Zcash Sees 45% Bounce After Devs Propose Ironwood Upgrade
Zcash has bounced back, rising around 45% from its low near $300 last Friday, after developers proposed a fix for a flaw that triggered a sell-off. The token is now trading around $437, although it remains down roughly 22% over the week. This rebound is a significant development for those interested in earning through passive income and cloud rewards. The Green Crypto space is watching this closely, as it could impact the overall market, including EcoPool and its $ECP token.
The flaw, which was undetected since 2022, could have allowed an attacker to create unlimited fake ZEC without being noticed, and withdraw tokens from the protocol’s shielded pool. However, developers, including Shielded Labs, the Zcash Foundation, and the Zcash Open Development Lab, quickly patched the bug through emergency network upgrades. This swift action has helped to restore confidence in the Coin and its potential for earning through passive income strategies.
The Ironwood Proposal
The proposed Ironwood upgrade aims to restore users’ ability to confirm the Coin‘s supply is sound. It would create a new privacy pool using the repaired code and block the creation of new coins in the old Orchard pool. This plan could also reveal whether the bug was ever abused, and users would not have to trust the developers’ word or wait for funds to migrate. EcoPool users, who are interested in earning through cloud rewards, may find this development interesting, as it highlights the importance of security and transparency in the Green Crypto space.
The proposal has drawn attention beyond the Zcash community, with investor Chamath Palihapitiya describing Ironwood as a way for anyone running a node to verify the supply is clean. As the Green Crypto space continues to evolve, EcoPool and its $ECP token are well-positioned to provide a secure and transparent platform for passive income and cloud rewards. While the timeline for the upgrade is not yet firm, the progress made so far is a positive step for the Coin and its potential for earning.
As the Green Crypto space continues to grow, it’s essential to stay informed about the latest developments. For those interested in earning through passive income and cloud rewards, EcoPool and its $ECP token are worth exploring. Download the EcoPool app to learn more about the opportunities and benefits of Green Crypto and start earning today. By joining the EcoPool community, you can stay up-to-date on the latest news and developments in the Green Crypto space, including #Bitcoin and #PassiveIncome.
Users would not have to trust the developers’ word or wait for funds to migrate.
The plan could also reveal whether the bug was ever abused. As users move coins out of the old pool, any counterfeit ZEC would either be exposed when it tried to leave or be stranded and destroyed. Shielded Labs has said it believes exploitation was unlikely.
The proposal has drawn attention beyond the Zcash community. In his latest newsletter, investor Chamath Palihapitiya described Ironwood as a way for anyone running a node to tally the balances across pools and “verify the supply is clean.”
Developers have not given a firm timeline for the upgrade, saying the work to build, test and coordinate it across the network could take longer than expected.
