- Zcash will activate the upgrade “Blossom” at block 653,600 on 11 December 2019.
- This should increase scalability and transaction speed enormously.
The Privacy Coin Zcash, like Monero and Dash, offers the possibility to carry out anonymous transactions. Zcash announced on December 11, 2019 to activate the upgrade “Zcash Blossom” at block 653,600. According to the official announcement, the Zcash development team has been working on this project for several months now, which is expected to bring many improvements.
Zcash Blossom increases scalability and transaction speed
Zcash Blossom is the third major update within the Zcash network and is designed primarily to improve the performance of the network. The aim is to increase the block frequency so that transactions can be processed even faster while keeping transaction fees low.
The next Zcash Network Upgrade is coming soon! Code-named “Zcash Blossom”, it will activate December 11. It improves user experience by reducing the confirmation times and improves scalability by doubling the network capacity. Upgrade now to be ready! https://t.co/5b6H6EMkKL
— zooko (@zooko) November 28, 2019
The so-called “Shorter Block Target Spacing” is currently being extensively tested as part of the Blossom Network Upgrade Pipeline before it is released to version 2.1.0 in Mainnet. The number of transactions per second is to be significantly increased.
Furthermore, the Founders Reward for the Zcash Foundation is to be redistributed. The current model of a single source of revenue is at risk of being compromised, whether it is hacked, a legal problem, a technical failure, or an organizational failure.
In the existing model, one of these scenarios could endanger all three sources of revenue. In the newly designed model, the founders’ rewards are split in the minutes so that the revenue sources are not directly at risk and remain untouched.
Harmony Mining, which was originally on the list of agreed targets for Blossom, was deleted for the time being. During the R&D phase, the team determined that the unresolved safety and engineering issues of Harmony Mining could not be implemented at this upgrade due to the time horizon. Therefore, this goal was postponed to the upgrade to Blossom, April 2020.
The overall goal is to optimize transaction processes so that fewer resources are needed to maintain the ecosystem. In addition, the capacity of the network is to be more than doubled.
Zcash development horizon for the next 4 years
As we already reported, Zcash presented the technical roadmap for the next 4 years a few days ago. The focus of further development work will be on increasing interoperability and increasing and spreading the acceptance of shielded addresses. Another important point is the promotion of decentralization through multiparty development.
In the latter case, it should be possible for several parties to participate in the development of Zcash. Furthermore, the Electric Coin Company (ECC) wants to improve the privacy and data protection of users and explained that future versions could consist entirely of shielded, anonymous addresses.
Nevertheless, ECC considers it important to make Zcash’s functionality and the introduction of new products or services as transparent as possible. Zcash’s price has been moving sideways (+ 1.84%) in the last 24 hours to a price of USD 29.13, in line with the current market trend.