Zcash’s Ironwood network update, a solution to the “infinity” bug discovered in May on Orchard, the premier private privacy-focused blockchain transaction pool, will go live on July 28.
Announced in June, Ironwood is closing the current Orchard Pool, preventing modern activity there and creating a modern private pool. Funds leaving Orchard would have to pass through an accounting checkpoint before entering Ironwood, which could provide evidence as to whether any counterfeit Zcash (ZEC) tokens were produced as a result of the Orchard error.
“The Zcash Ironwood mainnet activation altitude has been set and marked! All major organizations have committed to NU6.3 activation altitude of 3428143, which is approximately July 28 at 8:00 a.m. ET,” Zcash lead developer Sean Bowe said on Thursday.
Source: Sean Bowe
Shielded Labs has delayed the Zcash update on Ironwood, warning that ecosystem participants such as exchanges, mining pools and wallets will not have enough time to prepare their systems for mainnet activation in delayed July. Bowe’s latest comment confirms that the update will be a week later than before objective date July 21.
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Shielded Labs in June he said Ironwood can provide evidence as to whether the Orchard vulnerability was ever exploited.
“As funds are transferred from the existing Orchard pool to the new pool, each hypothetical counterfeiter faces a choice: attempt to transfer the fake funds at the risk of revealing their existence, or leave them behind and risk being unable to transfer them in the future.”
ZEC fell 50% to $299.25 from $602.68 after the June 3 Orchard bug disclosure. In the following weeks, the price of ZEC partially increased and at the time of writing it stands at $492.61.
This week, Zcash crossed a major monetary policy milestone, spending over 80% of its maximum ZEC supply of 21 million. Monday’s post from ruZCASH can be seen that the current offer is 16,806,723 ZEC.
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