Why are Zcash Holders Concerned, Given the Growth of Blockchain Size

Concerns about a potential spam attack arose as a result of the unexpected increase in the volume of Zcash (ZEC) blockchain resulting from increased transaction volume.

Jameson Loeb, Co-Founder and CTO of Bitcoin Storage, highlighted this in a tweet He stated that the Zcash blockchain had tripled in size to over 100GB in just a few months.

What does this mean?

according to blockchain explorerAt block height 1832666, Zcash miners confirmed the existence of a block containing four protected transaction outputs.

Every 75 seconds, a 2MB block appeared to be fully exploited, and the average transaction fee was less than a penny.

The size of the Zcash blockchain has grown as a result of the recent spam attack. Due to memory and performance issues with syncing this wave of protected output, nodes failed as a result.

It is estimated that the transaction fees associated with this attack cost the fraudster around $10 per day.

It’s not clear why the attack was launched, but some believe it was an attempt to damage Zcash’s reputation by causing nodes to crash due to memory, performance, and synchronization issues.

Potential node operators may be discouraged from joining the network, which increases the possibility of monitoring or so-called Eclipse attacks on the blockchain.

Look at hash rate and difficulty

According to 2miners, mining difficulties of the chain has fallen slightly compared to the previous week, and stood at 88.03 meters at the time of writing.

Weekly average Hash rate It also showed bearishness and was at 10.16. This indicates that mining activity decreased during that time period. The lower mining difficulty could mean that there are fewer miners using the platform.

Source: 2miners.com

ZEC, go down a hook or two

At the close of trading on October 6, ZEC price showed a downtrend. It opened at $65.41, but closed at $64.28, losing 1.58% of its value. At the time of publication, the asset was trading at a loss of over 2%.

When viewed daily, price action was mostly range-bound. It was noticed that $52.69 acted as a support line that held.

Near-term resistance was calculated at $59.73, and a test was not expected soon. However, $66.62 might represent long-term resistance.

What could be considered a general trend for ZEC has been bearish, albeit weak. The RSI line of the asset was just below the neutral line, indicating a moderate downtrend.

Source: TradingView

Zcash’s parent company, the Electric Currency Corporation (ECC), has responded to user concerns with tweet That everything is running smoothly.

They claimed that most Zcash users would not even notice the difference in the size of the blockchain. Essentially, they claimed that a large number of multi-exit transactions were responsible for the unusually long sync times seen by clients of the protected wallet.

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