Privacy-focused decentralized blockchain Zcash (ZEC), which provides anonymity for transactions, has announced that its new update has started working on the mainnet.
Zcash is a code fork of the Bitcoin (BTC) protocol that uses zero-knowledge proofs, a form of encryption to provide enhanced privacy. Zcash (ZEC) is currently the 58th largest cryptocurrency with a market cap of over $1.17 billion, and the second largest privacy coin last, from Monero (XMR) with a market capitalization of $3.6 billion.
Zcash, one of the oldest cryptocurrencies in the cryptocurrency market, announced that the “Network Upgrade 5” (NU5) upgrade has started to work on the mainnet. The statement came by Zooko Wilcox, the creator of Zcash and CEO of Electric Coin Company (ECC).
Designed to hide the details of transactions performed by users, Zcash uses a zero-knowledge proof system. It has been stated that the new NU5 update of Zcash, which has not received an update since November 2020, has been released on the main network.
Launched in 2016, Zcash initially required a setup phase so users could create and verify custom transactions. With the latest NU5 update, it has been announced that there will be no need for this installation stage or any security institution.
ECC says the use of the Halo proof system within the protocol allows Zcash users to make private, reliable digital cash payments on their mobile phones. This is made possible through a new address format called unified addresses, which eliminates the need to switch between multiple address types. Another feature that the company has attracted privacy-minded crypto enthusiasts is its ability to automatically redirect any ZEC received from a unified address to the latest sandboxed repository. This ensures that every Zcash transaction is protected by default.
Zcash's native token, ZEC, is ranked 44th in the list of CoinMarketCap, with a market value of $1.3 billion. ZEC, which has decreased by 4.45% in the last 7-day period, is trading at $ 93.92 as of the writing of the news.