Zcash could soon upgrade its blockchain network in order to provide improved scaling solutions and more privacy for users. This is according to a recently released report that explains the Electric Coin Company (ECC), which is an organization behind the development of Zcash (ZEC), could release a new blockchain with all these improvements.
Zcash Could Be Improved In The Near Future
During the annual Zcon1 conference that was held in Croatia, the development team behind Zcash explained that they want to improve the current network by adding more privacy features and enhancing its scalability.
The Chief Engineer at the ECC, Nathan Wilcox, explained that they should make Zcash usable by 10 billion people by 2050. At the moment, Zcash is facing similar scaling issues as Bitcoin (BTC) and Ethereum (ETH), in which miners confirm transactions. However, these decentralized systems are not able to deal with large amounts of transactions. The ECC wants to make it possible for the network to process thousands or millions of transactions per second.
In order to make it possible for the network to scale, the intention is to add sharding to the Zcash network. The development team behind this digital asset is now working on this solution that involves splitting the crypto’s network into different subnetworks and process the data associated with them in a separated way.
This would allow the network to handle a larger number of transactions and making it easier for users to easily send and receive payments.
In order to implement all these new improvements, it would be necessary for the Zcash development team to create an entirely new protocol. This is what Daira Hopwood, a Product Designer and Software Engineer at EEC, mentioned.
In order to help users migrate to the new chain, ZEC funds would be moved to the second chain without any issues. That would ensure that users do not lose their funds during the whole improvement process.
At the moment, just 2% of the ZEC transactions are processed privately, which is not promising for a network that was created to help users process secure and private transactions. In the future, the intention is to make transactions anonymous for 100% of the network.
According to data provided by CoinMarketCap, ZEC is the 23rd largest digital currency in the market with a valuation of over $764 million. Each ZEC can be purchased for $112.
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