Approval for protocol proposal elates ZCash community: ZEC shoots up 5% $ZEC

Approval for protocol proposal elates ZCash community: ZEC shoots up 5% 26219

ZCash [ZEC] is the top performer in the market on Thursday, as it has climbed 5% against USD amid a bearish crypto market. ZEC prices are shooting up on account of the approval of a ProgPoW proposal, introduced by the ‘Ifdefelse’ team, to make ZCash GPU-friendly. The ProgPoW proposal being ASIC-resistant and GPU-friendly seems to have lifted investor sentiment in the market.

ZCash prices were also boosted by higher trading volumes on Bithumb as South Korean investors were seen increasingly investing in the coin. The ZEC/KRW trading pair on Bithumb is currently exhibiting the second highest trading volume on the exchange, clocking in daily trade volume of $639 million.

ZEC/USD

ZEC, which was consolidating for the past few days, has breached its resistance level traced at $132 and is currently trading around $135. The ZEC charts show that the coin was on a steep climb at the beginning of the day. The current resistance level is noted at $138.02. The buyers can be seen battling the sellers to maintain a bullish momentum for ZEC prices. The RSI levels indicated that the coin was overbought at the beginning of the day. The MACD represents a strong bullish momentum for the crypto. The 100 EMA line trading at $128.88 is exhibiting an uptrend. ZEC is currently trading at $135.34 with a market cap of $698 million and has gained 5.1% against USD.

Approval for protocol proposal elates ZCash community: ZEC shoots up 5%-BCFocus

ZEC breaches $130

ZCash recently approved a proposal called ProgPoW, which will make it ASIC-resistant. The proposal introduced by ‘Ifdefelse’ aims to wipe out the dominance of ASIC mining of cryptocurrencies. “For Zcash – a community based on widely distributed commodity hardware – specialized ASICs enable certain participants to gain a much greater chance of generating the next block and undermine the distributed security,” the proposal stated. This can also be a solution to the criticism faced by the company over the Bitmain dominance of  ZCash mining.

“This proposal presents an algorithm that is tuned for commodity GPUs where there is minimal opportunity for ASIC specialization.This prevents specialized ASICs without resorting to a game of whack-a-mole where the network changes algorithms every few months,” the proposal explained. The proposal aims make ZCash more GPU-friendly, which implies that it will become more decentralized.

Decentralization will promote better security as well as anonymity to transactions. The ProgPoW has gained acceptance from the community as the ZCash prices are up in the market and has also breached the major resistance level traced at $130.

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