ZenCash Successfully Upgrades to Highly-Secure, Transaction Replay-Resistant System

by PaymentsJournal 0

Partnerswith leading blockchain development company IOHK to accelerate roadmap

New York, New York, June13, 2017 – ZenCash, the privacy coin for borderless decentralizedcommunications and transactions, has today announced it has successfullyupgraded to a highly secure, transaction replay-resistant system via a softfork completed at 2pmEDT. Zen partnered with leading blockchain research and developmentcompany IOHK to support the transition and accelerate the project’s technicaltimeline.

ZenCash Co-Founder Rob Viglionesaid: “Zen would like to humbly thank its network of supporters for theircombined efforts in upgrading the entire system. The incredible success inmoving to a system that no longer accepts blocks potentially containingtransaction replays has made the Zen ecosystem substantially more secure.

“Zen would also like to extend itsgratitude to IOHK, a company synonymous with world-class blockchaindevelopment, for its technical leadership in upgrading the system’s securitythroughout the transition. IOHK’s dedication and cryptography expertise hasimproved Zen’s ability to prevent successful malicious attacks and placesZenCash on a fast-tracked path to being the leading privacy coin,” Viglioneadded.

The software transition requiredall participants in the ZenCash network to upgrade their node software beforethe soft fork rules were enforced. The transition process, which included ascrupulous audit of the Zen chain, was supported by a team of independentexperts led by IOHK developers. IOHK dedicated cryptographer, IT securityresearcher, and developer of Ukrainian cryptographic standards the Kalyna blockcipher and the Kupyna function Prof. Roman Oliynykov, and cryptographer and asoftware developer Dmytro Kaidalov Ph.D. to support the ZenCash project.

IOHK CEO Charles Hoskinson said: Ibelieve that privacy is a foundational human right and enjoy the tremendousinnovation the cryptocurrency space has brought to the discussion. ZenCash’steam has the right background, knowledge and character to understand both thetechnology and philosophy behind the delicate intersection between privacy andsecurity. Thus, I’ll be working closely with them to try to amplify theirefforts and advise where and when consulted.”

Highlights of Zen’s acceleratedtechnical timeline include implementing Segregated Witness, the development ofimproved wallets for the web, Windows, Linux, OS X, iOS, and Android, buildinghardware for t and z transactions, messaging, GNUnet publishing, and thecreation of a domain fronting service for z transactions using a commercialcontent distribution network (CDN). In addition, Zen will establish systemsservers in multi-data center configuration and undergo rigorous infrastructureresilience testing and refinement to ensure security, redundancy, and lowerlatency.

Rob Viglione said: “Zen’s talentedcore team and large supportive community are effectively working hand-in-handto progress the platform. ZenCash has the support of a fantastic exchangepartner in Bittrex, which has announced plans to review the Zclassic andZenCash wallets after our community rapidly upgraded nodes to prevent the riskof transaction replays.”

The Zen platform’s innovativedesign offers users the option to conduct shielded transactions that obscureinformation about sender and receiver, as well as the amount of thetransaction. Users also have the option to perform transparent transactions.All network communications are encrypted between nodes, providingcertificate-based encryption connections for ZenCash wallet applications.

For more information, the Zenwhitepaper is available on https://zensystem.io.

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About ZenCash:

ZenCash is the first and mostimportant initial product in the Zen portfolio. Zen, an evolution of theZclassic codebase, launched its Blockchain on May 23, 2017. Zen provide privacyand networking infrastructure for secure and anonymous collaboration.

About IOHK:

Founded in 2015 by CharlesHoskinson and Jeremy Wood, IOHK is a technology company committed to usingpeer-to-peer innovations to provide financial services to the three billionpeople who don’t have them.

IOHK is an engineering company thatbuilds cryptocurrencies and blockchains for academic institutions, governmententities and corporations. It is also a research firm with dense academicconnections in Europe, America and Asia with many employees holding PhDs inComputer Science, Math or Physics. IOHK focuses on practical, peer-reviewedresearch to create live protocols, and the technological underpinnings tonext-generation cryptocurrencies.

To learn more, visit iohk.io