Zcash Prepares for the Heartwood Upgrade
The privacy-focused cryptocurrency Zcash is set to implement its fourth major upgrade, Heartwood, on July 15. This upgrade will enable third-party integrations and enhance privacy through a protected Coinbase.
Zcash (ZEC) is the latest version of the Zerocoin protocol, developed in 2013. The cryptocurrency currently has a market capitalization of $587.8 million and is trading at approximately $61.32 per token, reflecting a 10% increase over the past week.
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"Zcash achieves a high level of privacy by allowing the origin and destination of transactions to be obscured," the report states.
In contrast to other public blockchains like Bitcoin, Zcash allows users to hide the address data of both sender and receiver, capturing only the date and time of the transaction.
The Zcash ecosystem is funded through a "founders' reward" model, which allocates 20% of mining rewards to founders or developers to promote the ZEC ecosystem. The Zcash Foundation and Electric Coin Company are supporting the upcoming Heartwood upgrade, having signed a mutual agreement recognizing this collaboration.
In summary, the Heartwood upgrade is a significant step for Zcash, enhancing its privacy features and integrating third-party services, which could further solidify its position in the cryptocurrency market.
Quarterly Report from Zcash Foundation
On July 2, the Zcash Foundation released its second-quarter report, detailing ongoing progress in several key development initiatives. These initiatives include providing infrastructure and development support for light wallets, exploring cross-chain integrations for Zcash, and developing hardware wallet support for protected addresses.
The current annual budget of the Zcash Foundation stands at $2.68 million, reflecting its commitment to enhancing the Zcash ecosystem and improving privacy measures at the network level.
In conclusion, the Zcash Foundation's report highlights its proactive approach to development and support, ensuring that Zcash remains competitive and secure in the evolving cryptocurrency landscape.
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