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Privacy Networking Platform ZenCash Allows Upgrades Via Soft Fork

Last Updated March 4, 2021 4:57 PM
Lester Coleman
Last Updated March 4, 2021 4:57 PM

ZenCash, which provides a privacy networking platform, has partnered with IOHK, a blockchain research and development company, to upgrade to a transaction replay resistant system via a soft fork.

The platform’s design allows users to conduct shielded transactions that hide information about sender and receiver, as well as the transaction amount. Users can also perform transparent transactions. Communications are encrypted among nodes, delivering certificate-based encryption connections for ZenCash wallet applications.

Network Enforces Soft Fork

ZenCash network participants upgraded their node software prior to enforcing the soft fork rules. A team led by IOHK developers audited the Zen chain. The team included an IOHK IT security researcher; a dedicated cryptographer; Professor Roman Oliynykov, a developer of the Kalyna block cipher Ukrainian cryptographic standards and the Kupyna function; and Dmytro Kaidalov Ph.D., a software developer.

“I believe that privacy is a foundational human right and enjoy the tremendous innovation the cryptocurrency space has brought to the discussion,” said IOHK CEO Charles Hoskinson. “ZenCash’s team has the right background, knowledge and character to understand both the technology and philosophy behind the delicate intersection between privacy and security. Thus, I’ll be working closely with them to try to amplify their efforts and advise where and when consulted.”

Also read: R3 consortium study compares blockchain privacy tools

More Development Ahead

Zen’s accelerated technical timeline includes deploying Segregated Witness; developing improved wallets for Linux, iOS, OS X, the web, Windows and Android; creating hardware for messaging, t and z transactions and GNUnet publishing; and developing a domain fronting service for z transactions that use a commercial content distribution network.

Zen will also build systems servers in a multi-data center configuration which it will subject to rigorous infrastructure resilience testing to ensure lower latency, security and redundancy.

ZenCash has a 1.5 million ZEN circulating supply with a maximum 21 million ZEN supply, according to coinmarketcap.com. It currently has a $12.787 million market capitalization.

“Zen’s talented core team and large supportive community are effectively working hand-in-hand to progress the platform,” said ZenCash co-founder Rob Viglione. “ZenCash has the support of a fantastic exchange partner in Bittrex, which has announced plans to review the Zclassic and ZenCash wallets after our community rapidly upgraded nodes to prevent the risk of transaction replays.”