Privacy Coin ZCash All Set for Its First Halving In Mid-November

02. Nov 2020 Posted by Akolkar B on News

Privacy-centric cryptocurrency ZCash is all set for its first halving ahead this month on November 18 on block 1,046,400. This is going to be one the major events for the cryptocurrency along with another massive system update dubbed Canopy which will make the network more secure while creating the project’s development fund.

Based on the ZK-sNARK zero-knowledge proof technology, ZCash (ZEC) offers a high level of privacy and anonymity for all the transacting participants. Unlike other cryptocurrencies, ZCash doesn’t reveal the information about the sender’s and receiver’s addresses or the amount involved in any ZCash transactions.

Moreover, the ZCash cryptocurrency also received another major boost through the process of ‘wrapping’. Now, a synthetic version of ZCash is available on Ethereum that is compatible with all major wallets and applications.

Wrapping the ZCash cryptocurrency makes it an appropriate choice to be transferred on the Ethereum blockchain network. Besides, there’s also a higher chance that wrapped ZCash will be useful in several decentralized finance (DeFi) applications.

As ZCash proceeds ahead to its first halving, its fundamental look strong at the moment. Since mid July 2020, the number of active ZCash addresses has jumped nearly 350%. The hash rate has also jumped nearly 35% now touching around 5.52 Ghash/second.

Besides, the privacy cryptocurrency has also registered a surge in the total number of transactions and the daily average transfer value. As from Bitcoin’s examples, halving events are considered as positive for the cryptocurrency. It reduces the miner rewards to half and controls the network inflation.

Since its inception in 2016, ZCash will be going through its first-ever halving. Thus, the remuneration for ZEC miners will be cut from 6.25 ZEC to 3.125 ZEC per block.

Thus, while everyone has been going crazy behind Bitcoin and Ethereum at this stage, one must not ignore the opportunity that ZCash has to offer.

ZCash (ZEC) is among the top-performing cryptocurrency of 2020. ZEC is trading at over 100% gains year-to-date, At press time, ZEC is trading at $55 with a market cap of $576 million.

The upcoming halving event can boost the ZEC price further giving more gains for investors ahead.