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

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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

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XRP Surges By 8% In A Surprise Bull Run

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The new price surge that surrounded almost the entire crypto market brought quite a pleasant surprise for XRP holders, as Ripple grew in price by over 8% in the last 24 hours. In fact, XRP managed to achieve a price surge equal to that of Ethereum as of this morning.

While the third largest cryptocurrency is still quite behind ETH when it comes to market cap, many believe that it is only a matter of time before XRP regains its former glory. With that being said, a lot of people are still more than pleased with seeing Ripple climbing back to more stable levels, especially after a big price drop that hit the coin last week.

The new hike up allowed XRP to climb back to $0.446322. While this is still low when compared to its highest point in the last week ($0.52), the coin still seems to be well on its way to recovery. In fact, many believe that XRP has found a new bottom, one that is significantly higher than the last one. Most of this new success can be traced back to a price surge that Ripple has had recently when it even managed to briefly overthrow Ethereum as the second largest coin by market cap.

Despite its drop since then, XRP still remains one of the coins with the strongest growth in the last month. While the market is still far from stable,…

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Bitcoin

If Tether crashes, will that money pour into Bitcoin?

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For a long time now, the so-called stablecoin, Tether (USDT) has been a topic of discussion within the crypto community.

Tether, as a stablecoin, is said to be fully backed by the USD. This allowed it to be one of only a handful of cryptos that can avoid volatility issues, due to the fact that it is backed by a stable fiat currency. However, for as long as it was around, Tether was very secretive of its bank accounts and funds in general.

While claiming to have the ability to back each of its USDT coins, many have questioned whether or not this can be true. At the time of writing (October 16, 2018), Tether has released 2,256,421,736 USDT in circulation. This means that it needs to have at least $2,256,421,736 in order to cover its circulating supply.

At this point, three questions emerge, and answering them could very well change the future of this stablecoin. The questions are as follows:

  1. Are all USDT coins fully backed?
  2. If yes, then where did that much money come from?
  3. If not, what will happen when the market discovers the lie?

Tether continues to keep secrets

As mentioned, Tether has always claimed to be able to back each of its coins. However, instead of operating on transparency, the coin used different tools, mostly opaqueness, misdirection, and playing the victim whenever someone tried to unveil what is truly going…

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Bitcoin

Is Bitcoin (BTC) Better Than USD?

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Despite all its recent progress, cryptocurrencies still do not inspire trust in a lot of people. Many view them as unsafe money, with its very nature being doubtful. However, a recent report by the Polish Academy of Sciences’ Institute of Nuclear Physics shows that situation regarding cryptocurrencies may not be as bad as it seems. In fact, the report claims that Bitcoin might even be a better currency than it looks like.

Bitcoin vs traditional money

Bitcoin, as many are already aware of, is the first cryptocurrency. It was created a decade ago and was officially launched in 2009. But, even though it has been around for around 9 years at this point, it is still largely mistrusted by a lot of investors, especially when it comes to large institutions.

However, thanks to the Cracow-based Institute of Nuclear Physics’ recent report, this common opinion might actually be wrong. The Institute has conducted a detailed statistical analysis of the BTC market and has published the results in a scientific journal called Chaos: An Interdisciplinary Journal of Nonlinear Science.

Surprisingly enough, the report portraits Bitcoin in a very positive light.

The report started by commenting on the credibility of traditional money. In the past, money that people have been using was backed by specific material commodities, such as gold. These commodities gave the money its value and served as a guarantee that the money actually has worth. This is…

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