The Zcash blockchain and its token [ZEC] entered the market in October 2016 with its prime moto being privacy by using zero-knowledge proofs. The inventors and developers behind Zcash blockchain announced successful Sapling-hard fork, which brings new shielded addresses with significantly improved performance.
The Zcash is privacy-focused coin and its new upgrade went live at a block height of 419200, which now reduces 90 per cent length of the construction process of a transaction, and a successful memory reduction of over 97 per cent.
Success! We’re happy to announce that the #Zcash Sapling network upgrade activated today at block height 419200. #Sapling introduces new #shielded addresses with significantly improved performance. Learn more: https://t.co/IGoqNdlz3N pic.twitter.com/6VpKcMteCa
— Zcash Company (@zcashco) October 29, 2018
This new upgrade of Sapling brings us one step closer to widespread adoption of an open, permissionless and private payment system.The New Zcash version 2.0.0 compatible with the Sapling upgrade was released on August 17.
The Sapling upgrade brings new features, such as parameters generated by an improved ceremony and the BLS12-381 curve, which benefits all shielded address users. But at this moment funds which were stored in legacy shielded addresses cannot be transferred to the new Sapling shielded addresses without revealing amounts.
“This allows us to audit the monetary base of ZEC held in shielded addresses. We are developing a tool to automate the migration of funds in a way that allows users to minimize the impact on their privacy. We recommend that users wait for the release of this tool,” the blog post added.
Zcash was one of the first successful application of zk-SNARKs, a variation of zero-knowledge proofs that allow them to be used in blockchains.This privacy based coin uses zero-knowledge proofs to reduce their size and the computational strain on the network.
At the time of writing Zcash [ZEC] is priced at a rate of $115. The market capitalisation of the token has fallen to $598 million. In the last 1 hour the prices have dropped by just 0.48 %, which is considered better than the 6.3% drop in the last 24 hours. However the same is observed in the last one week period when the prices dropped by 6.24%. This is probably the lowest Zcash can fall at, we might be expecting a bull run soon.