ZCash Company CEO Zuko Wilcox acknowledged that this privacy-oriented cryptocurrency user has a too high rate of inflation, and focused on possible changes in the consensus algorithm that can be accepted if approved by the community.
He wrote about this in a series of recent tweets, noting that the problem of high inflation is becoming ever more relevant, since at current prices, the daily issue of new Zcash coins in dollar terms exceeds $ 400,000.
As expected, the github thread is about radically revamping Zcash mining is heating up. https://t.co/vUoILxwQX0 This is important, because there is more than $ 400K / day of new Zcash issuance: https://t.co/D7imLPsfse pic.twitter.com/tThFy53LRF
– zooko (@zooko) January 2, 2019
Zuko Wilcox cites data from the analytical resource Messari, according to which at current emissions and prices, the rate of daily inflation is 0.11%. For comparison, in Bitcoin, this indicator is about 0.01%, about twice as much as in Ethereum.
In this regard, Wilcox mentioned a thread on GitHub, where there is a discussion about Harmony Mining – a proposed change to the Proof-of-Work algorithm that can be implemented in a future Zcash upgrade called Blossom. The essence of Harmony Mining is to change the Zcash consensus mechanism to dual algorithms, one of which will be backward compatible with the current ASIC mining, and the second will be temporarily focused on graphics accelerators.
As explained, such a scheme will allow spreading the issue and political influence to a wider range of participants and will allow reducing the rate of inflation. One of the proposals is to limit the daily issue to $ 21,658 at current prices, but there is no consensus on how exactly the Zcash emission mechanism should be built at the moment.
Zuko Wilcox also provides a link to the description of the upgrade Blossom – the next important stage in the development of Zcash. Its activation is scheduled for October this year.
Here's the process for the Zcash Blossom upgrade: https://t.co/336xI7qhzt
– zooko (@zooko) January 2, 2019
The previous major update to the Zcash network called Sapling took place at the end of October 2018.
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