Zcash Community Votes to Maintain Halving Schedule and Increase Transaction Speed

In a recent sentiment poll, nearly 99% of Zcash (ZEC) coinholders expressed their preference to maintain the existing halving schedule, similar to Bitcoin's model, while also supporting a proposal to reduce the network's block time from 75 seconds to 25 seconds. The polls, which closed on September 14, were conducted in preparation for the upcoming Network Upgrade 7 (NU7).

The community overwhelmingly rejected a proposal to replace the traditional halving cycle with a smoothed issuance model, opting instead to retain the halving events that occur approximately every four years. The next halving is expected to take place in late 2028. Additionally, the proposal to decrease block times received significant backing, which would effectively triple the transaction throughput without altering ZEC's hard supply cap of 21 million coins.

Poll participants also indicated a preference for a later reissuance date for coins taken out of circulation, favoring a start date of 2031. The polls also addressed the potential deprecation of Zcash's original shielded transaction system, known as the Sprout pool. Currently, about 4.89 million ZEC, or 28.9% of the total circulating supply, are held in shielded pools, with shielded transactions making up 59.3% of recent network activity.

While the results of the advisory polls reflect community preferences, they do not automatically implement changes. Further development, testing, and formal consensus activation through Zcash's ZIP mechanism will be necessary to realize the accepted proposals. The decision to maintain the halving schedule has significant implications for miner incentives, as each halving reduces block rewards, ultimately requiring miners to rely more on transaction fees to secure the network.

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Source: KLEA News