The Electric Coin Company (ECC) has launched an upgrade of its Zcash privacy coin network as it shifts to the Halo proving system.
Zcash Network Upgrade 5 (NU5), announced today in a blog post, is the first major upgrade to the network since November 2020.
Via the Halo proving system, Zcash will enable digital cash payments on mobile phones.
Zcash (ZEC), launched in October 2016 was known as a privacy coin, an offspring of the Bitcoin (BTC) protocol. Via zero-knowledge proofs, the coin can orchestrate and verify legitimate private transactions without exposing details.
The Orchard shielded payment protocol is included in NU5; a protocol that aims to remove the tricky set-up process that Zcash previously used.
ECC CEO Bryce Wilcox AKA Zooko Wilcox-O'Hearn tweeted: “It’s here!!! Zcashd 5.0.0! If the Zcash users choose to run Zcash 5.0.0, then at the end of this month Zcash Network Upgrade 5 will activate on mainnet. This is a historic step forward for human society.”
ECC claims that using the Halo proving system within Zcash will enable the private and digital cash payments on mobile phones through ‘unified addresses,’ a new address format that eliminates having to juggle several address types.
Users can also automatically route any ZEC received at a unified address to the latest shielded pool, which means that each Zcash transaction will be shielded by default, a feature that crypto enthusiasts (hot on privacy) have been excited about.
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