Zcash holders approved a proposal to accelerate transactions and maintain the current bitcoin-style halving schedule in a large-scale vote involving nearly 2.4 million ZEC. This is about two-thirds of all available voting tokens – 3.6 million ZEC. In the vote, 99.9% of participants supported reducing the time between blocks to 25 seconds, while 98.9% voted to keep the existing halving schedule. Additionally, holders agreed to postpone the reallocation of fees collected through the Network Sustainability Mechanism until February 2031 and to disable transactions related to the outdated privacy system Sprout.
The voting was conducted under high privacy standards. Only ZEC owners in Ironwood, the new private transaction network of Zcash, could participate. Civil confidence in the voting system ensured participation without revealing wallet balances. Thus, the ability to vote using actual fund stakes was available without disclosing specific stake sizes or identifying holders. This mechanism guarantees a greater degree of privacy. It is worth noting that the previous survey in February attracted only 7.25% of circulating ZEC, demonstrating significant disagreements among holders.
Now developers have a clear plan for the next network update, NU7, which will help make ZEC transactions faster. 99.3% of participants voted for the update to be launched as soon as possible, while features that will not be implemented by the deadline of September 30 were rejected. Thus, the voting results allow for an accelerated update process and increased transaction speed in the Zcash network.
Related articles
