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According to the Electric Coin Company, the team behind the cryptocurrency network Zcash, the protocol is soon to implement the largest upgrade in history. The Zcash development team has released the 5.0.0 codebase which supports the NU5 upgrade that will occur on or around May 31, at block height 1,687,104.
Electric Coin Company and Zcash Prepare for Network Upgrade
The second-largest privacy-centric crypto network, in terms of market capitalization, Zcash, will see a significant upgrade take place on or around May 31. Electric Coin Company and Zcash developers released the binaries for the Zcash 5.0.0 codebase, and the binaries are now available via the Zcash download web portal. Developers are asking all Zcash participants who run the codebase software to upgrade to the latest release or any subsequent release.
According to the Electric Coin Company’s (ECC) most recent blog post, NU5 plans to implement the Orchard shielded payment protocol and the Halo proving system. The firm says that it will “remove reliance on complex setup ceremonies.” “The efficiencies built into this upgrade make possible — for the first time ever — private, trustless digital cash payments on mobile phones,” ECC’s blog post notes. “Halo also paves the way for increased interoperability by providing a system that could unlock private cross-chain proofs at scale.”
Zcash founder Zooko Wilcox-O’Hearn further tweeted about the release on Wednesday. It’s here — Zcashd 5.0.0 — If the Zcash users choose to run zcashd 5.0.0, then at the end of this month Zcash Network Upgrade 5 will activate on mainnet,” Zooko said. “This is a historic step forward for human society. It is a historic step forward for two reasons: 1. It puts the soundest money in the world—Zcash—on a foundation of long-term, scalable, and extensible cryptography. 2. It marks the maturation of zero-knowledge proofs into a general-purpose technology.”
The Zcash founder continued:
Network Upgrade 5 moves Zcash onto the foundation of a completely new Zero-Knowledge Proof system: Zcash Halo, the first zero-knowledge proof system that is both (a) efficient and recursive, and (b) doesn’t rely on Ceremonies (“trusted setups”).

ECC Executive: ‘Complex Trusted Setup Ceremonies Are Now a Thing of the Past’
According to ECC, the upgrade has been under “extensive review at both the specification and implementation levels” and the team used third-party audits from NCC and QEDIT as well. Furthermore, the team leveraged the cryptography researcher at the Ethereum Foundation Mary Maller to conduct a review. Maller checked the “theoretical reasoning behind the zero-knowledge and soundness of the protocol” in the Halo2 security review. Josh Swihart, the senior vice president of growth, product strategy, and regulatory affairs at ECC, said the upgrade will be the protocol’s largest.
“NU5 is the largest network upgrade in Zcash history. By utilizing the Halo proving system and Orchard shielded payment protocol, complex trusted setup ceremonies are now a thing of the past, and users can make private, trustless digital cash payments on mobile phones,” Swihart said in a note sent to Bitcoin.com News. “The upgrade marks a significant milestone, not only for Zcash, for the field of zero-knowledge cryptography.”
What do you think about the upcoming Zcash upgrade? Let us know what you think about this subject in the comments section below.



























According to the Electric Coin Company, the team behind the cryptocurrency network Zcash, the protocol is soon to implement the largest upgrade in history. The Zcash development team has released the 5.0.0 codebase which supports the NU5 upgrade that will occur on or around May 31, at block heigh...

news.bitcoin.com

The Latest Zcash Software Release Supports the Network’s ‘Largest Upgrade in History’

The famed NSA whistleblower Edward Snowden, who has been taking refuge in Moscow, was revealed as one of the six participants that played a role in the creation of the privacy-enhancing cryptocurrency Zcash (ZEC).
The famous whistleblower validated the revelation in an exclusive interview with Zcash Media.
Edward Snowden: The Revelation
The former United States defense contractor was one of the six participants, including Zcash creator Zooko Wilcox, Bitcoin core developer Peter Todd, and Coin Center’s Peter Van Valkenburgh, who each received a part of the private key needed to create Zcash.
Snowden’s identity was kept a secret all along and was known by the pseudonym “John Dobbertin.” He reportedly received no compensation, and his involvement was just for the public interest.
Snowden was granted asylum in Russia after he leaked 9,000 classified and unclassified documents, largely about the US spying on its own citizens. He has been a loud and vocal supporter of privacy-protecting technology.
Wilcox, the CEO of Electric Coin Company, started to work with Snowden in the fall of 2016. The exec then assigned the whistleblower the pseudonym as a tribute to Hans Dobbertin, the late German cryptographer best known for tracking down weaknesses in cryptographic algorithms and a member of the German Federal Office for Information Security.
Matter of Privacy
Revealing his participation, Snowden, in the interview, said,
“The reason that I did that was I saw it being worked on by a number of trusted academic cryptographers. And I thought it was a very interesting project because when we look at cryptocurrencies in general, we generally see the cryptographic properties is being used to make sure it’s a fair ledger, but not that it’s been used to ensure that it’s a private ledger.
The problem with that is you can’t have free trade unless you have private trade and you can’t have a free society without a free trade.”
At the Orchid’s Priv8 Virtual Privacy Summit last month, Snowden said that “Bitcoin sucks” when it comes to financial privacy. He clarified that privacy is essential to help protect people from the dangers of having certain information in the wrong hands.
Featured Image Courtesy of BBC


Turns out, the identity of the sixth participant in the "trusted setup" ceremony, who was known by the pseudonym "John Dobbertin," was Edward Snowden. 

cryptopotato.com

Edward Snowden Revealed as the Pseudonymous Member in Zcash’s Creation

It turns out the pseudonymous John Dobbertin, who was one of the six participants in the Zcash Ceremony, was Edward Snowden all along. 

cointelegraph.com

Edward Snowden reveals he was one of six who helped launch Zcash

Per a Forbes exclusive, activist Edward Snowden revealed his participation in a ceremony that led to the creation of the privacy coin Zcash. Developed by the Electric Coin Company (ECC), the privacy coin was deployed in 2016 in a secret ceremony with the aid of 6 individuals.
Related Reading | New York Prosecutors Present Clear Legal Framework Related To Crypto Crimes
The identity of 5 of the participants was made public except for one, until today. Edward Snowden was part of this ceremony using the pseudonym John Dobbertin, a reference to a German cryptographer.
These individuals performed different tasks, as Forbes pointed out, and possessed a piece of Zcash’s private creation key which was destroyed after the ceremony was completed. Conducted in several places across the world, this ceremony allowed the creation of the privacy coin’s genesis block.
In the past, Edward Snowden has expressed his support for cryptocurrencies, such as Zcash and Bitcoin. However, he believes Bitcoin was created with a flaw: its transparency. The activist and former U.S. National Security Agency (NSA) consultant told Forbes:
A When we look at cryptocurrency we generally see the cryptographic properties of it being used to make sure it’s a fair ledger, but not that it’s been used to ensure that it’s a private ledger. Bitcoin quite famously is an open ledger. The problem with that is you can’t have truly free trade unless you have private trade. And you can’t have a free society without free trade.
Snowden met Zooko Wilcox, co-founder of the ECC, via Marcia Hofmann, a veteran of the Electronic Frontier Foundation, the report claims. After a virtual meeting, Wilcox and Edward Snowden decided to collaborate.
The co-founder of the ECC told Forbes:
Ed’s revelations were really validating for the kind of defenses, the kind of safe infrastructure that I had been trying to build for society, and other people had doubted,” says Wilcox. “His revelations showed people that I had been right all along.
How Much Did Edward Snowden Make For Supporting Zcash
Snowden pointed out some issues with Zcash’s privacy and introduced Wilcox to certain CIA tactics to conduct the ceremony. The privacy activity and former NSA consultant agreed to reveal his role in the event, per the clarification that he was never paid to support the cryptocurrency.
In a recent event, Edward Snowden reiterated his position on Bitcoin and even claimed that some developers are aware of it. However, he doubts that the first cryptocurrency by market cap will ever address them:
Privacy for bitcoin is still an open disaster. Everyone is aware of it, I’ve tweeted exchanges with the core developers, they know it. And there are improvement proposals out there. But it’s moving slowly. I have to think, at this point, there is basically a fear of moving forward to fix that, and that’s what’s making everybody a slow boat, because this is the core problem with bitcoin today. There is no issue more important than fixing the weaknesses of the open ledger.
Data shared by the report indicates that privacy coins have managed to reach over $11 billion in total market cap. Zcash could see a boost on this metric as it prepares to roll out its most important update to date. Called “Halo”, it is expected to increase the cryptocurrency’s privacy capabilities.
Related Reading | Edward Snowden: $6 Trillion Stimulus? Good For Bitcoin
As of press time, ZEC’s price trades at $148 with a 1% profit on the 4-hour chart.
ZEC with minor profit on the 4-hour chart. Source: ZECUSDT Tradingview


Per a Forbes exclusive, activist Edward Snowden revealed his participation in a ceremony that led to the creation of the privacy coin Zcash. Developed by the Electric Coin Company (ECC), the privacy coin was deployed in 2016 in a secret ceremony with the aid of 6 individuals. Related Reading &#12...

bitcoinist.com

How Edward Snowden Helped Create Privacy Coin Zcash

Popular privacy coin Monero (XMR) has been on a rally since the start of 2022. The cryptocurrency appears to be moving on its own as the crypto market trends sideways.
Related Reading | Monero And Zcash Take Off With 15% Gains, Here’s What May Have Spurred The Rally
Recently, XMR bulls are displaying more strength. At the time of writing, XMR trades at $285 with a 6% profit in 24 hours, a 34% and 50% profit in the last two weeks and 30-days, respectively.
 XMR on an upward trend on the 4-hour chart. Source: XMRUSDT Tradingview
As announced by one of Monero’s maintainers via a post, the network will undergo an upgrade on July 16th, 2022, at the height of block 2.6 million. The “Fluorine Fermi” update will introduce new features to the network.
As the developer stated, Monero will increase its ring size from 11 to 16. The ring size is a term to refer to the total number of signers in an XMR transaction. As part of this network’s unique model, the update will provide users with more base privacy.
In addition, the network will implement an upgraded version of its Bulletproofs algorithm to decrease its transaction size by around 7%. This change is supposed to improve the network’s scalability by making “every transaction lighter and faster”.
On the latter, the network will reduce the wallet’s sync time by around 30 to 40%, the post said, and will implement a change to Monero’s fee model. Thus, users can expect to see an uptick in the network’s “security and resilience”.
As the update will be deployed via a Hard Fork, users and node operators will need to update their software. The maintainer made the following request to the users:
A new release will be announced before the network upgrade (around the 16th of June). You will only have to be using the updated software by the time the network upgrade occurs (16th July). To the end user, it will be like a simple software update.

#Monero will undergo a network upgrade on July 16th, 2022:https://t.co/9NKlGtqXAn
All users will need to do is keep their favorite wallet up to date, update their nodes once v0.18 is released (~June 16th), and enjoy even better digital cash afterwards 
— Monero (XMR) (@monero) April 20, 2022

Could Monero Be Spelling Danger For The Crypto Market?
It’s possible that Monero’s recent price action is due to its upcoming network update. As mentioned, they are substantial and will provide the users with interesting new features.
Data from Material Indicators (MI) records an increase in buying pressure from retail investors during April. At the same time, investors with ask orders larger than $10,000 have been selling into the rally. Unless larger investors classes step in, XMR could be at risk of a short-term decrease.
 Retail (in yellow on the chart) buying into XMR’s price rally as larger investors sell or stay neutral. Source: Material Indicators.
Related Reading | Monero (XMR) Price Slides As Canada Includes Crypto In Emergencies Act
Additional data provided by Jarvis Labs indicates a potential danger for the entire crypto market. According to their “Dino Index” (comprise of Ethereum Classic, Zcash, Litecoin, Bitcoin Cash, and others), a metric to track the performance of these assets to show their inverse correlation with the crypto market, there could be some obstacles ahead. Jarvis Labs said via their Telegram Channel:
Quite evident that majority of the time when these dino coins rise and btc rises, better to look at profit taking or hedging the risk and look for market tops.
 Source: Jarvis Labs via Telegram


Popular privacy coin Monero (XMR) has been on a rally since the start of 2022. The cryptocurrency appears to be moving on its own as the crypto market trends sideways. Related Reading &#124; Monero And Zcash Take Off With 15% Gains, Here’s What May Have Spurred The Rally Recently, XMR bulls are d...

Zcash price	$104.05
Low - High 24H	$102.21 - $106.63
Market cap	$1.30B
Volume 24H	$125.53M
All time high	$3,191.93 -96.74% October 29th 2016
All time low	$19.75 426.73% March 13th 2020
Genesis date	N/A

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