Zcash (ZEC) Hash Rate Rises Over 13 Percent in One Day Ahead of Sapling Launch 🚨 This article is 6 years old...
Zcash (ZEC) Hash Rate Rises Over 13 Percent in One Day Ahead of Sapling Launch
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Updated: Apr. 9, 2020 at 6:43 pm UTC
Photo by qinghill on Unsplash
Privacy cryptocurrency Zcash received a hash rate boost on Sept. 30 with a 13 percent rise ahead of its much-awaited Sapling protocol upgrade.
A network’s hash rate has historically indicated rising miner interest in a particular coin. More mining groups join a coin’s network ahead of a significant upgrade, fork, or other technology development, resulting in heightened network security and increased asset prices.
For the uninitiated, a network’s hash rate displays the amount of computing power governing a cryptocurrency network at any instant. As blockchain systems are fundamentally decentralized, network security depends on the number of computers validating nodes, solving complex cryptographic problems, and protecting the network to earn the prized “block reward.” The larger network’s hash rate, the more secure the system.
Now, with the Sapling protocol upcoming, the robust Zcash protocol has received a security boost, but not a significant increase in ZEC prices yet. Hash rates for the network rose 13 percent within 24 hours on Sept. 30.
$ZEC hashrate up a massive 13% today. Wow! Expect much more hashrate to come online in leadup to @zcashco and the Sapling hardfork. pic.twitter.com/ANllLfsrXn
— Steven D. McKie (@Steven_McKie) October 1, 2018
Sapling aims to introduce code improvements for increasing transactional efficiency for “shielded” transactions that promote the growth of exchange, vendor, and mobile outlets for ZEC payments.
As per details, payments with the new Sapling Z-addresses can be completed “in a few seconds” and require only 40 megabytes of memory. Also, the much-revered zero-knowledge proof feature of Zcash would be independent of the hardware that signs for the transaction, after the upgrade. Full viewing keys allow owners of shielded addresses the ability to view incoming and outgoing transaction details without exposing their private spending key.
With renewed interest in the Zcash protocol, it remains to be seen if investor interest increases in the coming few days. The price and hash rate moves may not be immediate either; Sapling does not go live until Oct. 29 on activation block 419200, assuming a block time of 150 seconds/block.
Zcash Market Data
At the time of press 6:43 pm UTC on Apr. 9, 2020, Zcash is ranked #21 by market cap and the price is down 1.97% over the past 24 hours. Zcash has a market capitalization of $636.5 million with a 24-hour trading volume of $162.53 million. Learn more about Zcash ›
Crypto Market Summary
At the time of press 6:43 pm UTC on Apr. 9, 2020, the total crypto market is valued at at $220.66 billion with a 24-hour volume of $14.69 billion. Bitcoin dominance is currently at 51.59%. Learn more about the crypto market ›
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Zcash
$53.5422
Zcash is a decentralized and open-source cryptocurrency that offers privacy and selective transparency of transactions using advanced cryptography.