Zcash Network Upgrade Proposal Passes With Overwhelming Majority

Zcash's network upgrade proposal has passed overwhelmingly, with nearly 2.4 million ZEC participating in the vote and 99.9% backing a reduction in target block time from 75 seconds to 25.

The decision also saw 98.9% of voters choose to preserve the Bitcoin-style halving schedule for Zcash's issuance.

The network upgrade, known as ZIP 218, aims to reduce the average wait time for a first confirmation by three times, but this increase in speed comes with a potential decrease in security.

ZEC's price rose 10.4% against the U.S. dollar on Wednesday, bucking the trend of the broader crypto economy, which fell 1.08%.