Popular privacy-centered cryptocurrency Zcoin has disclosed details of its upcoming block halving.
The halving, which is the first-ever for Zcoin (XZC), is expected to take place on block 302438, which is estimated to be on September 15, 2020. To take part in the halving, users must have upgraded their protocol to no less than version 0.14.0.5.
What is halving?
Simply put, halving is a process of splitting the supply schedule of a particular crypto (the block rewards earned by miners) in half. This, in essence, helps curb inflation, subsequently making the coin deflationary. Most tokens, such as Zcoin, follow Bitcoin’s schedule of halving every four years.
Details of the halving
Speaking with Altcoin Buzz, Reuben Yap disclosed that the upcoming halving is a very important event in the Zcoin ecosystem. He added that the event commemorates the end of the founders’ reward initiative, and he says the halving will be the single largest “drop of inflation in Zcoin’s entire supply schedule.” Block rewards will fall from 25 XZC to 12.5 XZC per block. Subsequently resulting in a drop in inflation from ~25% p.a. before halving to ~12%. p.a. post-halving.
Reuben Yap, project steward of Zcoin, thanked the entire community for their unreserved support for the project. Due to the community’s input, block rewards are being modified to cater for continued development. 50% of the block rewards will go to miners, 35% will go to Znodes, and 15% will be placed in the development fund. The increase in development fund allocation (from 6% to 15%) will furthermore drive expansion and research on the privacy-focused platform.
Block reward before and post-halving
Source: Zcoin blog
Reuben Yap further added that the “halving is also only the first of many exciting things happening in Zcoin.”
Zcoin post-halving events
Following the halving event, plans are in place to launch the platform’s new default privacy protocol – Lelantus. Currently, final reviews are ongoing on the protocol with plans to move it to the testnet stage as soon as possible. Trail of Bits has also completed its cryptographic library audit of the protocol.
With increasing interest in DeFi, Zcoin plans to launch its integrations into that space next month. Chain-locks is undergoing finishing touches, and “Receiver Address Privacy” is expected in a few weeks.
These integrations will subsequently “provide Zcoin’s native token (XZC) with more utility.”
Lastly, users should expect more rebranding and renaming on the platform. Users can expect a new name, logo, and website domain that will more effectively portray the platform’s privacy focus.
The privacy-focused platform also recently partnered with StakeHound to bring Znode liquidity to DeFi.
Previously on the Altcoin Buzz YouTube channel, we listed Zcoin as one of the DeFi tokens “on fire.”