Worries about a possible spam attack have emerged due to an anticipated size growth in Zcash (ZEC) blockchain amidst surged transaction volumes. BTC storage Casa’s CTO and co-founder Jameson Lopp highlighted this via Twitter, stating that the Zcash Network grew 3x to more than 100GB within a few months.
What it Means
Blockchain explorer revealed that Zcash miners authorized a block comprising four safeguarded transaction outputs at 1832666 block height. Transaction charges were below a penny, with a two MB block utilized every 75 seconds.
Zcash saw its blockchain size grow due to the latest spamming attack. Performance and memory concerns & the increase in shielded outputs saw nodes failing. That shows fees related to the attack cost the scammer about $10 per day.
It’s unclear why the blockchain experiences the attack, but some players view it as a trial to destroy Zcash’s reputation by crashing nodes due to synchronization, performance, and memory problems.
Such developments could have discouraged prospective node operators from joining the blockchain, increasing the chances of Eclipse assaults or surveillance on the network.
Evaluating Difficulty and Hashrate
2miners revealed that the chain’s mining difficulty declined slightly within the past week, hovering near 88.03m during this publication. Also, the weekly hashrate presented a decline, standing at 10.16. That showed mining activity slumped over that timeframe. Mining difficulty decline might mean fewer miners utilizing the blockchain.
ZEC price reflected downside trends by October 6 trading close. The alternative token opened near $65.41 and ended the trading day at $64.28, surrendering 1,58%. While publishing this post, the alternative coin lost another 2%, following bearish conditions.
Meanwhile, ZEC has maintained range-bound actions on the daily chart. The alt secured a firm support line at $52.60. Zcash’s short-term resistance stood near $59.73, and the alt will likely test the mark soon. Nevertheless, the value area at $66.62 could represent a long-term hurdle.
ZEC retained a bearish trend, though a weak one. The token’s RSI (Relative Strength Index) line swayed beneath the neutral line, indicating a slight bear bias. ZEC’s parent firm, Electric Coin Company, replied to user fears, tweeting that everything operated smoothly.
They stated that most ZEC customers wouldn’t notice the blockchain size difference. Also, they blamed massive transactions with multiple outputs for the abnormal long sync times witnessed by shielded wallet clients.