In brief
Zcash Network Upgrade 5 is live on mainnet. For my perspective on what this is and why it is historically important, see this thread: https://t.co/4wnZR5PXnE pic.twitter.com/5VcrZO2cTh
— zooko❤ⓩ🛡🦓🦓🦓 (@zooko) May 31, 2022
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0.29%Reading
The Electric Coin Company (ECC) announced today in a blog post the launch of the first major upgrade to the Zcash privacy coin network since November 2020, Zcash Network Upgrade 5 (NU5).
Zcash Network Upgrade 5 is live on mainnet. For my perspective on what this is and why it is historically important, see this thread: https://t.co/4wnZR5PXnE pic.twitter.com/5VcrZO2cTh
— zooko❤ⓩ🛡🦓🦓🦓 (@zooko) May 31, 2022
NU5 includes the Orchard shielded payment protocol, which the company says will remove reliance on the complex setup "ceremonies" that Zcash used in the past.
ECC says that using the Halo proving system within the protocol allows Zcash users to make private, trustless digital cash payments on mobile phones. This is made possible through a new address format called unified addresses, which removes the need to juggle multiple address types.
Another feature the company touted as being of interest to privacy-minded crypto enthusiasts is the ability to automatically route any ZEC received at a unified address to the latest shielded pool. This ensures that every Zcash transaction is shielded by default.
Zcash, a fork of the Bitcoin protocol, is known as a privacy coin. Zcash uses zero-knowledge proofs, a form of cryptography that can verify a legitimate transaction without exposing details such as potentially identifying information. Like Bitcoin, the total supply of Zcash is 21 million coins.
Yesterday, Electric Coin Company, the organization behind privacy coin Zcash, outlined its official roadmap for the next three years. Within hours, the price of Zcash rallied from $147 to $189, an increase of 28.6%. The privacy-focused organization said in a blog post that it’ll release an official ECC wallet in 2022, before moving Zcash from a proof-of-work consensus mechanism to the more environmentally friendly proof-of-stake model within the next three years. Electric Coin Company says it w...
When Zcash launched in October 2016, its zero-knowledge proofs required a trusted setup phase that allowed users to construct and verify private transactions.
The original Zcash ceremony included among its participants famed whistleblower Edward Snowden, who went by John Dobbertin at the time.
According to ECC Senior Vice President Josh Swihart, Snowden was not compensated for his involvement, saying, "He did it as a service, as a public good, and believing in privacy."
Edward Snowden speaks with Marta Belcher from the Electronic Frontier Foundation at the 2021 Ethereal Virtual Summit about privacy coins, crypto, NFTs, decentralization, and freedom of the press.
At $1.36 billion, Zcash is currently the 45th largest cryptocurrency by market capitalization and the second-largest privacy coin behind Monero, according to CoinMarketCap.
A Dubai family office managing assets for Qatari royal Sheikh Nayef bin Eid Al Thani will finance a $8.8 billion blockchain and digital assets project in the Maldives. The deal, led by MBS Global Investments, seeks to diversify the island archipelago nation’s economy, which is mainly dependent on tourism and fishing, amid rising external debt obligations, according to a Sunday report by the Financial Times. The investment, scheduled to roll out over five years, exceeds the country’s entire GDP,...
Actor and noted crypto critic Ben McKenzie is set to make his directorial debut at SXSW London with the June premiere of his documentary, “Everyone Is Lying to You for Money,” according to a report by Deadline. The documentary follows McKenzie—best known for roles on "The O.C." and "Gotham"—as he investigates the cryptocurrency world and interviews key figures, including during a trip to El Salvador to examine President Nayib Bukele's regime, which made Bitcoin legal tender in 2021. “When I star...
Ethereum just lost one of its long-time institutional backers. In a Thursday statement, algorithmic trading firm Two Prime announced it is dropping all exposure to Ethereum (ETH) and will exclusively manage and lend against Bitcoin (BTC) going forward, citing Ethereum’s unpredictable behavior, declining market momentum, and eroding institutional appeal. Why Two Prime is Going BTC Only https://t.co/VtrQAUyGL0 pic.twitter.com/4BWVd8R7HM — Two Prime (@Two_Prime) May 1, 2025 Two Prime didn’t say h...