ZCash Price Prediction and Analysis: ZEC is going down. GPU minable coins at risk. Tuesday, June 5
Important Zcash news
Even though the fact that ZenCash was attacked is not connected in any way with ZCash, as they are fully separate projects, the sole situation may be worrisome for the holders or at least worth some insights by the developers. ZenCash is based on Equihash mining algorithm, the same used by ZCash. One person managed to gain control overy 51% of the network and was able to reorganize the blockchain several times to his liking. The attacker double spent at least two massive transactions of 13000 and 6600 ZEN, worth more than half a million dollars at the time. This event is now the fourth major attack based on 51% network power in last months with Bitcoin Gold and Verge being among them. This shows that it may be dangerous for GPU minable coins as it becomes easier and easier to buy enough hashing power to get an advantage over the network.
Zcash on ASICs mining
The developers have been thinking about changing the algorithm for some time now. The community is also having hot discussion about what would be the best for their currency. "ZcashCo engineers have recently been chatting about mining decentralization, including such ideas as changing the Equihash params, switching to a different PoW algorithm, making non-outsourceable PoW, switching to PoS..." The Foundation is developing ASIC resistance as an option while simultaneously researching ASIC resistance, as they still want to let the community and individuals have power without handling it to professional machines and increasing the difficulty significantly. "If we are to keep Zcash open, accessible, and valuable to all kinds of people and groups, all around the world, a response must be thoughtful and well-reasoned, and this will take time."
ZEC Price Analysis
The cryptocurrency did a rather weird fun in last days, as the market seems to be recovering a little bit, ZEC is going in the exact opposite way. While during the May lows it was trading for higher prices, fluctuating easily above $300. Bitcoin's failed run to $9000 brought ZEC to the regions of $250. Currently, ZEC has experienced a rather sudden decrease in price and fell from the highs of $260, which the coin struggled to achieve, down to $229 and is still going down.
ZEC/USD Price Chart, Tuesday June 5th:
The team has completed preparation stage for the upcoming Sapling Network upgrade and ZIP-243. It will hit the testnet very soon, while the 2.0.0 version will be released after the huge Overwinter upgrade. This can lead to a positive price movement in the short term if the upgrade goes smoothly and the new features may impact the price in the long term. However, the market for privacy-oriented coins is rapidly growing with more and more cryptocurrencies being created. In order to keep up with the competition Zcash needs to work a bit harder or it will lose some part of the users in favour of other coins.
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