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Ify Egede
May 30, 2022
by Ify Egede

Bybit Tweets Its Support for Zcash Network Upgrade

Bybit Zcash Network Upgrade
According to the latest tweet by Bybit, they will be supporting the Zcash network upgrade. Before the upgrade starts, they will put all ZEC deposits and withdrawals on hold.

Support from Bybit for Zcash Network Upgrade

Bybit will be supporting the Zcash network upgrade and hard fork for block 1,687,104. The upgrade is likely to happen later this week. The exchange will temporarily stop all Zcash transactions (deposits and withdrawals). The transactions will stop on 31st May at 11:30 pm (UTC). Depending on the network's speed, Bybit will decide how long the suspension will be in effect. Other operations, such as ZEC trading, will not get affected. Zcash transactions will continue once the updated networks are reliable. 

The Bybit team will not make any more announcements on the upgrade. All users with complaints about the upgrade can call the Bybit support team. Preparation is key, especially when avoiding an unexpected request for more margin when the upgrade starts.

About Zcash

Shielded addresses enable increased protection. It also increases the anonymity of Zcash transactions, constructed on a decentralized blockchain. It's based on an open-source technology identical to BTC at the time. Forked from the BTC codebase, ZCash is a cryptocurrency. Some developers suspected that BTC's way of handling its blockchain transactions had security weaknesses. They named their crypto Zerocash in their papers describing their concepts.

Zcash network focuses on privacy. It's achieved via zk-SNARKs. zk-SNARKs is a zero-knowledge proof technique. It lets nodes on a blockchain system verify operations. It does not have to disclose users' activity metadata. Zcash offers two different kinds of addresses to users. It offers both transparent and shielded addresses.

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Bybit Tweets Its Support for Zcash Network Upgrade
Ify Egede
Ify is an experienced and versatile writer and researcher. He has have keen interest in blockchain technology, Bitcoin, cryptocurrencies, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.

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