ZCash (ZEC) Prepares for Update Through Hard Fork
On June 26, exchanges will temporarily freeze ZEC for its planned hard fork, the first of a series of updates.
ZCash (ZEC) is preparing for a planned update in the form of a hard fork, requiring that all users update the software for using the digital asset. The Overwinter hard fork, as the project is known, is a part of a series of improvements to the crypto coin, happening every few months.
For many projects, planned hard forks have proven the best way to make changes, as non-obligatory soft forks sometimes fail to implement the required updates, left to the choice of users and miners. The ZEC update should happen on June 26, based on relative block time.
ZCash has seen its price stagnate and slide slowly, down to $166.95. ZEC sees relatively inactive trading, concentrated on LBank and YoBit. Volumes for ZEC have been inconsistent, moving between $230 million at the beginning of June, and down to $39 million at the end of the month. ZEC is mostly traded against Bitcoin, but has a 17% share of Tether (USDT) trading. Unfortunately, the Gemini listing a few weeks earlier did not stem the slide for ZEC.
ZCash is one of the anonymous currencies, but the hard fork will improve on the option for transparent transactions. The hard fork will also introduce replay protection for subsequent replays and versions, opening the road to additional ZEC changes.
ZCash is less than a year old, with weeks until its anniversary launch. During that time, the project was met with criticism from the Monero community. The coin also saw two hard forks - ZClassic (ZCL), a launch without the 20% premine, and Zen Cash (ZEN), the same protocol with SegWit implementation. In the past months, both the forked coins saw troubles, including the dramatic spike and crash for ZClassic and the Bitcoin Private (BTCP) hard fork. Zen Cash was pressured by a 51% attack.
And due to its anonymous features, ZCash was taken off Japanese trading, and invited scrutiny from the US Secret Service.