UPD. June 26
Zcash network was successfully updated and continues working as usual. So we are happy to share that Zcash processing has been restarted on CEX.IO. We have thoroughly tested the transactions and ensured they are running smoothly. You can already deposit and withdraw ZEC as you did it before the upgrade.
Please also note that some of the exchanges and wallets may not have upgraded their software yet. In such cases, sending money via the services supporting the previous version may cause delays and errors not related to CEX.IO functioning. If you face such issues, be sure to contact your wallet/exchange service provider to resolve the issue.
Around June 25 to 26, the Zcash network will experience a planned system upgrade called Overwinter. It will take place at block number 347,500.
Please be advised that Zcash processing will be paused on CEX.IO for the time of the upgrade. We will temporarily stop Zcash deposits and withdrawals approximately 2 hours before the fork and restart them 7 working days after the upgrade is completed.
We expect the upgrade to be stable. Still, we would like to be confident that everything works smoothly. We also need this time to test how the network works as well as to ensure that all your payments are processed correctly, and all funds are secure with the upgraded version of Zcash.
What is Zcash?
Zcash is widely known as a blockchain that provides enhanced privacy with cryptography. A specific feature of the Zcash blockchain is that transactions are published on a public blockchain while users can optionally hide the sender, receiver, and amount sent.
A result itself of the Bitcoin hard fork, Zcash has not previously seen major upgrades. The Overwinter software upgrade is said to improve the overall performance of the Zcash blockchain. The team behind the upgrade states that users don’t need to do anything except keep their software up-to-date.
What issues does the upgrade solve?
The Zcash blockchain is convenient, but the network is not suited for frequent updates. The Zcash development team believes that the upgraded software will create conditions for better performance. In particular, the new system will allow for more frequent upgrades. The developers also assure that transactions on the blockchain will get faster while the system will have an even higher level of privacy.
The major innovation introduced by the Overwinter network upgrade is the principle that all transactions remaining in the queue for over an hour will be closed under specific conditions. This closure will happen, for example, when the user is not able to pay the fee. This rule will significantly speed up transaction processing. Another part of the upgrade is enabling replay transaction protection.
We understand that a pause in Zcash processing may inconvenience you. Still, we highly encourage you not to make Zcash deposits and withdrawals during the mentioned time. We will keep you informed as to when precisely we will pause Zcash processing and restart it.