ZCash (ZEC) Forecast: What should you know about the upcoming hard fork of ZCash?

By
Aamir Kapoor
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In June 2018, ZCash will most likely go through a hard fork. As a result, the cryptocurrency has already increased by a significant amount. In the anticipation of the hard fork, it is going to rise even further.

What exactly is ZCash?

In simple terminology, if you consider Bitcoin to be HTTP, ZCash is HTTPS. This clearly indicates that ZCash is an extra layer for privacy. This also makes it much more secure. Moreover, it makes it difficult for the hackers or for anyone else to know about the origin of the transaction. There is 0 knowledge proof involved in ZCash. As a result, it is not easy to find the origin of the transaction or the parties which are involved in the transaction.

People are starting to realize that Bitcoin does not provide privacy. ZCash is one such cryptocurrency which actually provides such privacy. It is undergoing a friendly fork in order to develop the network. Many people are also skeptical about ZCash. The thing that the authorities will not allow ZCash to become mainstream is due to the privacy which it provides. This is the reason why the market cap of ZCash is on the lower side.

When you look at the market cap of ZCash in the valuation, it is the 22nd largest cryptocurrency. However, in the last one month, it has gained almost 40%. Many people believe that it can rise even further in the future. That is why they are thinking about investing in ZCash at the present level as well.

ZCash hard fork-overwinter:

Overwinter is the name of the ZCash hard fork which is coming by. It will be a network upgrade for the cryptocurrency. The entire network will have a period of 90 days in order to update the software after the launch of the fork. Also, it is up to the users to find out whether the cryptocurrency exchange in which they are holding ZCash will support the new protocol or not. It was announced on May 2nd and it is slated to be launched somewhere in June. It is slated to reach the market probably on June 25. In July as well, there will be another update by the name of the sapling. However, this will not be a hard fork.

Owing to the recent developments, the popularity of ZCash is also increasing. It remains to be seen how it appears after the hard fork.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.