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Overwinter: Zcash (ZEC) First “Software-Updates-Required” Network Upgrade

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Zcash

Zcash announced that it will launch its first “Software-Updates-Requires” network upgrade Overwinter in June 2018 through its blog post on 2nd March 2018. Zcash is popular in the cryptocurrency world due to its security features and secretive nature. Zcash is the way to keep the identity of the trader a secret.  In fact, the transactions are invisible on the blockchain ledger. Actually, cryptocurrency traders look forward to doing anonymous cryptocurrency trading on the internet. Although Zcash was not set up as an open-source element, its unique proof of work z-SNARK has attracted many traders. The users of the altcoin Zcash (ZEC) can conduct anonymous transactions through a “zero-knowledge” cryptography method that is also known as zk-SNARKs.

Sapling Upgrade will follow the Overwinter Upgrade

It is believed that the Overwinter upgrade will open up the path to future upgrades of the core Zcash protocol. Zcash is planning to launch the “software-updates-required” update on the 1.1.0 version zcashd by April 2018. The launch date of the Overwinter main chain upgrade has been set for 25th June 2018. Following the Overwinter upgrade in June 2018, there will be another major update called Zcash Sapling network in September 2018. The Sapling cryptography, according to the Zcash’s Roadmap Report will enhance performance, security, and usability of the shielded transactions on the network. Shielded transactions ensure that the sender and recipient’s address and identity are hidden. Moreover, other than the interested parties no one can know the amount transferred through the Zcash blockchain.

Zcash’s blog post stated, “The purpose of Overwinter is to strengthen the protocol for future network upgrades, paving the way for the Zcash Sapling network later this year,”

The developing team of Zcash has revealed that the Overwinter software will introduce the following features to improve the network.

  • Transaction expiry
  • Version control
  • Replay transaction protection for network upgrades
  • Advancement for transparent transactions

The users do not have to do anything regarding the network upgrade other than keeping their software updated.

The Zcash developers’ team explain, “There is no need to do anything else besides keep your Zcash software up to date. This network update is not expected to result in a fork of the blockchain or the creation of a new currency,”

Overwinter is not a Hard Fork

Many cryptocurrency market analysts had speculated that the Overwinter upgrade is going to be a hard fork of Zcash. However, the developers have clearly stated that it will simply remain as an upgrade. Neither is Overwinter going to introduce a new currency. In fact, the developers of Zcash have also revealed that the launch date of the Overwinter software has been delayed a number of times to ensure that everything worked smoothly at the first launch. It is said that the reason for the delay is the bugs found during the testing and reviewing of the software.

The new upgrades (Overwinter and Sapling) to be launched on the Zcash platform in this year make the cryptocurrency market speculators say that the price of the crypto coin is most likely going to increase in 2018. Previously, at the beginning of 2018, the Matthew Beck, an associate at Grayscale, had used some financial modeling to predict that one Zcash token in 2025 can be worth more than $60,000. As of 8th March 2018, the market price of Zcash is approximately $286 USD.

We will be updating our subscribers as soon as we know more. For the latest on ZEC, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Marco Verch via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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