Zcash to Transition from PoW to PoS, ZEC Price Could Hit $40 by February 2024
The post Zcash to Transition from PoW to PoS, ZEC Price Could Hit $40 by February 2024 appeared on BitcoinEthereumNews.com.
Key takeaways Zcash (ZEC) is planning to implement major changes to its consensus protocol during a migration to proof-of-stake The project has revealed that it plans to take “meaningful steps” towards the migration by Q1 2024, which would include security discussions and a new protocol simulator The ZEC price prediction algorithm expects a +36% move within three months as the cryptocurrency aims to reclaim key resistance levels that were lost during the bear market downtrend Zcash plans network migration with early steps forecasted for January 2024 Zcash (ZEC) has been planning a major network overhaul that would see the Zcash protocol migrate from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. Electric Coin Co., the parent company of the Zcash blockchain, said that it hopes “to deliver a world-class user experience” as part of the upgrade. In a recent update to the Zcash community, Electric Coin Co. outlined its roadmap heading into Q1 2024. The timeline includes what the company describes as “meaningful steps” towards the PoS transition, which will include positing security arguments to ZEC token holders and a program that will simulate Zcash’s performance post-transition. Proof-of-stake consensus protocols are more energy efficient by design, which helps to reduce costs for node providers when compared with proof-of-work. This typically enables a more scalable blockchain network, as consensus can be reached much faster as there is a streamlined process for deciding transaction orders. Reduced costs also often trickle down to the end user, who then benefits from lower fees. The scalability improvements that are synonymous with PoS are offset by a slight compromise on security — an issue that will be discussed in length as part of the Q1 2024 roadmap for Zcash. On balance, the project hopes to “improve ZEC’s position as a leading private, global, permissionless cryptocurrency.”…
Filed under: News - @ November 6, 2023 6:08 pm