Zcash Successfully Activates New Faster Blockchain Following Blossom Fork

Key facts:
  • The project successfully completed its third fork that activated the new Blossom network.

  • The update had a slight positive impact on the price of ZEC, the Zcash token.

The Zcash project successfully completed its third scheduled fork, codenamed Blossom, late in the afternoon this Wednesday, December 11. This was announced in his account on the social network Twitter Electric Coin Company (ECC), the company behind the development of Zcash.

The update, which was supported by both ECC and the Zcash Foundation, occurred in block 653,600, mined at 21:51 UTC by the Poolin mining pool, as reflected in the ZChain block explorer. As of the writing of this note, they have added nearly 700 new blocks to the chain, with no reported setbacks.

Mining group Poolin mined block 656,600, where the fork was activated. Source: ZChain

One of the main novelties of the Zcash Blossom update o NU2 (Network Upgrade 2), is the halving of the time between blocks, which went from 150 seconds to 75 seconds. The modification was part of the proposal to improve Zcash ZIP 208, which also implies a Block reward halving.

The proposal’s GitHub repository explains that reducing the time between blocks seeks to improve network performance and at the same time guarantee the security of transactions with fewer confirmations. Also, low confirmation fees would be kept.

As CriptoNoticias reported, the Zcash team began discussing Blossom’s goals more than a year ago. Other changes approved by the community for this update are the inclusion of a double proof of work scheme (proof of work). This scheme, which they called Harmony Mining, allows the network to operate with an algorithm aimed at specialized mining with ASIC equipment, and another that works better with GPU equipment.

Additionally, the Blossom update included a change in the consensus rules to extend support to thin clients, so that users do not necessarily have to run a full Zcash node. This update was designed with the anticipation that in the future the network will have a greater number of thin client end users than full nodes.

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Zcash Blossom activation does not raise ZEC prices

The news in the Blossom update does not seem to have aroused much excitement from investors. In the week preceding the hard fork the price of ZEC, Zcash’s native token, registered a slight upward movement, going from a valuation of USD 28.18 to USD 30,80 per unit, a variation of less than 10%.

This increase does not compensate for the sharp decline that the price of this cryptocurrency, focused on private transactions, has experienced in the last three months. According to data from CoinMarketCap, as of September 18 of this year, ZEC tokens were trading around USD 53. However, a few weeks later, around November 25 marked its all-time low of $ 25.45.

Hours before the fork, Blossom, a well-known analyst who identifies himself on social media as WhalePanda, posted a tweet calling the Zcash project a failure due to its current market capitalization. “After a round of funding, 3 years of founder rewards and a request for an extension of these rewards, the market capitalization of their coin is still less than DOGE,” questioned WhalePanda.

His comment is due to the fact that the DOGE cryptocurrency, which arises from a popular meme on social networks, is located in position 31 of the CoinMarketCap ranking, while ZEC occupies position 33 by market capitalization. This is despite the fact that, according to WhalePanda, the DOGE project has not received an update in five years.

The influencer’s post received a response from Ethereum co-founder Vitalik Buterin, who said that Zcash’s privacy research has had a major impact on cryptocurrency technology. “He has been doing cutting edge privacy technology research and implementation while exploring uncharted grounds in blockchain governance, and the platform keeps getting better. I have no idea how a failure can be considered, ”Buterin said.

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Zcash Successfully Activates New Faster Blockchain Following Blossom Fork

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