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ZCash Announces Roadmap With Possible Mining Algorithm Change By 2020

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Fri, 06/29/2018 - 14:57
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Yuri Molchan
By 2020 Zcash may choose multiple mining algorithms, keeping GPU miners
ZCash Announces Roadmap With Possible Mining Algorithm Change By 2020
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During the recent Zcon0 event the team of the anonymous coin Zcash (ZEC) outlined its future moves.

Zcash has been in existence for about a year. However, it has a level of centralization that allows implementing changes and plan future rather quickly.

Recently, the platform conducted a hardfork called Overwinter. More hardforks are expected to follow in the future. However, the developers do not plan to change the mining protocol right now and make the recently created ASICs useless.

Nevertheless, they intend to change it in the future.

Future changes

After the recently conducted vote at the Zcash Foundation, it was decided not to close the mining protocol for ASIC devices. The governing board of the platform decided to change it later on and disclose it to potential equipment producers immediately so as to receive support from miners from various sides.

The idea is that Zcash may choose to change for a multiple mining algorithms by 2020, this way the coin’s community will not be dependent only on GPU miners, even though they make up a significant part of the network.

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Market situation

Despite the active marketing, the ZEC cost has not been following the expected pattern and the asset remains volatile and just a niche coin.

The majority of ZEC trading is taking place on LBank and HitBTC exchanges, with low popularity though. Besides, the coin is paired mostly with BTC. Therefore, the drop in the Bitcoin price impacts the ZEC rate as well and the big cryptocurrency is pulling down the smaller one.

At the moment, ZEC is trading at around $149, having lost over 18 percent of the price this week.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.