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Recent Developments of Zcash (ZEC): Sapling Network Upgrade

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Zcash
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Zcash (ZEC), according to coinmarketcap.com is currently listed among the top 25 cryptocurrencies based on the market cap value. Zcash continues to progress with the aim of providing users a more secure and private platform than Bitcoin and other cryptocurrencies for transactions.

Yesterday, the blog section of Zcash revealed that the development team is awaiting the release of new software. This software contains elements that will support the Sapling upgrade.

Zcash 1.1.1 is an Overwinter compatible version of the Zcash node software. It stands as the initial support for the consensus rules of Sapling. The Sapling testnet activation height, as per the official blog is set to block 252500.

The blog continues to reveal that block 347500, the first block of Overwinter is most likely to be mined on 25th June 2018. There is a recommendation for the users to upgrade to this release or from v1.1.0 onwards such as to keep a tab on the Overwinter network upgrade.

Upgrade of Sapling Network

The development team has completed preparing consensus code for the Sapling network upgrade and ZIP 243 and Sapling spec have been included in the new software release. Currently, the team is focusing on developing sapling support in RPC and the wallet.

The final Sapling parameters are now keeping the attention of Sapling MPC. Meanwhile, it is expected that Sapling will become active on testnet with “dummy Sapling parameters at height 252500.” At the moment, this activation will not be made permanent and the testnet will be reverted to the 2.0.0 version. This way the testnet, as well as the mainnet, will utilize the same parameters. The 2.0.0 version will be released after the Overwinter upgrade. The users will now have to use the 1.1.0 version of the software to test Overwinter.

The blog states, “Sapling can also be activated at a specific height in regtest mode by setting the config options -nuparams=5ba81b19:HEIGHT -nuparams=76b809bb:HEIGHT. These config options will change when the testnet is rolled back for 2.0.0 (because the branch ID for Sapling will change, due to us following the safe upgrade conventions we introduced in Overwinter).”

The team has not yet specified the Sapling activation height for mainnet so, the 1.1.1 version will act just like other pre-Sapling releases. It will continue to do so even in case of future activation of Sapling on the network. In the future, more upgrades will be required on the mainnet so as to follow the Sapling network upgrade.

On activation of Sapling, the transactions will be conducted by using the new v4 format. The RPC methods that create new transactions will start creating v4 transactions after the Sapling activation height is achieved.

  • Zcash delisted from Korbit and Coincheck

Recently, Korbit, the South Korea cryptocurrency exchange had announced that it will delist Zcash (ZEC) and four other privacy focusing coins from its platform. It will be a gradual process such that the users will have the opportunity to withdraw or sell off their ZEC coins. Korbit has already advised the account holders to sell off or withdraw their assets for protection. Zcash faced another setback when Coincheck also announced that it would delist Zcash as well as four other assets due to their “Risk” factor. The exchange platform’s decision can also be taken as a strategy to get a step closer to get their FSA license, to be in the good graces of Japan’s FSA.

Korbit has given all the Zcash holders time till 18th June to either leave out or sell off ZEC on the platform. The good news is that Korbit has already dropped a hint that it might again put Zcash and other delisted assets on the list. Simply speaking, people will again be able to trade ZEC through Korbit. However, Korbit has not yet given a specific date for resumption of trade.

Price Analysis

The delisting of Zcash (ZEC) from the largest Bitcoin exchange platform of South Korea had led to a major decline in the daily trade volumes of ZEC. The thing is that Zcash has enough good features and support to bounce back after the price dip within such a short period of time. Zcash is following a path of recovery irrespective of the usual fluctuations in the cryptocurrency market. At the time of writing, according to coinmarketcap.com, the price of ZEC shows $243.15 USD approximately. The market cap is nearly $981,143,159 USD while the volume (24h) is over $53,002,000 USD. (As of 31st May 2018) The news of Sapling Network upgrade will also hopefully strengthen the green line.

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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 and read our full disclaimer.

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Blogs

TRON Partnership Involves Cloud Computing

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TRON partnership
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It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.

Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.

Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.

However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.

Baidu to…

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Bitcoin

Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?

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Ripple
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Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.

It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.

The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.

China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.

Furthermore, the country has adopted several…

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Altcoins

Ravencoin (RVN) Surges Following Binance Listing

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Ravencoin
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While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.

About Ravencoin

Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.

Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.

Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.

Ravencoin got listed on Binance prior to MainNet launch

Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.

Getting listed on Binance has brought Ravencoin to the top…

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