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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

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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