In less than two days, Zcash will have its fourth major network upgrade called Heartwood. This upgrade will be activated at block 903000, which will be mined on July 16, 2020, at 10:49 UTC+00:00.
Endorsed by both Zcash Foundation and Electric Coin Co., this upgrade is in accordance with the Zcash trademark agreement, which will enable more third-party integrations and better privacy through shielded coinbase.
With the Zcash Improvement proposal (ZIP) 221 Flyclient, it will enable proofs of Proof-of-Work (PoW) for light clients and improve many cross-chain protocols. This ZIP specifies modifications that are to be made to the network’s block header format to Markel Mountain range (MMR) commitments.
The other ZIP-213 is Shielded Coinbase that defines motivations to the Zcash consensus rules to enable coinbase funds to be mined to shielded Sapling addresses.
“It does not disable the use of transparent addresses in coinbase transactions.”
Shielded transactions require significant memory and CPU resources to create as such before the Sapling upgrade shielded coinbase wasn't feasible. But by deploying architectural changes and performance improvements through Sapling network upgrade, shielding funds directly in the coinbase transactions was made possible. The website states,
“Shielded coinbase is an important milestone for Zcash network privacy and the overall size of our anonymity set. We anticipate that ZIP 213 will drive more demand for shielded support across the ecosystem.”
The likes of Coinbase, Binance, Bittrex, Gemini, Poloniex, and other crypto exchanges are supporting this upgrade along with Trezor and Exodus wallets, and mining pools including F2Pool and Poolin.
The 27th largest cryptocurrency by market cap of $574 million is one of the REKT digital assets, which is down 99% from its all-time high of $5,940. Still in 2020 so far, it had gained 110% and has spiked more than 23% since last week when many altcoins rallied hard.
Currently, ZEC is trading around $60 down 3.80%, just like the rest of the red crypto market.
Recently, Electric Coin Company, along with Consensys and IOHK US, were criticized for receiving a hefty amount of PPP loan.
The data regarding the US government’s Paycheck Protection Program (PPP) was released a few days back that revealed several companies in the crypto space received the loan amount. The company behind Zcash was granted between $350k and $1 million.