Zcash's new privacy pool, Ironwood, will employ formal verification to eradicate undetectable proliferation vulnerabilities.
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Zcash is nearing completion of its mathematical proof to prevent hidden issuance vulnerabilities; ZEC rises 12%.
According to Odaily Odaily, Zcash's native token ZEC rose more than 12% on Tuesday after the team responsible for developing its privacy pools said they were close to completing a mathematical proof to confirm that there was no undetectable forgery or over-issuance vulnerability in the latest Zcash shielded pools. This verification work is being carried out by Project Tachyon, targeting Zcash's upcoming Ironwood shielded pool. Zcash founder Zooko Wilcox stated that the project is on the verge of producing a mathematical proof, aiming to demonstrate that the latest Zcash privacy pool does not have undetectable proliferation vulnerabilities. This development stems from the disclosure last month of a serious forgery vulnerability in Zcash Orchard's shielded pool. At the time, this vulnerability caused market concerns that Zcash's privacy system might have undetectable hidden inflation risks, causing ZEC to fall by more than 40% within two days. Developers say that with the help of AI-assisted formal verification, proof work that might have previously taken years can now be compressed into weeks. This news pushed the ZEC back above $500, its highest level since early June. (The Block)
The Zcash Ironwood upgrade will be deployed to the testnet tomorrow.
According to Foresight News , Zcash core developer Sean Bowe tweeted that the Ironwood upgrade will be deployed to the testnet tomorrow. He also stated that the Ironwood upgrade will be activated on the mainnet around July 21st. All consensus rule changes have been implemented and have undergone a period of auditing. The specification/ZIP has been released and is nearing its final state. According to a previous Foresight News report, Zcash core developer Sean Bowe tweeted that Ironwood will introduce a new shielded pool using the Orchard protocol. Simultaneously, the Orchard circuit will add a flag controllable by consensus rules, which can disable payments to other users within the pool (while retaining change) as a privacy protection mechanism. After the upgrade, old Orchard pools will enable this restriction and prohibit fund transfers to old pools by constraining valueBalance. New user payments must be made through the new pool, while migrating funds from the old pool to the new pool is encouraged. Furthermore, users can gradually prove that no fraudulent minting has occurred by migrating funds.
Zcash’s November upgrade could freeze funds in legacy Sprout pool
The proposed NU7 change would disable version 4 transactions, leaving ZEC in Zcash’s legacy Sprout shielded pool unspendable.
Sovright launches Argos tool to help early Zcash users recover assets from lost wallets.
According to BlockBeats, on June 30, Sovright, a non-profit organization founded by members of the governance team of the former Zcash developer Electric Coin Company (ECC), launched Argos, a wallet recovery tool to help early Zcash users recover assets in their Shielded Addresses that became inaccessible due to the cessation of maintenance on ZEC Wallet Lite in 2022. Sovright Executive Chairman Michelle Lai stated that users holding the original wallet's seed phrase can recover their funds through Argos. While the exact number of affected addresses cannot be accurately determined, the amount of funds involved is expected to be substantial, primarily impacting early and long-term Zcash users. In addition to Argos, Sovright recently launched a testnet version of the Sovright Mining Pool, which aims to help individual miners participate in mining and improve the problem of excessive concentration of Zcash computing power. Sovright was founded after a governance disagreement between the ECC and the governance body Bootstrap. All former ECC employees left to form the for-profit Zcash Open Development Lab (ZODL), while three former Bootstrap board members formed Sovright to continue promoting the Zcash ecosystem in a non-profit manner.
Grayscale Is Making Its Red-Hot Zcash ETF More Affordable
The Zcash ETF is splitting its shares three ways after pulling in more than $233 million in under a month, as Wall Street piles into crypto's hottest privacy trade.
Grayscale says Zcash can challenge Bitcoin’s network effects as privacy demand grows
ZEC has climbed roughly 19-fold in a year, yet Grayscale says its sub-1% share of Bitcoin’s market cap leaves room for further upside.