Zcash Activates Ironwood Upgrade, Seals $1.7 Billion Shielded Pool
Zcash has activated its Ironwood upgrade, marking a significant shift in the cryptocurrency's private supply. The upgrade seals the Orchard shielded pool, which held approximately $1.7 billion worth of ZEC, and opens a new private pool with zero coins. This move is aimed at addressing a previously undisclosed bug in Orchard's proof circuit that could have allowed the creation of counterfeit ZEC without on-chain traces.
Ironwood introduces quantum-resilient record-keeping and formally verified proof circuits, which are expected to provide greater security for the network. The upgrade also includes a turnstile mechanism that caps withdrawals to verifiable deposits, effectively preventing any potential counterfeiting attempts from escaping the shielded pool.
While some experts have raised concerns about the pace of user migration from Orchard to the new pool, developers argue that it is essential to ensure the integrity and security of the network. The number of users who voluntarily migrate funds will determine how quickly Zcash's private supply shifts to the new pool.