Zcash Is About To Have Its Major Protocol Update And Halving At The Same Time

A privacy-focused cryptocurrency Zcash is less than a month away from its first-ever halving event that will take place on block 1 046 400, around November 18. This major event for the ecosystem will be accompanied by the fifth massive system update known as Canopy that is supposed to make the network more secure and create the project's development fund.

Zcash (ZEC) is a decentralized cryptocurrency that takes the 30d place in the global digital assets rating. It is based on zk-SNARK zero-knowledge proof technology that allows maintaining a high level of privacy and anonymity of the transaction participants. 

Unlike most of the cryptocurrencies out there, Zcash transactions by default do not reveal the information about the sender and receiver's addresses and the amount involved. 

Zcash starts a countdown before the Canopy update

Zcash was first released on October 28, 2016, and since that time, it had four significant updates realized through the hard forks. The latest update, known as Heartwood, was activated in July 2020, and now the project is moving into the fifth update that will include five major ZCash blockchain improvements (ZIPs).

  • ZIP-207 and ZIP-214  are needed to create a new development fund. They will specify a mechanism to support funding streams distributed from a portion of a block reward and describe the changes in the consensus rule related to the Zcash Development Fund's proposed structure.New rules imply that miners will get 80% of the block reward, while 20% will be distributed as follows: 8% to Major Grants Fund, 7% to Electric Coin Co, and 5% to Zcash Foundation. This structure will be effective for four years.
  • ZIP-211 is another step away from Sprout protocol. It will deactivate the ability to add new value to the old value pool balance and reduce the complexity and attack surface of Zcash.
  • ZIP-212 is a solution to increase network security as it will ensure that diversified addresses are not linkable.
  • ZIP-215 will change the validity criteria of Ed25519 signatures used in Sprout transactions.
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Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational ...

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