Electric Coin Co. (ECC), a company behind the Zcash ecosystem, has revealed a new update for the project. In an announcement, ECC said the new update dubbed "Halo Arc" will include Network Upgrade 5 (NU5) and unified addresses.
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The update will also move Zcash from zk-SNARKs to the Halo proving system. This transformation will remove the need for the trusted setup and upgrading the protocol's underlying cryptography, the company said.
The network update also includes:
- ZCASHD, NU5-COMPATIBLE CONSENSUS NODE: a new transaction version format and unified addresses.
- ECC REFERENCE WALLET (for both iOS and Android devices).
- NU5-COMPATIBLE WALLET SDKS: the SDKs will support the upcoming update with a new transaction format.
- AUTO-SHIELDING FEATURE: allows automatically move funds from a transparent address to the latest shielded ZEC pool.
- AUTO-MIGRATION FEATURE: a mechanism for wallets to move funds to the most shielded pool supported by the wallet.
- IMPROVED NOTE MANAGEMENT: improved note management reduces the time users need to wait between sending transactions.
The Halo Arc update is expected to be released on October 1, 2021. In January this year, cryptocurrency exchange Bittrex stopped support for the privacy-focused cryptocurrencies, including monero (XMR), zcash (ZEC) and dash (DASH). While the reason behind the delisting remains unknown, several other cryptocurrency exchanges also delisted anonymity-focused cryptocurrencies over privacy concerns.
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