Zcash Crypto Prepares for Major May Upgrade
While the Zcash crypto has become a major privacy player in recent years, developers are still looking to improve the network. As a result, Zcash has seen five major upgrades since its initial launch. This month, it’s gearing up for its sixth, and the developers believe this one will be the biggest yet.
the electrical parts company – the development team behind Zcash – says the incoming software update is the biggest change to the network in its history. Most notably, the upgrade will remove some of the complexities of its transactions. By doing so, the developers configure the network to allow completely private and trustless transactions on mobile devices. This would make ZEC the first smartphone compatible privacy coin on the market. Additionally, the team claims that the upgrade will increase interoperability, also opening the door for cross-chain private transactions.
A Zcash Founder’s Twitter Feed Zooko Wilcox-O’Hearn best explains the long-term implications of the upgrade. Wilcox-O’Hearn calls it a “historic step forward for human society,” placing what he calls “the strongest money in the world” on a foundation for long-term evolutionary growth. He further explains that the upgrade is the first case of implementing zero-knowledge proofs in a general-purpose technology.
These are big promises. If Zcash is successful in implementing these changes, they could make privacy coins much easier to trade and more tradable across different mediums. Mobile device compatibility, interoperability and increased scaling are big things to foster the ubiquity of the Zcash crypto. The developers expect the upgrade to roll out on May 31.
As of the date of publication, Brenden Rearick had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.