ZCash, which is a privacy-focused cryptocurrency, and which is worth just over $110 per coin, has officially implemented its network hard fork, which is named Sapling and which it says is going to vastly improve transactions speed and reduce the actual size of transactions themselves.
Sapling to improve transactions speed
Activated on schedule at block 419,200, Sapling was for a long time planned as an upgrade which has the purpose of making the network faster, lighter, as well as more secure.
ZCash also hopes that it is going to make mobile, as well as some other types of transactions more common and feasible on the network, saying that it, in fact, introduces significant efficiency improvements for shield transactions which are going to pave the way of broad mobile, exchange, and vendor adoption of ZCash shielded address.
ZCash actually has two types of addresses. One standard “t”-type or transparent address is the one who works in the same way as most of the cryptocurrencies and sender, and receiver information is publically available on the network at the time of the transaction.
Shielded addresses actually work much more like Monero and some other privacy-centric currencies in that it is almost impossible to be privy to transaction information aside from sums which are transacted without the sender or receiver revealing such information. The Sapling upgrade primarily improves the efficiency of private transactions.
The activation of Sapling brings the company step closer to payment systems
This Sunday, on the 28th of October, Elise Hadmon from Zerocoin Electric Coin Company wrote that the activation of Sapling, happening on the momentous occasion of the second birthday of the currency, brings them one step closer to widespread adoption of an open, as well as permissionless and private payment system.
The company also anticipated that transactions are going to take 90% less time and require about 97% less memory to happen as a result. Saying that the overall ecosystem of ZCash is going to need some time still to add new addresses, according to Hadmon.
She also commented that this permits them to audit the monetary base of ZEC which is held in shielded addresses. She said that they are also developing a tool to automate the migration of funds in a way which permits users to minimize the effect on their privacy. They also recommend that users should wait for the release of this tool.
However, there was no timetable about when this tool may be released.
The memory requirement for the z-type transactions under the Sapling upgrade was reduced to 40 megabytes, and the hardware was also used to authorize or create a transaction which does not have to be the hardware which produces the proof. Both upgrades are significant in the implementation of mobile payment network which is built on ZCash.
Transaction information can also be accessed without exposing a private key, which is again important for mobile transactions in that a lot of users might not want to carry such important information on them at all times.
The hashrate of ZCash
This upgrade is most significant for developers of mobile applications, as well as exchange software who are going to see it as a way to offer ZCash products in a much more efficient manner.
Sapling also anticipated for months on the previous upgrade, but in an immediate sense, it does not seem to have led to some increased demand for ZEC. While the volume is high, the price seems to be struggling.
Following the implementation of the upgrade, the network data indicates that the hash rate of ZCash briefly fell to 1.5 GH/s, which is lower than it was nearly three weeks ago. By press time, it returned to more than 2GH/s. This hashrate was fluctuating between 1.5GH/s and 2GH/s for one month.
Furthermore, every exchange listing ZEC supported the upgrade, which means that private withdrawals are going to become much more feasible. While the technology which is behind ZCash still has some distance to go to successfully transact privately with the same efficiency as a public blockchain token, the upgrade is the significant step in that direction, and the reduced resource requirements are likely going to lead to some increased adoption of the crypto.
Representatives and developers of ZEC still maintain that continued upgrades of its protocol are eventually going to lead to privacy-by-default in the crypto transactions some significant platforms such as Bitcoin have yet to make any notable moves in that same direction.