Zcash [ZEC] First-Ever Network Upgrade “Overwinter” is Here


Zcash hard fork or more appropriately network update Overwinter is finally going to be here in just about 4 days. The first-ever upgrade will be activated at 347500 block height on June 25 and the next day at 06:05 UTC+05:30, the block will be mined.

Overwinter is just 4 days away

Zcash (ZEC) is all set to have its first-ever network upgrade known as Overwinter. If we go exact, the official site declares it to be 4 days and some hours away. It will be activated on June 25th at the block height of 347500. The new “Block 347500” will be mined on June 26 at 06:05 UTC+05:30 at the assuming speed of 150 seconds/block.

Privacy-focused Zcash is all set to go with its update which is to strengthen the protocol for future network updates. It has been believed and hoped that this hard fork will lay the ground for the dramatic upgrades in the future.

The official blog explains that this upgrade will include,

“versioning, replay protection for network upgrades, performance improvements for transparent transactions, a new feature of transaction expiry, and more.”

As for how a user can upgrade, one has to keep their Zcash software updated and as Zcash states, “you’ll be on the newly-upgraded main chain along with everyone else.” Apparently, the team is planning to get accustomed to perform network upgrades and acquire required practice during the process.

Also, read: NANO Announces Wallet & Development Updates Plus 100 Ledger Nano S’ Giveaway

Features & support to Overwinter

Instead of calling it a hard fork, the team is going with a network upgrade as with hard fork people start expecting a new coin and the possibilities of an airdrop. The upgrade will feature replay protection, signature verification procedure and transaction expiry. In order to prevent double spendings on its blockchain, the protective mechanism replay protection will help Zcash network.

In transaction expiry, the transactions will be allowed to expire after an hour. This can be helpful in scenarios where the situation comes at a standstill due to the unwillingness of users to pay high fees and miners to process the transaction at a low fee. To solve the issue of long verification times that also involve unspent transaction outputs, signature verification performance is being introduced.

The upcoming update has the third-party support from Binance, Bitfinex, Gemini, Poloniex, Exodus Wallet, Cryptonator Wallet, AirTM, F2Pool, FlyPool, Lamassu, Lykke, and Zcha.in.

At the time of writing, positioned at 22nd rank, Zcash (ZEC) price has been at $195.50 with a rise of about 1.18 percent in the last 24 hours.

What are your views on Zcash’s Overwinter update coming up? Share your thoughts with us!


The post Zcash [ZEC] First-Ever Network Upgrade “Overwinter” is Here appeared first on Coingape.

Written by Anjali Tyagi @ https://coingape.com/zcash-zec-hard-fork-network-upgrade-overwinter/ June 21, 2018 Anjali Tyagi

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