The privacy-focused cryptocurrency zcash has officially implemented its network hard fork, known as Sapling.
On Sunday, the Zerocoin Electric Coin Company's Elise Hadmon wrote that "Sapling activation, occurring on the momentous occasion of the currency's second birthday, brings us one step closer to widespread adoption of an open, permissionless and private payment system."
The company anticipates that transactions will take 90 percent less time and require 97 percent less memory to occur as a result. That being said, the overall zcash ecosystem will still need some time to add new addresses, Hadmon wrote.
Hadmon added that users cannot yet transfer funds from old shielded addresses to the new version without showing amounts, writing:
No timeline was presented for when this tool may be released.
Following the upgrade's implementation, network data indicates that zcash's hashrate briefly fell to 1.5 GH/s, lower than it has been in nearly three weeks. By press time, however, it had returned to roughly 2 GH/s.
Zcash's hashrate has been fluctuating between just under 1.5 GH/s and 2 GH/s for more than a month now.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.