Skip to main content

ZEC will hit $ 300 after moving to PoS



ZCash's price rose sharply over the weekend as investors welcomed the transition from Proof-of-Work (PoW) to a Proof-of-Stake (PoS) model. The ZEC coin jumped to a high of $ 238. This is the highest level since May 19. That price is also about 185% higher than its lowest level in July this year.

Change from PoW to PoS

Cryptocurrencies are essentially mined in two ways. The proof-of-work model was first introduced with Bitcoin. PoW enables the mining of new coins through computers that solve complex calculations. Besides Bitcoin, there are other cryptocurrencies that use the PoW model. These are, for example, Zilliqa, Ethereum and ZCash.

At Proof-of-Stake, a chain of so-called validators, who own the cryptocurrency, is tasked with verifying blocks in the digital ledger. In the past few months, Ethereum has moved from PoW to PoS due to its greater efficiency and speed.

At ZEC, privacy comes first

ZCash is a data protection-oriented cryptocurrency. Their developers announced that they want to move from PoW to PoS soon. In a statement, the Electric Coin Company, which is behind the ZEC coin, said that the network will be switched to PoS in the next few years.

The upgrade will come under the three main goals that the developers want to achieve. First, they want to bring an official ECC wallet onto the market. It is intended to enable users to process transactions directly. The wallet will be launched in 2022.

Second, the aim is to introduce the proof-of-stake consensus in the foreseeable future. Most importantly, ZCash remains interoperable with other platforms.

First of all, ZCash is a cryptocurrency that puts privacy first. This means that transactions made within the network are difficult to track.

Such anonymous coins are in high demand, but the performance of their tokens generally lags behind other cryptocurrencies. For example, ZCash has a market cap of around $ 2.5 billion, making it the 73rd largest coin in the world. Another privacy coin, Dash, has a market cap of more than $ 2 billion, while Monero is around $ 4.3 billion.

On the daily chart, we can see that the price of ZCash found strong support at $ 83.83 this July. The coin recently managed to move above the major resistance at $ 175 - its highest level on September 5th.

The ZEC price is also above the moving averages of the last 25 and 50 days. That is usually a positive sign for cryptocurrencies and other digital assets. Price is also along with the 50% fibonacci retracement level. Hence, ZCash is likely to continue rising if the bulls target the next major resistance at $ 300.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
Upland - Collect Digital Properties & Test Your Skills
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more