Moving closer to decentralization, ZCash has announced the completion of its long-awaited colossal upgrade, Sapling.
What is Sapling Upgrade?
Similar to previous protocols on the ZCash network, Sapling makes use of the Zero-knowledge proof based technology, however, the new protocol brings a new form of shielded address to the ZCash network.
What does Sapling Offer?
According to Zcash, the Sapling upgrade utilizes a new protocol to shield addresses and enable its users to conceal address and transaction data on the network.
The upgraded protocol is also said to greatly improve the performance of the ZCash network by reducing the time required for constructing transactions by 90% and over 97% for memory required.
Nathan Wilcox, the Chief Technology Officer of ZCash Company explains that shielded transactions on the ZCash network will now be about six times faster, and will require 100 times less memory.
Sapling also brings a new feature to the network, “viewing key” which will grant users the option of revealing their addresses and details of transactions if they choose to do so.
What’s Next for ZCash (ZEC)?
The Sapling upgrade undoubtedly brings a slew of benefits to the network which would improve the efficiency of the network, and also make it easier for the digital asset to be supported by cryptocurrency exchanges, however, there is still work to be done on the network.
On the network, it is currently impossible for users to conduct a secured transaction from a legacy-shielded address to a Sapling address. When subsequent updates are rolled out for Sapling, this problem should be fixed.
More Decentralization for ZCash
ZCash having completed its Sapling upgrade, has moved a little closer towards achieving decentralization. However, the privacy-centered cryptocurrency could achieve decentralization quicker with its new partnership.
ZCash Foundation has partnered with Parity Technologies, an Ethereum startup to create a node software for the ZCash token that will not be managed or controlled by Zerocoin Electric Coin Company, the startup behind ZCash.
Developing a node software for ZCash will give users of the privacy-centered digital asset more options to implement their transactions.
Nathan Wilcox, who oversees the Zerocoin Electric Coin Company has stated that developing a node software for the coin is an important milestone for the project to achieve decentralization.
Performance on the ZCash node software will be almost identical to that of the network. Wilcox further stated that by 2019, users of ZCash will be treated to multiple software to implement their transactions.
Performance of ZCash (ZEC) in the Market
ZCash spiked by about 10% on Monday reaching highs of $123.7, as ZCash Company announced the Sapling upgrade. However, the gains were quickly lost, with the coin closing for trade on the same day at $116.8.
Following the brief price hike, the value of ZEC has swayed between $114 and $117. As of this writing, ZEC is the nineteenth largest cryptocurrency with a market cap of $593.3 million, and an exchange value of $115.