Zcash’s Sapling Upgrade Scheduled For October 28th - Zcash News. Saturday, September 15
Zcash Cryptocurrency News
Zcash’s Sapling upgrade scheduled for October 28th
New features improve transactions speed and transparency of ZEC’s total supply
The Zcash network has just announced the release date of its upcoming upgrade, as well as giving a more in-depth explanation on what these updates are about. The ‘Sapling network upgrade’, to be rolled out on October 28th, is the next step in Zcash’s roadmap to become the ultimate privacy-focused cryptocurrency.
According to their blog, this new upgrade will be focused on two features: replacing old sprout addresses for a more efficient cryptographic address; and improving transparency on the circulating supply of ZEC (Zcash’s native token).
The first one addresses sprout’s main issue of requiring 1.5 gigabytes of memory and about 40 seconds to fully generate a zero-knowledge transaction, taking a heavy toll on users’ computing resources. By activating the upgrade, these new Sapling shielded addresses will reduce such memory consumption to 40 megabytes, as well as taking barely a few seconds to accomplish the job “This equates to a time reduction of over 90% and a memory reduction of over 97%!” reads the blog.
The second feature aims to ease concerns revolving around ZEC scarcity and counterfeit issues when the upgrade takes place. Since users will have to migrate from legacy shielded addresses to the new ones, the whole process will serve “as a monetary auditing mechanism.”
“The trade-off between shielding value and auditing the circulating supply raise valid concerns. Like any valuable asset, preserving the scarcity of ZEC is an important driver of long-term, sustainable value. For example, if gold counterfeiters could successfully sell fools’ gold, the perceived loss in scarcity would drive the value down over time. Zcash engineers have gone through great lengths to protect the network from any deviation in the expected ZEC in circulation,” the post states.
The hype this upgrade is producing among the Zcash community could also affect ZEC’s price upon activation, and several users are expecting FOMO for this cryptocurrency during the week of its roll-out. In recent days, the ZEC price managed to raise from $103 to $120.
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