Zcash hard fork Overwinter now activated | finder.com

Zcash hard fork Overwinter now activated

Peter Terlato 26 June 2018 NEWS

Participating users should upgrade to the latest Zcash client software and wait for their nodes to sync.

Cryptocurrency Zcash has completed a successful hard fork, implementing the Overwinter protocol upgrade.

The token’s first hard fork occurred during the early hours of June 26, when the network mined block 347,500.

Zcash marketing director Josh Swihart confirmed the announcement in a blog post, explaining that the action was aided by the network’s new two-tiered governance model. The first tier is an opt-in upgrade.

“This means that all nodes on the system have the option to upgrade their node with the latest protocol rules,” he said. “The intent of the opt-in upgrade is to remove chaos introduced by other governance models where users are forced down a certain path, potentially without their knowledge or consent.”

Swihart revealed that the second tier represents advocacy and education.

“Node operations should be able to make a well-informed decision, within a reasonable amount of time,” he said. “The Zcash Company advocated for the Overwinter upgrade by educating and working with miners, exchanges, wallets and vendors on their implementations well in advance of the activation.”

In an interview with Coindesk over the weekend, Zcash engineer Simon Liu said that there was “unanimous support from all parties” for the Overwinter upgrade. On the company’s website, 12 exchanges were listed in support of the hard fork, while other mining pools publicly expressed their support for the protocol upgrade.

Zcash recommends that participating users simply upgrade to the latest Zcash client software and wait for their nodes to sync at least past the activation block height. Swihart added that anyone suspecting issues should monitor the company’s security announcements.

Zcash reveals proposed roadmap to 2020

The Zcash company is funded through a share of mining rewards through to October 2020. After this time, consensus rules state that 100% of mining rewards will acquired by miners.

The Zcash team recently got together to establish a two-year roadmap and list of funding priorities.

The company plans to create a reference implementation of a mobile wallet along with open source libraries to accelerate adoption by third parties and prioritize related work necessary to encourage broad adoption.

Zcash will also push for privacy-by-default.

There will also be research and development to encourage scalability, continued business development and progressive marketing practices, plus ongoing maintenance, decentralization and support for the network.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site