It is amazing to see the progress being made in the crypto world, as more crypto-based systems are working to make things better. The firm that is responsible for the creation and operation of Zcash, the Electric Coin Company (EEC) is working to create a new Zcash blockchain that is scalable. Scalability has been a problem for the growth of a lot of cryptocurrencies and blockchain, hence, it is a welcome development that Zcash is joining the trend of blockchains that are working towards becoming scalable.
According to Nathan Wilcox, who is ECC’s chief engineer, in 2050, the firm should have been able to make the usability of Zcash accessible to more than 10 billion people. However, if they really intend to achieve that, then there is the need for Zcash’s blockchain to scale and handle millions of transactions every second. In light of this, ECC has made plans to make this a reality, hence, they have begun to consider the implementation of sharding, which is a solution for scalability the Ethereum developers are also planning to have integrated into the Ethereum blockchain network soon.
Furthermore, Daira Hopwood who is an ECC engineer and also the firm’s product designer, made it known that, in order for the Zcash blockchain to achieve the scalability status, then there is the need have a totally new blockchain. According to the plan, the firm intends for coins to get sent to the new chain, which would invariably be a way to conserve the wealth of the coin’s users. Furthermore, the new chain will be in control of processing all the transactions taking place within the blockchain network in a private manner, which is the opposite of what is happening on the current blockchain, where about the anonymous transactions are about 2% or less.
Zcash Price USD
At the moment, Zcash has a network value that is $744 million, and it may interest you to know that according to market capitalization, Zcash is the 24th largest cryptocurrency. However, within the last 24 hours, the coin has reduced in value by as much as 0.40%, and as at the time of this post, it was trading at the cost of $113.09.
Zcash Vs Monero
Earlier in June, it was reported that there was a partnership between Zcash Foundation and another blockchain company called Parity Technologies. This partnership was created, in order to come up with new software for Zcash, and it will be open source. Furthermore, Monero which is a competitor and the largest privacy coin, also intends to bring some changes to its blockchain, as the coin intends to change its algorithm and function with the Proof-of-Work (PoW) algorithm, and this switch is scheduled to happen in October.
Chances are that the value of Zcash could experience some increase if and when it starts operating with the scalable blockchain network, and that can in turn pave the way for other cryptocurrencies to follow suit, and also opt for the sharding of their blockchains, in order to create more opportunities for scaling.