On July 13th, Zooko Wilcox, the Founder and CEO of the privacy coin Zcash tweeted about the upcoming network upgrade, named Sapling. The upgrade is reportedly aimed at increasing the speed of transactions on the network.
Sapling will also play an important role in increasing the efficiency of shielded transactions which will further assist in the adoption of Zcash shielded addresses by exchanges and vendors.
According to the Zcash blog, the activation of the Sapling upgrade is planned to take place in October this year. However, a specific block height has not been decided yet.
Sapling is a proof of all the designing and engineering efforts by Zcash in the course of two years, with major cryptographic crackdowns contributing to the functionality and performance of shield transactions.
The computational cost to prove the validity of shielded transactions is high. Therefore, Zcash is currently using transparent addresses that work in the same way as Bitcoin. Sapling is Zcash’s ‘big move’ to promote ubiquity in shielded addresses.
Some of the technical changes made by Zcash in its shielded transactions are:
The given address is known as ‘Sprout z-address’. This is because Zcash introduced it in its original release of Sprout. These addresses always begin with ‘zc’. Sprout series was the codename given to the MainNet launch of Zcash blockchain back in 2016.
A Sapling Z-address begins with ‘zs’ and is much shorter. Post the activation of Sapling, the Sprout Z-addresses will still function but it will not be long before the new address takes over.
Some of its implications are:
- The transactions containing the Sapling Z-addresses will take much lesser time [a few seconds] and a memory of about 40 megabytes only. This will enable phone wallets, vendors, and all other parties to support shielded addresses.
- This will greatly impact the overall privacy of the entire network by a frequent use of shielded addresses.
Decoupled Spend Authority: Changes and implications
- Zcash uses a privacy protocol known as zero-knowledge proof, which will be used by all shielded transactions. The spending key that signs for the transaction must also possess the hardware used to construct the proof. With Sapling, the co-dependency between the two hardwares that construct the proof and authorize the transaction is removed.
- With this change, a computer that is not trusted by an enterprise can still construct the proof for it, providing the enterprise with an inexpensive signature procedure in a trusted environment.
Improved keys: Changes and implications
- The current state of the shielded addresses is that it only supports an incoming viewing key. This key can be used by the holder to view the values of all the incoming transactions as well as the memo field. However, the feature of viewing the sending addresses and spending the funds is unavailable.
- Sapling also enables the holders to view outgoing transactions. Through this, the key holder can view the transaction amount, the memo field and the target address.
- These features enable the owners of shielded addresses to view transactions without having to reveal their private information.
The Zcash blog stated:
“Sapling z-addresses come with a feature which allows trillions of addresses to receive payments simultaneously with no additional performance cost on the receiving end. All of these addresses are unlinkable with each other.”
It further explained:
“Currently, exchanges and merchants must pay a computational penalty to receive on large numbers of z-addresses. The new Sapling z-addresses allow these businesses to create large numbers of distinct and unlinkable z-addresses for their clients.”
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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