For readers not very adept with the Zcash network, the project is currently in the ‘Sprout’ stage, where transactions on the Zcash network are shielded with zk-SNARK technology.
The next phase for Zcash, ‘Sapling’, has been in the works for months now and its release will see Zcash network adopt a much more secure protocol for transactions.
Upon its launch, Sapling will integrate a new Multi-Party Construction (MPC) protocol to make Zcash transactions more transparent and secure.
Zcash has also promised that Sapling will launch with better scalability than the current phase Sprout. Sapling was due for activation on the Zcash network this week.
However, the Zcash company has announced that the activation of Sapling on the Zcash network has been rescheduled.
Sapling will be activated in the next 6 weeks (end of July). According to the Zcash Company, the need for more testing time is the reason for delaying the activation of Sapling.
The Zcash company has assured its community that the delay in the activation of Sapling will serve the best interest of all and will in no way affect the activation of Overwinter.
Overwinter has been scheduled to become active on the Zcash blockchain on Monday, June 25 with a block height of 347,500.
Some community members were let down by the company’s decision, however delaying the activation of the next major project on the network for better testing is a really smart move.
Over the last one week, two major cryptocurrencies recorded failed results just days after launching a new project.
The Zcash company wants to ensure the project releases for public usage at its best. Some community members may not be pleased with this decision, however, how has the market reacted to this?
Price and Market Performance of Zcash (ZEC)
The state of the crypto market over the last couple of months is not one for the faint-hearted. Though the price slump has been sharp across all cryptocurrencies, Zcash remains one of the best performers in the market admits the crisis.
Last month, while other assets have struggled to stay afloat in the declining crypto market, ZEC has recorded trading values of above $385 USD (after listing on Gemini), despite opening the month with a trading value of $293.5.
The following weeks were no longer rosy and the value of ZEC took a sharp dive. Zcash (ZEC) falls into the portion of the crypto market trying to pull back gains after the effects of the ravaging bears seem to flatten out.
As at the time of this writing, Zcash (ZEC) is trading at $194.42 following a rise of 0.6% over the last 24 hours.
Zcash (ZEC) Still showing hints of bearish trends.
Zcash may be in the green now, but with very little momentum, which means the bears are still lurking around.
The trend line of Zcash (ZEC) suggests that its value may dink further down to the $170 mark if life is not invigorated in the digital asset soon enough.
Zcash will be activating the Overwinter next soon, which could help the prices of the coin.
About Zcash (ZEC): Zcash is a privacy-focused cryptocurrency based on zero-knowledge technology.