On 28th August, Zcash announced on their official Twitter handle that Zcash’s network update codenamed ‘Sapling’ will be launched on October 28th this year.
Zcash team states that Sapling has undergone more than a two-year-long protocol design work. Moreover, the design has undergone cryptographic breakthroughs that significantly improves Zcash’s performance and function of encrypted transactions.
Speaking about the current Zcash network, the team stated in one of their official blogs:
“Most Zcash transaction use transparent addresses that function in the same way as Bitcoin. This is largely due to the computational cost of proving that shielded transactions are valid. With Sapling, we move one (giant) step closer toward the ubiquity of shielded addresses.”
Zcash’s Engineer Sean Bowe spoke about Sapling at the ZconO conference held by the Zcash community earlier this year. Explaining how sapling came into existence, he said:
“Sapling kind of started out as a pet project where we were trying to figure out ways to make ZK snarks faster, which are kind of the foundation of shielded transactions in Z cash and also we were trying to improve the parameter generation ceremony that it was necessary for ZK snarks to function.”
On August 16th, Sean Bowe announced on Zcash’s official blog the release of Zcash 2.0.0, the first Sapling-compatible Zcash node software. Post the release, the team has identified that the Sapling activation will take place at a block height of 419200 on the main network. The estimated height will be reached on October 28th, the team stated. Interestingly, the date coincides with Zcash’s second anniversary.
Speaking about Sapling’s advantages Zcash Engineer Ariel Gabizon says, Sapling will be of great help to exchanges that require multiple shielded transactions. He said:
“For exchanges that you know maybe we’ll want to do you know multiple shielded transactions in a short time, Sapling should also help out a lot you know if the if the time to generate one shielded transaction you know goes down by significantly to a few seconds in sapling then that’ll help you of course also when you’re making multiple transactions.”
Earlier this year, the Zcash team briefly described what a shielded ecosystem was and how it will help support the privacy of the overall Zcash ecosystem. The advent of Sapling will be a notable step towards a shielded economy, the blog mentions.
Moreover, the team believes that the shielded address support by 3rd party applications is critical to Zcash. However, the adoption of shielded address will take place months after the activation of Sapling they mentioned. The team has also been reaching out to third-party application developers, seeking their feedback to ensure a smooth transition to Sapling.
Twitter user Martin Pang commented on the announcement:
“Privacy > Scalability”
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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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Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem
Bitcoin [BTC]: Fidelity has a ‘room full of ASIC miners’ at its Texas office, claims Justin Moon
Bitcoin nirvana is happening right now, says Max Keiser
Bitcoin [BTC]: General manager of BIS says Bitcoin and blockchain technology should be explored to its limits
Bitcoin [BTC]: Mati Greenspan claims ‘$200 move can easily lead to a $2,000 move’
Tron [TRX] announces future trading on OKEx platform from May 20
Bitcoin’s [BTC] Lightning Network is awesome, says Blockstream’s Samson Mow
Crypto is replacing the US Dollar and no one seems to be noticing, claims prominent investor Robert Kiyosaki
Bitcoin Cash’s [BCH] Roger Ver adds Coinbase and Binance to his ‘safe list’
Bittrex transfers 6,999,999 XRP to Upbit amid Ripple’s alleged report discrepancies
Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser
Satoshi Nakamoto is easy to get through; can be found by fools, claims John McAfee
XRP: Google Chrome extension to detect trustworthiness of select XRP addresses goes live
Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption