Zcash (ZEC), Block Generation Drastically Reduced from 75 Seconds to 25 Seconds...99.9% Overwhelming Support

▲ Zcash (ZEC), cryptocurrency mining/AI generated image

Zcash (ZEC) holders have shown overwhelming support with 99.9% in favor of reducing the block generation time from 75 seconds to 25 seconds.

According to Cointelegraph on September 16 (local time), Zcash holders voted to shorten the block generation time to 25 seconds ahead of the next major network upgrade, NU7. In a vote reflecting ZEC holdings, the approval rate reached 99.9%. An additional 98.9% also approved maintaining the existing halving schedule. Both figures include abstentions.

Reducing the block generation time from 75 seconds to 25 seconds shortens the waiting time until a transaction is first confirmed. Instead, the issuance per block will be reduced to ensure that the total amount of new ZEC issued per day remains unchanged. The activation schedule for NU7's testnet and mainnet has not yet been finalized. The Zcash development team is proposing to exclude any features not implemented by September 30 from this upgrade.

The halving mechanism will remain in place. Halving is a method of periodically reducing the amount of newly issued ZEC by half. However, a separate proposal to re-supply quantities excluded from circulation through future block rewards was also chosen. In the community advisory panel vote, the results were close: 57 votes for replacing halving with a gradual issuance curve, and 54 votes for maintaining the existing halving.

Approximately 97% also approved postponing the re-issuance date of the Network Sustainability Mechanism (NSM). 2.3 million ZEC voted to postpone re-issuance until February 2031, while only approximately 70,239 ZEC supported immediate commencement. The NSM is structured to burn 60% of transaction fees and then re-supply them as future block rewards. Its purpose is to supplement miner rewards without exceeding the maximum supply of 21 million ZEC.

This vote demonstrates that Zcash holders' support is focused on tripling block generation speed while maintaining the existing issuance and halving mechanisms. ZEC has risen by 132% in the past month, and its 24-hour increase stood at 3.8% at the time of article compilation.

[Article Summary]

-99.9% of Zcash holders approved reducing the block generation time from 75 seconds to 25 seconds.

-Maintaining the existing halving schedule also received 98.9% support, and the NU7 activation schedule has not yet been finalized.

-Approximately 97% chose to postpone NSM re-issuance until February 2031.

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