ZCash (ZEC) overtakes Dogecoin (DOGE) to claim the 20th spot on Coinmarketcap
Privacy token ZCash overtook Dogecoin for the 20th spot after Zcash rose more than 7.5% in less than 24 hours. The upcoming ZCash Sapling network upgrade could be one of the possible reason for a rise in the price of ZCash. Sapling network upgrade is set to take place on 29th October.
What is Sapling?
Sapling is a network upgrade that introduces significant efficiency improvements for shielded transactions that will pave the way for broad mobile, exchange and vendor adoption of Zcash shielded addresses. The major reason for Sapling upgrade is to speed up Shielded transactions. Some claim that with Sapling, transactions can be shielded in less than 1 second. Other notable features include,
- Decoupled Spend Authority, which allows hardware that constructs zero-knowledge proofs to be different from the hardware that signs the transactions.
- Improved Keys, which ensures that owners of shielded address can view incoming and outgoing transactions without revealing the private key spending.
The first block is set to be mined on 29th October 2018 at 6:09 UTC.
Taking over Dogecoin
ZCash took the 20th spot after the price of ZCash increased by 7%. Current market capitalization of Zcash is $607 million and is showing strong bullish trends due to the Sapling upgrade. While on the other hand, Dogecoin saw a 3.63% decline in its price and has a current market capitalization of $515 million.
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