Zcash, with nearly 99.9% approval, voted to accelerate transactions and maintain a halving program similar to Bitcoin. This important vote, in which about two-thirds of the 3.6 million eligible Zcash participated, is considered a key step in the next major update of the Zcash network, NU7.
Voting Details and Results
Approximately 2.4 million Zcash participated in this vote, and the results were weighted according to the amount of Zcash cast by voters. Organizers had set a minimum of 1 million Zcash to consider the results valid. Of this number, 99.9% voted to reduce the time between blocks from 75 seconds to 25 seconds. This change allows users to confirm their payments faster.
Maintaining the Halving Program and Privacy in Voting
Additionally, 98.9% of voters voted to maintain Zcash's halving program. This program is implemented at regular intervals to reduce the new rewards given to miners. The Zcash voting system is designed so that only Zcash in the Ironwood private transaction pool can vote, which helps maintain the privacy of voters.
The voting was conducted in a cryptographic manner and divided into 16 separate sections so that the final results could be calculated without revealing the identities of the voters. This system allows holders to vote on Zcash's monetary policies and technical roadmap while keeping their asset sizes hidden.
This vote also represents a significant advancement compared to previous Zcash polls, in which only 7.25% of circulating Zcash participated. With this new system, holders significantly influence the future of Zcash.
As a result, 96.6% of voters voted to delay the redistribution of Zcash collected through the network sustainability mechanism until February 2031. This decision helps maintain the existing halving program and allows several years of collected fees to be gathered before returning to miners.
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