Zcash Successfully Activates First Network Upgrade: Overwinter
Zcash (ZEC), a privacy coin that leverages zero-knowledge proofs to enable anonymous transactions, announced today the official activation of Overwinter, the first network upgrade designed to prepare the protocol for future network upgrades.
Overwinter Activated! https://t.co/W87xQgpwvV
— Electric Coin Company (@ElectricCoinCo) June 26, 2018
According to the announcement, the update that went live at block 347,500 brings a number of new features including “versioning, replay protection for network upgrades, performance improvements for transparent transactions, a new feature of transaction expiry, and more.”
The major element added with the update is the new two-tiered governance model for protocol upgrades. The first tier is an opt-in upgrade, which allows all nodes the option to upgrade their node with the latest protocol rules, while the second tier includes advocacy and education as a means to promote upgrades to the latest protocols.
We believe that this governance model should be considered best practice for ensuring safe and well-informed upgrades while maximally preserving user freedom.
Holders of Zcash must keep their software updated in order to stay on the latest mainchain, and the majority of major exchanges look to be supporting the update.