Zcash (ZEC) Network Set to Launch Sapling Protocol Upgrade, Sees Doube Digit Percent Rise
A crypto news outlet reported that Zcash’s hash rate has increased by 13 percent just one day before the most awaited, Sapling Protocol launch. The concept behind the protocol was first announced by the Zcash team back in May 2018, where it was revealed that the protocol would function in two phases: The Powers of Tau and Sapling MPC.
Why is this news deserving of some boasts? In general, whether it be a fork, additional improvements or technological advancements within a network, the network’s security levels are believed to increase, as per Crypto Slate. The increased levels in security in most cases reflects potential price hikes for the existing token.
With the Sapling Protocol just waiting to happen, it has been described that Zcash has witnessed increased security (the aforementioned 13 percent).
$ZEC hashrate up a massive 13% today. Wow! Expect much more hashrate to come online in leadup to @zcashco and the Sapling hardfork. pic.twitter.com/ANllLfsrXn
— Steven D. McKie (@Steven_McKie) October 1, 2018
What is the Sapling Protocol?
As defined by the Zcash team, sapling is a network upgrade that works towards making transactions “shielded” and efficient. Some of the improvements that will be introduced deal with payment processes, “spend authority” and better keys.
For the first improvement, payments using “Sapling z-addresses” takes as little as seconds to create and uses only 40 megabytes of memory. The second improvement entails hardware that creates zero-knowledge proof to be independent from the one that is responsible for signing transactions. The last improvement is regarding the ability to see incoming and outgoing transactions with essential details provided, while protecting the “private spending key”.
At the time of writing, ZEC was priced at USD$131.40, which has witnessed an increase by approximately 0.11%. Clearly, news regarding the Sapling Protocol launch has not heavily impacted the token’s price – at least not yet!