2018 has been quite a year for Zcash (ZEC) especially after taking a major drop during the first quarter. The coin is currently doing great recovering from the drop. It has made arise of more than 35% over the last month and analysts have great hopes in the coin.
Most investors are banking on the security and privacy features of Zcash. It is actually one of the most secure blockchain technologies that have been developed to date. Thanks to its zk-SNARKS protocol that gives the users the privilege of transacting under a very private environment making all transactions untraceable.
Zcash (ZEC) Hard Fork
Zcash has never had a hard fork since it was launched. But that is set to change.
The CEO of Zerocoin Electric Coin Companythat developed Zcash, Mr. Zooko Wilcox, hinted of an upcoming Zcash Hard Fork. He made this announcement sometimes back in March when speaking to Coinbase, one of the leading crypto exchange platforms, and the Hard Fork talk seems to be gaining traction as the real things nears.
The hard fork is dubbed as “Overwinter” after the period it will be released.
When is the Hard Fork scheduled to take place?
According to Mr. Wilcox, the hard fork is to take place around the month of June this year, which is just a matter of three weeks from now.
Currently, the markets are getting ready for this hard fork which is set to propel the crypto coin to greater heights.
Why is Zcash (ZEC) doing a Hard Fork at this time?
The current Zcash (ZEC) development stage, the Sprout, is quite hard to update. The development team has therefore been working on upgrading the software to a better software where users can get used to frequent system updates and better performance. And according to Wilcox, that is the main agenda of the “Overwinter” Zcash hard fork.
The development team assures the users that once the hard fork is completed, the Zcash platform will become have faster transaction while maintaining an even better level of privacy.
All the efforts of Zcash development team are directed to the Hard Fork since it is the first one since the blockchain was launched. If the transition goes on smoothly, then Zcash (ZEC) users should be ready for better and better upgrades in future.
Although hard forks are usually received with resentments from users, Zcash wishes to make this one as a form of upgrading its systems where the users will see an improvement and not feel as if they are being pushed to accept some changes which aren’t necessary.
One of the features that the Zcash (ZEC) development team is very much proud of about “Overwinter”, is the introduction of the transaction expiry protocol which will be closing all transactions that have been queued for over an hour without taking effects due to something like the user being unable to pay the transaction fees needed. By so doing the protocol will be able to remove the “jam” that at times comes up and at times hinders miners.