Zcash to undergo NU5 activation on mainnet, what to expect?

By:
on May 12, 2022
  • Zcash saw the release of 5.0.0, which added support for NU5 activation on the mainnet.
  • This update introduced the Orchard shielded payment protocol and utilizes the Halo proving system.
  • This enables private, trustless digital cash payments on mobile phones for the very first time.

Zcash ZEC/USD is a fork of Bitcoin BTC/USD, which was developed to introduce a higher level of privacy and anonymity to the crypto space.

Zcash verifies ownership of coins and transactions through anonymous means and provides a heightened level of security across all of its users.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Its native cryptocurrency, ZEC, can be mined on devices and computers, and it is secured through the distributed network of miners as a result.

Release 5.0.0 and its support for NU5 activation on the mainnet as a catalyst for growth

On May 11, 2022, the Electric Coin Co. made an announcement on Twitter regarding the release of the 5.0.0 upgrade, which adds support for NU5 activation on the mainnet.

NU5 is a representation of the largest network upgrade in the history of the project, and it launched the Orchard shielded payment protocol whilst utilizing the Halo proving system as a means of removing the reliance on complex setup ceremonies. 

This means that the NU5 effectiveness will, for the very first time, make private, trustless payments for Zcash available on mobile, which could lead to a heightened level of usage for ZEC and an increase in its value as a result. 

Should you buy Zcash (ZEC)?

On May 12, 2022, Zcash (ZEC) had a value of $73.41.

In order for us to see what this value point indicates for the future value of the ZEC cryptocurrency, we will be going over its all-time high point of value, as well as the performance the token showcased throughout the previous month. 

When we look at the token’s all-time high, Zcash (ZEC) had its ATH on October 29, 2016, when it reached a value of $3,191.93.

However, when we take a look at how the token performed throughout the previous month, Zcash (ZEC) had its highest point of value on April 1 at $193.06.

Its lowest point of value was on April 30 at $124.45. Here we can see that the token decreased in value by $68.61 or by 35%.

The upgrade will activate on May 31, 2022 at Block Height 1,687,104.

With this in mind, we can expect the ZEC token to reach a value of $100 by the end of May 2022, making it a solid cryptocurrency to buy.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
  2. Capital.com, simple, easy to use and regulated. Register here >

*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.