The wait has finally come to a happy end following the announcement that Zcash Sapling network upgrade activation took place on October 28, 2018. The development team has been working on this network upgrade for some time now and at block height 419200, the new network went live.
The Sapling network has been designed to introduce entirely new shielding addresses that boast of lightning speed performance. For instance, the time used for constructing transactions has been reduced by a significant 90%. Similarly, there has been a memory decrease to the excess of 97%. The team wrote on the official Zcash blog:
“Sapling activation, occurring on the momentous occasion of the currency’s second birthday, brings us one step closer to widespread adoption of an open, permissionless and private payment system.”
Moments following the activation, Zcash users were assigned new sapling addresses. However, the network is going to require time to in order to integrate the new addresses depending on the demand and network permission. In addition to increased speed and reduced memory, the sapling upgrade has a lot more to offer to the users of this crypto. For example, there are parameters that are spawned by the enhanced ceremony as well as BLS12-381 curve; this is particularly is beneficial to all the users of Zcash addresses. It is essential to note that:
“Currently, funds cannot be transferred from legacy shielded addresses to the new Sapling shielded addresses without revealing amounts. This allows us to audit the monetary base of ZEC held in shielded addresses.”
For this reason, currently Zcash is developing a tool that will be employed to aid in the migration of funds. The automated tool will reduce the impact on the level of privacy on the network. The team has recommended that users be patient for the launch of the tool. Zcash is committed to having shielded addresses that are ubiquitous. The team reckons that the entire journey
“Is at the heart of our mission. ‘Empowering everyone’ is more than just words to our team. In fact, it is the light that guides our sense of purpose and direction as we continue to innovate, create and experiment. We look forward to future milestones, outlined in our operational roadmap, that showcase how privacy is a pathway to economic freedom and opportunity.”
The team recognizes that this will take the contribution of all the interested parties in the ecosystem. Therefore, users and developers have been called upon to explore the Sapling upgrade. This will ensure that the network connection to the community is seamless. At the same time, it will be easier to reach out to the ecosystem; a process that will greatly aid in ennoblement. The community has also been encouraged to ensure that other wallet providers integrate the new features. Exchanges have also been called upon to add the features of the Sapling upgrade in a bid to grow adoption.
Zcash (ZEC) price update
Zcash is changing hands at $122.72 at the time of press. There has been a slight reaction to the news with the price adding 2.31% in the last 24 hours. However, the reaction to the news is expected as the week’s trading gains tractions. Zcash (ZEC) has a market cap of $627 million and a 24-hpor trading volume that stands at $83 million. According to CoinMarketCap, the crypto project is currently the 19th largest in the market. The network has a circulating supply of 5,115,344 ZEC tokens.