Horizen decides on the elimination of the shielded pool through a democratic vote.
Disclaimer: The information provided in this article should not be considered as investment advice. The content and materials presented here are intended for educational purposes only.
In an overwhelming show of support, the Horizen community has voted in favor of ZenIP 42207, which suggests the removal of the shielded pool. The voting period, which took place from January 8th to 11th, saw an astonishing 99.97% of participants backing the proposal.
The shielded pool, introduced in 2018, allowed users to conduct private transactions. However, due to concerns surrounding the changing regulatory landscape for privacy tokens, the Horizen team has decided to remove the shielded pool.
The team believes that Horizen should focus on its core strengths, particularly scalability and interoperability. Users who possess shielded addresses will need to “unshield” their funds before February 2024. This can be accomplished using either Sphere by Horizen or zen-cli.
It is important to note that directly unshielding funds to exchange deposit addresses is discouraged. Failure to remove ZEN from shielded pools prior to the hard fork will result in the loss of your ZEN.
Detailed instructions on how to unshield funds will be provided in the coming weeks.
Horizen is a blockchain platform that prioritizes security and scalability, with a strong emphasis on privacy for individuals and businesses. The platform is built on the highly regarded MimbleWimble protocol, known for its privacy and scalability advantages.
The removal of the shielded pool is a significant milestone for Horizen, as it reinforces the project’s commitment to regulatory compliance and clarity. The team believes that this decision will make Horizen a more appealing platform for businesses and institutions.
For more information, please read:
Horizen Labs and Stably collaborate to launch the first stablecoin, ZUSD, on EON
Disclaimer: This content is provided by a third party. crypto.news does not endorse any products mentioned on this page. Users should conduct their own research before making any decisions regarding the company.
Follow Us on Google News
