Zcash holders overwhelmingly back faster transactions and bitcoin-style halvings
Zcash token holders have voted to implement faster transaction block times and maintain bitcoin-style halving schedules for the network's next upgrade. The vote utilized a unique privacy-preserving system that allowed holders to cast ballots based on their economic stake without revealing their identity or balance.
Why it matters
This event demonstrates a novel approach to decentralized governance in blockchain, balancing economic influence with user privacy.
Almost 2.4 million ZEC voted on the scope of NU7 , Zcash's next major network upgrade, out of roughly 3.6 million ZEC eligible at the snapshot. The results are weighted by ZEC rather than the number of individual people voting, with one eligible ZEC representing one vote.
Organizers had set 1 million ZEC as the minimum turnout needed to treat the result as representative of coinholders.
Some 99.9% of participating ZEC backed cutting the time between blocks to 25 seconds from 75 seconds. Blocks are batches of transactions added to the network, so shorter block times generally mean users see payments confirmed faster.
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