The first halving in the history of Zcash took place
The crypto industry is not only Bitcoin and Ethereum, not at all. There are countless cryptocurrencies operating in the vast modern digital industry. Some focus on the convenience of money transfers, while some platforms focus on building applications. Well, some sites provide functionality to ensure maximum user privacy. These include Zcash. One of the most confidential digital currencies of our time today held the first halving in its history. What does this event mean for the coin and the industry as a whole? What are the implications and prospects for Zcash? Let’s figure it out. So let’s get started.
About coin
First, according to the established tradition, let’s analyze the context of the event. It is not surprising that, perhaps, some of our readers, in principle, hear about Zcash for the first time. Despite the fact that this coin ranks 38th in the list of the most demanded digital currencies, it cannot be called a crypt for everyone. After all, it is a highly specialized tool, with its own advantages and characteristics. The most important of the latter is privacy. In this coin, anonymity is simply at a phenomenal level. Data privacy is comparable to platforms like Monero, which says a lot about the reliability and security of users.
However, there is only one difference in the Zcash system: the coin never went through a halving. But this was the case until today. Until today, the cryptocurrency has moved along a single route, maintaining its own integrity and not splitting its own work into several branches. But everything has changed. Zcash went through the first highly successful hard fork in its history, which should definitely be discussed in detail.
Technical details of the Zcash update
First of all, we note that in addition to the division of the Blockchain, the coin has faced a rather significant update. Cryptocurrencies have brought a lot of new things to work. The update was named Canopy and it can also be considered quite important. It is a collaborative effort between the Zcash team and ECC project representatives. Through their efforts, representatives of the two companies were able to create a product that fully meets the expectations of the audience and industry standards. A lot of new things were adopted in the update, in particular, the creation of a system development fund.
What is the need for a fund?
The fact is that each Zcash update costs developers quite large sums. One has only to imagine how much money is being spent on maintaining the servers’ operability and remuneration of employees in order to be convinced of the need to find additional funding. But, since increasing commissions or other ways to get funds from users is not at the level of a large company, Zcash representatives simply reworked the already existing algorithms. Now, from each transaction, the minimum percentage of funds received will be sent to the coin development fund.
Thus, approximately 5% of the company’s total revenue from the sale of digital assets and other sources will go towards supporting the future. Zcash is waiting for many more achievements, because the coin is actively developing and does not stop there. Such news shows the seriousness of the intentions of the developers, their love for their own product and the desire to develop together with their audience. The main thing is to follow the news of the cryptoindustry in order to stay abreast of all current trends. Read about the current events in the world of Blockchain and technologies with us. We publish only high-quality and interesting material. Thanks for attention. Good luck!
