The Electric Coin Company (ECC) has announced the launch of a major mainnet upgrade for the privacy-focused cryptocurrency Zcash (ZEC).
“NU5 – the first major update since November 2020 – includes the launch of Orchard’s secure payment protocol using the Halo verification system,” the post reads.
Halo is billed as a “trustless recursive version” of zero-knowledge proofs. It is designed to greatly increase system scalability and eliminate the need for “trusted installations”.
The ECC noted that protocols such as Zcash “win in efficiency and security” thanks to an open source validation system.
The update also includes unified addresses, a format that provides users with a single Zcash address that is compatible with all existing pools.
ZEC did not react to the news about the activation of the update. At the time of writing, the price is close to $93. In the ranking of crypto assets by capitalization, the coin ranks 58th with $1.16 billion, according to CoinGecko.
Binance ZEC/USDT chart. Data: Trading View.
On October 28, 2021, the Zcash community celebrated five years since the launch of the mainnet. During this time, the developers have upgraded Overwinter, Sapling, Blossom and Heartwood, as well as halving with the simultaneous launch of the Canopy update.
Earlier, Electric Coin Company published a project roadmap until 2025. The team called the plan “aggressive but achievable” and included a transition to the Proof-of-Stake consensus algorithm, interoperability, and an official ECC wallet.