Privacy-oriented blockchain platform Zcash has announced that its latest network upgrade named ‘Zcash Blossom” is scheduled to be launched by December 11.
According to the announcement made on Twitter, the upgrade has been in works for some months and is expected to bring new changes to the platform.
This would be the third major network upgrade made by Zcash. The upgrades is dedicated to improving the frequency of blocks allowing for faster transactions.
Zcash Network Upgrade Geared Towards Improving Transaction Processes
‘Zcash Blossom’ comes with newly improved user experience protocols that have been designed to reduce confirmation time of transactions. In addition, there is an added emphasis on improving scalability by doubling the network capacity.
Zcash is one of the most popular blockchain network actively used in by the crypto community but has lacked some capacity to handle more transactions daily. With this upgrade, the platform is looking to work on its discussions with developers based on the complaints on scalability.
It is understood that the Blossom upgrade would give Zcash opportunity in the DApps sector as it aims to increase the capacity of the network for developers to build new apps and businesses on Zcash ecosystem. The upgrade also maintains emphasizes on security and reliability which Zcash is known for.
Zcash expects users to switch to the new update by December 11 and have already laid down guidelines on how to embark on the process. The initial response by the crypto community has been positive.
Zcash (ZEC) is a decentralized and open-source privacy-focused cryptocurrency that enables selective transparency of transactions. Zcash transactions can either be transparent or shielded through a zero-knowledge proof called zk-SNARKs.
This allows the network to maintain a secure ledger of balances without disclosing the parties or amounts involved. Instead of publishing spend-authority and transaction values, the transaction metadata is encrypted and zk-SNARKs are used to confirm the transactions.
The cryptocurrency is currently ranked 32nd on the list of coin rankings and valued at $28.98 with a marketcap of $230,321,138.