The Currency Analytics
By Maheen Hernandez
Multisig to Shielded Zcash (ZEC)
Zcash has successfully hard forked. Coinbase reportedly is excited about the hard fork which occurred in July 16, 2020.
Zcash miners will now be able to claim their mining rewards for processing transactions through Coinbase transactions.
Heartwood, the hard fork is supported by both the ECC and Zcash Foundation. The upgrade consists of 2 improvements which were part of the Zcash Improvement Proposals (ZIP).
The Shielded Coinbase is ZIP 213. The Flyclient is ZIP 221. The Shielded Coinbase facilitates the much needed privacy solutions for Zcash ZEC mining.
Being a hardfork, the updates are backward incompatible and therefore all the nodes should synchronize with the new software if they need to use the Zcash blockchain.
Josh Cincinnati, Zcash Foundation Executive Director, expressed, “The Zcash Foundation is excited to support the Heartwood Zcash upgrade alongside the ECC, and thrilled that…
The good thing is that Shielded addresses will mystify information like amount, addresses and the encrypted memo field.
Sydney Ifergan, the crypto expert tweeted: “ZCash (ZEC) miners will now need the full node to get complete privacy. Full privacy for every wallet is a good thing.
Zcash Foundation recently tweeted: “Bringing multisig to shielded Zcash: Foundation researcher @chelseakomlo published a new version of FROST!”
The Multi Signature Wallet uses multiple signatures rather than using multiple keys to authorize the transactions.
A common example used to help understand the multi-signature accounts is where a husband and wife have a petty cash joint account and if one of them is not available for…