NU7 upgrade will make the Zcash network three times faster on November 5, while ZEC price surges ahead of it
Zcash developers have scheduled the “NU7” upgrade for block 3,543,405, expected around November 5.
Afterward, the network will produce a block every 25 seconds instead of every 75, making payment confirmations three times faster.
Traders moved ahead of the upgrade, with the price of ZEC rising more than 15% in a week to trade near $1,300. Its market capitalization is close to $22 billion, ranking it ninth among cryptocurrencies.
What does the upgrade include?
No change to supply: The current block reward (1.5625 ZEC) will be distributed across three blocks, keeping the issuance rate unchanged and the maximum supply at 21 million coins.
Support for miners: Miners will keep only 40% of fees, while 60% will be set aside to be paid later as additional rewards starting in 2031, offsetting the decline in income with each mining reward halving.
Sprout pool shutdown: Any coins remaining in the original privacy pool after the upgrade will no longer be movable, and holders will have about two weeks to transfer them.
Open interest in ZEC is about $4.55 billion, nearly four times its daily spot trading volume, which could make price movements more volatile around the upgrade.
#BinancePick
#TeslaSlides5%PreMarket
#KOSPISinks3.52%ToLowestCloseSinceApril
$MSFTB
Zcash developers have scheduled the “NU7” upgrade for block 3,543,405, expected around November 5.
Afterward, the network will produce a block every 25 seconds instead of every 75, making payment confirmations three times faster.
Traders moved ahead of the upgrade, with the price of ZEC rising more than 15% in a week to trade near $1,300. Its market capitalization is close to $22 billion, ranking it ninth among cryptocurrencies.
What does the upgrade include?
No change to supply: The current block reward (1.5625 ZEC) will be distributed across three blocks, keeping the issuance rate unchanged and the maximum supply at 21 million coins.
Support for miners: Miners will keep only 40% of fees, while 60% will be set aside to be paid later as additional rewards starting in 2031, offsetting the decline in income with each mining reward halving.
Sprout pool shutdown: Any coins remaining in the original privacy pool after the upgrade will no longer be movable, and holders will have about two weeks to transfer them.
Open interest in ZEC is about $4.55 billion, nearly four times its daily spot trading volume, which could make price movements more volatile around the upgrade.
#BinancePick
#TeslaSlides5%PreMarket
#KOSPISinks3.52%ToLowestCloseSinceApril
$MSFTB