Zooko Wilcox, the founder of Zcash, has unveiled details about the forthcoming Ironwood upgrade, which promises to enhance the verification process of Zcash's circulating supply. According to the results published in the material, this upgrade comes in response to community concerns about independently verifying the supply, particularly following a recent vulnerability disclosure in the Orchard pool.
Overview of the Ironwood Upgrade
The Ironwood upgrade aims to provide users with immediate and trustless verification of Zcash's circulating supply from the moment it is activated. Wilcox clarified that the focus of this upgrade is not on addressing past counterfeiting issues but rather on ensuring that the current supply can be independently verified by any user operating a full node. Currently, the circulating supply of Zcash stands at 16 million ZEC, with a cap of 21 million ZEC in total.
New Accounting Mechanism
Upon activation, the Ironwood upgrade will also introduce a new accounting mechanism that will prevent the old Orchard pool from remaining an active circulation venue. Users will be required to exit their funds through this new mechanism before they can enter the Ironwood pool. This strategic change is intended to eliminate any excess ZEC in the Orchard pool, thereby allowing users to verify the integrity of the supply without depending on external assessments.
Prior to the Ironwood upgrade announcement, a collaborative proposal was introduced to address a newly discovered vulnerability in Zcash, aiming to enhance user trust and transparency. For more details, see this article.
