Z Redeem 4.5% after launch update and prorated reimbursement

Zcash has received a major update. The new version is 5.5.0 and according to the manufacturer, Electronic Coin Company, aims to provide users with a better and more reliable experience. In this article we explain what Zcash is and what the update brings.

What is Zcash?

Zcash was launched about 7 years ago. It was developed by a team of cryptographers and privacy experts with the aim of enabling users to conduct anonymous transactions while maintaining the benefits of a decentralized blockchain network.

Zcash’s software is based on Bitcoin, but uses a different algorithm that allows users to send and receive transactions without disclosing the sender, recipient, or transaction amount.

This is done using a technology called zk-SNARKs, which stands for Zero-Knowledge Succint Non-Interactive Argument of Knowledge. This technology allows users to prove that they have the information necessary to complete a transaction without disclosing the details of the transaction itself.

Zcash has a private and a public address and users can send transactions privately or publicly depending on their needs. Private transactions are more expensive and require more processing power, but offer more anonymity and privacy.

Zcash price increases after upgrade

The Zcash cryptocurrency is called ZEC and is tradable on BLOX. The price of Zcash is up 4.5% today. Based on the time of the peak, you can probably guess when the news about the new update was announced.

Zcash released a new version of its full-node software yesterday afternoon, according to maker Electronic Coin Company (ECC).

What does the new Zcash software bring?

Version 5.5.0 of the software introduces several bug fixes, a proportional compensation mechanism and lays the foundation for new features in the future.

The prorated fee mechanism is a concept that ensures that the fees paid for transactions are a fair reflection of the processing costs associated with executing those transactions.

One feature that will enable this update in the future is the availability of funds. This allows Zcash users to spend money before a wallet is fully synced.

“The Zcash protocol remains our primary focus at ECC as we work to move out of ’emergency mode’ and provide a solid and reliable user experience.”

Source: Btc Direct