Zcash (ZEC) to Revise Supply Policy...Where Will 1 Million Votes Go?

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Zcash (ZEC) is launching a large-scale holder vote to determine the scope of the NU7 upgrade, based on the participation of 1 million ZEC.

According to U.Today on August 6 (local time), Valar Group and Project Tachyon plan to conduct an NU7 holder vote for approximately 18 days starting from the 25th. To recognize the voting results as legitimate and representative, a minimum of 1 million ZEC must participate. This vote is a re-initiation of a previous vote that was suspended due to the Orchard forgery vulnerability and the aftermath of the Ironwood operation.

Voting rights will be granted to available private funds stored in Ironwood as of August 24, 7 PM UTC. Holders can move their funds immediately after the snapshot, and voting will conclude on September 12, 7 PM UTC. Vizor has confirmed support for the vote, and other wallets may also participate.

The vote will take place on a separate chain developed by Valar Group. The primary voting chain will be activated upon request by at least two entities among Project Tachyon, Valar Group, Zcash Foundation, ZODL, and Shielded Labs. A minimum of 10 validators will participate in the vote operation, and the final tallied results can only be confirmed with the agreement of more than two-thirds of all validators. Validators will not know the identity of the voters.

The key issues are the method of issuance reduction for the Network Sustainability Mechanism (NSM) and the timing of fee reissuance. Holders will decide whether to replace the halving with a gradual issuance curve or to maintain the existing halving schedule. The timing of fee reissuance will also be chosen between immediately after NSM activation and after the fourth halving, expected around 2032. Regardless of the outcome, the total supply of Zcash will not change.

Sprout and block creation speed are also subject to the vote. Less than 23,000 ZEC remains in Sprout, where deposits have been suspended, and its transaction volume accounts for less than 0.1%. Holders will decide whether to discontinue old v4 transactions concurrently with NU7 activation or one year after the vote ends. A proposal to reduce block creation time from 75 seconds to 25 seconds and introduce per-pool work limits will also be put to a vote. They will also decide whether to launch NU7 first, excluding features not ready by September 30, or postpone it until all features are complete.

[Article Key Summary]

-Zcash will hold a holder vote for approximately 18 days starting August 25 to determine the scope of the NU7 upgrade.

-A minimum of 1 million ZEC must participate for the vote's representativeness to be recognized, and voting rights are calculated based on Ironwood holdings as of August 24.

-The NSM issuance method, Sprout discontinuation timing, block creation time reduction, and NU7 launch schedule are key voting subjects.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*