The ZenCash (ZEN) hard fork is finally going to be here (on June 26) that will mark a software update in order to fight ASIC and centralization. At block height of 332576, this hard fork will be executed which is expected to give ZEN prices the push it needs right now.
A fight against centralization and ASIC
The hard fork of the privacy-focused cryptocurrency ZenCash (ZEN) which was scheduled for late June is here. Though the date of the hard fork is not clear, it is expected to be on June 26 which is just three days away.
In its official blog post, the company has shared that for the past several months, the software development team has been working on this. It has been reported already deployed onto the testnet. Addressing the issues that have a direct effect on the performance as well as the reliability of Zen’s blockchain, this upgrade holds immense value.
The idea behind this hard fork is to fight the control of ASIC miner which is from Bitmain. Its AntMiner Z9 Equihash ASIC miner has been scheduled to be shipped in late June. Apart from being 12 times more efficient than GPU, its focus is on Equihash which is the hashing algorithm of ZenCash.
Moreover, with its ability to maintain over 50% of the mining hash rate, this miner can potentially affect the future of ZEN. But the hard fork will ensure that everyone is on the new software version.
Features of the hard fork
The software upgrade will include sapling, bitcoin software improvements, community contributions in Arizen, Swing, and Mobile wallets, secret ballot voting for policy and spending, and scaling improvements. The development will further involve side chains and super node tracking and payment.
Once the upgrade takes place, for every block created in ZenCash, 70% will go to miners while the rest of the 30% will be distributed into 10% each among secure node operators, supernode operators, and community funds.
ZenCash has always been ASIC resistant but after encountering the recent threats, the foundation wants to make sure that they do not have to face further issues that challenge the privacy of their users. Also, the most effective solution for the 51% attacks is a hard fork.
The foundation is trying to live up to the expectations of their users. The event might help investors to rebuild their trust in ZenCash, which might ultimately shoot up the prices of the coin in the near future.
At the time of writing, ZEN price has been at $17.24 with a loss of 11.93 percent in the past 24 hours. However, the entire crypto market is feeling the blues and ZEN is falling in tandem with the market.
For the past month, ZEN has been on a downward slope. But with its hard fork, it’s a possibility that ZEN prices might see a revival.
What do you think of upcoming ZEN hard fork? Do you think ZEN price is up for a surge? Share your thoughts with us!
A computer science engineer, I have been adamantly following the blockchain and cryptocurrency industry for the past 2 years. A crypto enthusiast and hardcore blockchain follower. Reach out to him at [email protected]