Zcash Finalized ‘Canopy’ Upgrade Implementation for First Successful Halving Celebration

By Warren Hayes | November 20, 2020

Privacy-focused crypto coin Zcash (ZEC) reportedly completed the implementation of the Canopy upgrade, as a celebration for its first successful halving. 

Specifically, the upgrade is reportedly dedicated to setting up a development fund for the platform, as well as eliminating the “Founders Reward.”, which gathered controversial feedback. 

The halving and upgrade reportedly took place at block 1,046,400, only 4 years following the first mining of Zcash in October 2016. 

Canopy will reportedly be the fifth notable upgrade to Zcash, mainly concentrating on the adjustments to the mining rewards distribution. Before the upgrade, the expiration mark for the financial support of the platform development was timed to at the point of the first halving. 

Despite miners are still the recipient of the majority of the mining rewards (80%), 8% will now be reserved for the Major Grants Fund, and will be reserved solely for independent third-party developers.

The remaining 12% will reportedly be divided for two entities – the Electric Coin Company, securing 7%, and the Zcash Foundation, receiving the rest 5%.

The adjustment will reportedly have the most effects on the founders and employees of ECC, while the share reserved for the firm has seen a slight incline. Moreover, including external teams into the Zcash development environment has reportedly been decided by the community as essential, to make sure the integrity and growth of the protocol are still on track, in a decentralized way.

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