ZCash “Overwinter” sets the Base for Further Developments

The first hard-fork of the privacy-centric protocol Zcash will be held on June 26, 2018: the upgrade is named “Overwinter” and takes place at block 347,500
25 June 2018   1335

As declared in Zcash Foundation`s post on the development, the hard fork is to strenghthen the protocol for additional upgrades to the network, for instance replay protection, versioning, a transactional expiry feature, and as yet undetermined changes.The customers will be demanded to install the upgrade after the software is carried out.

The protocol assists for seamless network updates in the future, such as the much-awaited Sapling protocol designed to raise network scalability and speed. Zcash claims the forthcoming update is well-gained by significant third parties like Binance, Gemini and BitFinex, who will “substantially support” Overwinter.  The foundation is also continually reviewing the list of third parties as the entities confirm their involvement.

Theoretically, the network risks a blockchain split if any members of the community disregard the need to update the system and keep on with the old versions of Zcash. While Overwinter is low on features, it is important to the broader network strategy as further capabilities depend on the Overwinter update. 

It`s worth to note that the friction is already happening in some places. On June 20, 2018, D. Jane Mercer, the developer of the ZCash Windows wallet, WinZEC, threatened to stop all coding activities as the network the Zcash Foundation failed to fund his work. The community members nevertheless promptly donated funds to his wallet address.

For miners running Zcash nodes, the official software has been updated to automatically update to the latest software after block 347,500 is mined. However, if automatic updates are disabled, miners stand to can miss the new code. Zcash Foundation asks the users to abstain from using their wallets at least an hour before the scheduled update.

ZCash Devs to Create ZEC For ETH Blockchain

ECC, creators of Zcash, believes this may expend their token's popularity and give more people an ability to try Zcash's benefits
14 October 2019   114

The developer of the ZCash cryptocurrency company Electric Coin Company (ECC) will issue a “boxed” ZEC token for the Ethereum blockchain. This was announced at the Ethereum Devcon5 Developer Conference by ECC Vice President of Marketing and Business Development Josh Swihart, CoinDesk reports.

According to him, a new token will be issued in the next six months. It is expected that it will provide enhanced functionality for the use of automated loans and financial products.

Subsequently, the new version of ZEC will be able to help ensure confidentiality in smart contracts to hide information about its members.

One of the most likely reasons for the integration of ZCash and Ethereum is ECC's attempt to expand the audience of users focused on the confidentiality of the coin through the market for decentralized financial instruments.

According to DeFi Pulse, Ethereum-based digital assets worth more than $ 553 million are blocked in DeFi applications. At the same time, ZCash’s popularity has not increased over the past year.

Swihart said the goal is now to turn zcash into a platform developers can build on “for all of the DeFi applications” .

If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with zcash as well. … Ultimately, we want zcash shielded [addresses] to be usable in ethereum smart contracts.
 

Josh Swihart

Vice President of Marketing and Business Development, ECC

Nevertheless, ensuring cross-chain compatibility can only be a temporary solution, as it is unclear how this will work in Ethereum 2.0. In addition, such plans mean years of research and development, said James Prestwich, co-founder of Summa.