Zcash Launched Version V5.5.0, Introducing A Proportional Fee Mechanism
- Zcash, the popular privacy-focused blockchain, has updated its entire node software.
- The software version 5.5.0 contains various bug fixes, a proportionate charge scheme and provides the framework for future valuable features.
- Moreover, this release provides the framework for the future version’s fund availability functionality, which allows users to spend money before their wallets are completely synced.
According to a statement by Zcash’s creator, Electronic Coin Corporation, Zcash, a crypto privacy technology, has released version V5.5.0.
This version has corrected many problems and implemented a proportional fee structure, which may aid in the future resolution of the problem of heavy transaction load on the blockchain.
A proportional fee system is a scheme that guarantees transaction fees accurately reflect the processing expenses needed for completing certain transactions.
Zcash is a blockchain-based payments network that focuses on privacy by using zero-knowledge proofs (ZKPs) to shield transactions, keeping the contents of a transaction secret even on a public blockchain. Zcash, which arose from the Zerocash protocol, diverged from the Bitcoin network in 2016. ZEC is the ticker sign for its native token.
The blockchain is one of the main digital currency blockchains that aims to solve this growing problem and give its users back control and privacy.
ZKPs are the result of a cryptographic approach developed in the 1980s. They let two parties verify information with each other without disclosing the underlying data.
The Electric Currency Corporation (ECC), which produced Zcash, expanded the ZKP toolbox with Zero-Knowledge Succinct Non-Interactive Argument of Knowledge, or “zk-SNARKs.”
“The Zcash protocol continues to be our primary focus at ECC, as we work to exit “Emergency Mode” and deliver a solid and reliable user experience,” the post wrote.
Fund availability is an important forthcoming feature that will allow Zcash users to spend money before their wallets are completely synced. This change will not impact mobile wallet users who send frequent single-recipient transactions.
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