Due to the recent success of A Recap Series: The Bear Market Highlighted Great Development and requests for additional development news from other coins, we have published another article today highlighting: Zcash, Humaniq, and OmiseGo.
Yesterday's article can be found here:
Earlier this month we wrote about Overwinter, the first system-wide software upgrade:
"The purpose of Overwinter is to strengthen the protocol for future network upgrades, paving the way for the Zcash Sapling network upgrade later this year. Overwinter includes versioning, replay protection for network upgrades, performance improvements for transparent transactions, a new feature of transaction expiry, and more."
Yep, sounds fancy and I have no clue what any of that means. So let's break it down!
Overwinter adds so-called replay protection to zcash, whereby should some users stay on the old chain and send transactions, those transactions will not be repeated on the new chain.
Zooko Wilcox, co-founder and CEO of Zerocoin Electric Coin Company, which develops the zcash network, says it is more of a precaution instead of a feature, since he doesn't expect any users to not upgrade to the new system (albeit, this could be a problem with future hard forks that introduce more controversial upgrades).
Zooko Wilcox is most excited about the addition of "transaction expiry," a mechanism which prompts transactions to expire after an hour.
While this might sound odd, it quite frequently happens that transactions get stuck, held in limbo because users don't pay high enough fees to make miners pick up the transaction and add it to a block.
Some people have voiced concerns over this feature, however, according to Wilcox this feature will prevent users from losing money if they accidentally send a transaction on the wrong chain.
Signature Verification Performance
The other big change that Overwinter will bring to the zcash network will address "signature verification performance," which is a feature still not defined by bitcoin.
According to Wilcox:
"We have a bug we inherited from the bitcoin codebase where if you verify signatures with a whole lot of [unspent transaction outputs or UTXOs], it takes too long. This fixes that."
Additionally, the team behind Zcash (ZEC) is following all the big ideas in the crypto space today, including Ethereum's plasma and sharding work and bitcoin's open-source Lightning Network development.
We wrote about Humaniq in February, because it isn't a well-known cryptocurrency but they are doing amazing things for the underprivileged, with their main focus in Africa currently. The mission of Humaniq is bringing "banking to the unbanked" by providing next generation financial services to the unbanked and underprivileged in emerging economies globally, via its blockchain-based mobile application. Humaniq also offers startups and other small to medium-sized businesses a platform to reach millions of new users seeking simplicity and cost savings.
Besides presenting at the GSMA - Mobile World Congress and forming a partnership with Biometrics Institute the team has been busy upgrading and scaling their application and blockchain. They announced on Tuesday the release of its hybrid-blockchain solution, alongside version 2.0 of its mobile application – already downloaded over 100,000 times from Google Play. The new hybrid chain system aims to make Humaniq data accessible via the Ethereum mainnet, while leveraging multiple sidechains to process more transactions and expand the platform.
Humaniq CTO Anton Mozgovoy said:
“Our development team’s proud of this technological first, which brings together the benefits of the Ethereum Blockchain and of individual Blockchains. Our unique solution allows us to serve ever more of the global unbanked population, building on the 100,000 downloads already made – without the costs of providing services of either miners or traditional banks.”
The hybrid solution employed by Humaniq will allow the platform to scale indefinitely all over the world. It utilizes regional sidechains in countries like Uganda, Senegal, Zimbabwe, Tanzania, and Rwanda. When the capacity on these chains are filled, the transactions are sent to the Ethereum blockchain to be filled, in a preorganized pattern, to increase speed and scalability across additional locations. This allows the system of transactions to remain transparent and verifiable while overcoming cost barriers that plague existing blockchain solutions.
Humaniq research indicates that the current cost of securing a single transaction on the Ethereum blockchain can exceed $84 USD.
"Unbank the Banked." I know, sounds familiar? Unlike Humaniq and their mission to bank the unbanked, OmiseGo has a different approach.
OMG is a decentralized bank, exchange, and asset-backed blockchain gateway. OMG’s ultimate goal is to be a “preeminent high-value exchange and settlement platform”. Think of a decentralized Ripple + universal remittance bridge to interconnect fragmented payment processors, legacy rails, and decentralized blockchains.
This means helping the unbanked get banking services (through their open-wallet infrastructure) and facilitating unprecedented interchangeability between the many legacy rails (ACH, VISA, Paypal) and decentralized blockchains (like Ethereum). This could even potentially include more obscure assets like airline miles or loyalty points.
They are widely supported by the Ethereum community and Ethereum wizard Vitalik Buterin which only validates their credibility and support. Recently, they were accepted into the Ethereum Infrastructure Grant Program which is supported by the Ethereum Community Fund (ECF) - they provide both funding and connectivity, while shaping the strategic direction of the space towards mainstream adoption through the development of infrastructure and compelling end-user applications.
Today they announced the launch of their new blockchain specialized co-working space on Twitter:
— JUNΞ (@JUN_Omise) March 23, 2018
"Started by OmiseGO, Neutrino is building a thriving community by connecting entrepreneurs, businesses, regulators and cryptocurrency thought leaders together through series of regularly organized events, workshops and meetups" - https://neutrino.tokyo/
Please let us know if you enjoy this series and what cryptocurrencies and their developments you wish to learn about.