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- Zcash (ZEC) surged more than 4% after developers announced that its new cryptocurrency is free of fraud.
- Project Tachyon is nearing completion of mathematical proof for Ironwood’s upcoming Zcash secure pool.
The Zcash token ZEC rose more than 4% on Wednesday after developers announced that they are close to mathematically proving that the next-generation encryption system is free of the most serious fraud group.
The announcement restored investor confidence following the disclosure last month of a security defect in the system Zcash is available as a shield to exit, helping the privacy-oriented cryptocurrency restore the level of $500 for the first time since the beginning of June.
Project Tachyon is close to confirming the Ironwood Shielded Pool
According to the developers, they are close to creating mathematical proof that Ironwood is free of invisible bugs.
Zcash founder Zooko Wilcox said the project is “close to” completing proof that the latest generation of Zcash secure pools are safe from this group of threats.
If possible, authentication can provide a strong guarantee of security for one of the most important aspects of network privacy.
Investor confidence was shaken last month when developers revealed a major risk involving Zcash’s Orchard security pool.
The flaw would have allowed an attacker to create a fake ZEC inside a secret without being detected.
Although the developers quickly patched the issue and said that they did not find evidence that the vulnerability began to be exploited, Zcash’s secret infrastructure failed to verify cryptographically that no fraudulent currency was created.
The revelation caused the ZEC market to drop by 40% in just two days.
Will ZEC refund the $550?
The ZEC/USD 4-hour chart remains stable and active following the recent rally. Which suggests that these bulls may raise the price of ZEC.
The RSI of 57 shows that ZEC is above the neutral zone, while the MACD lines strengthen the bias.
If the bulls continue to dominate, ZEC may surpass Tuesday’s $510 high and establish a new high of $550.
A confirmed candle closed above this level may allow ZEC to recapture the $600 sentiment zone soon.
However, if the bears reach this figure, ZEC may retest the 4-hour TLQ at $438 in the next few hours.
