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Recent Developments of Zcash (ZEC): Sapling Network Upgrade

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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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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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gambling dApps
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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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