Quick grip:
- ZCash will suffer a halving around November 18th
- Block rewards will drop from ZEC 12.5 to ZEC 6.25
- At the same time, the ZCash network will undergo the Canopy update
- This update will create a new fund for the next four years by awarding 20% of the mining rewards to the development of ZCash (ZEC)
The ZCash Privacy Coin (ZEC) has two significant events happening in November and on the same day. For starters, ZCash will suffer its first halving event which will result in a reduction in block rewards from the current 12.5 ZEC to 6.25 ZEC. In addition, the ZCash network will undergo the Canopy update, which is ZEC’s fifth major network update.
The Electric Coin Company team informed the crypto community of the two events via the following tweets.
At the same time, Zcash will experience its first halving. This means that the block reward will be halved, from 6.25 ZEC to 3.125 ZEC, starting with block 1,046,400.
– Electric Coin Company (@ElectricCoinCo) November 9, 2020
Learn more about ZCash Halving
As for the halving, the event is estimated to occur on November 18th around 11:58 UTC. It will trigger at block height 1,046,400 with the current countdown indicating that the event is now less than 8 days away.
Learn more about the ZCash Canopy Upgrade (ZEC)
As mentioned above, the ZCash Canopy update is intended to allocate 20% of the mining rewards for the development of the ZEC ecosystem as explained below.
Miners will receive 80% of the mining reward. The remaining 20% will be divided between the new Major Grants Fund (8%), Electric Coin Co (7%), Zcash Foundation (5%).
The community chose “Canopy” as the name for this network update to evoke collaborative themes and a vibrant and hospitable ecosystem for many attendees.
The Messari team yes further estimated that the upgrade will provide up to $ 70 million in ZCash development funding over the next four years.
Therefore, the Canopy Upgrade will allow developers to continue to focus on ZCash and find improvements without the heavy burden of wondering where the funding will be drawn from. With secured funding, the next four years could be full of surprises in terms of new features and additions to ZCash (ZEC).
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