Bithumb adds Zcash

One of the largest exchanges in the world, Bithumb, has added Zcash
05 October 2017   1578

Bithumb, one of the largest exchanges in the world based in South Korea, has listed Zcash cryptocurrency. It is noteworthy, that Bithumb’s addition of Zcash comes a day after CEX.io, another cryptocurrency exchange based in England, added support for the cryptocurrency.

Zcash differs from other cryptocurrencies in its use of “zero knowledge proofs,” a cutting edge cryptography concept that uses nifty mathematical functions to conceal certain information related to transactions, like the identity of the payer and payee as well as the amount paid. The technology is still very new and, therefore, still undergoing testing.

Thus, Bithumb lists nine different cryptocurrencies for people to trade: Bitcoin, Ethereum, Ethereum Classic, Dash, Litecoin, Bitcoin Cash, Monero, and Zcash. David Lim, global business development manager at Bithumb, notes that "the number transactions related to Monero, which Bithumb listed in August, and Zcash are growing rapidly".

Bithumb will continuously introduce competitive coins in Korean market by studying their technology and considering the cryptocurrency market status.
 

David Lim
Global business development manager, Bithumb

Consequently, with the rumours about Zcash being added to Bithumb’s listings, there was a massive spike in price for the cryptocurrency. The market value for Zcash shot up more than 70% to nearly $400 per Zcash token, though the price has since fallen back down to around $240.

Zcash price chart on coinmarketcap.com
Zcash price chart on coinmarketcap.com

Still, at the time of writing, Zcash price is about $238.91, it's market capitalization is $556,046,291.

Zcash to Implement Sapling Hardfork

Zcash team says that Sapling is a rebirth of the coin
29 October 2018   305

In the main Zcash network, the Sapling protocol was activated, which is necessary to perform secure transactions and increase blockchain performance.

The update is activated at block 419200. It, in particular, will reduce the time for processing transactions up to 90%, as well as significantly reduce the requirements for the amount of memory required to perform secure transactions. Sapling activation will also make it possible to use lightweight clients for secure transactions, and not just full nodes.

Immediately after activating Sapling, users of the zcashd client have access to addresses of a new type. Currently, funds cannot be transferred from protected old addresses to new ones without disclosing the amount of the transaction. This makes it possible to audit the monetary base of ZEC relating to protected addresses. The Zcash team is currently working on creating a tool to automate the movement of funds without compromising user privacy.

The Zcash blog also says that Sapling activation is essentially a “rebirth of cryptocurrency” because it takes the project a step closer to mass adoption as an open and confidential payment system.