Key facts
- Zcash's Ironwood network upgrade is scheduled for July 28.
- The upgrade will replace the Orchard private transaction pool due to a discovered bug.
- A new accounting checkpoint will be implemented to potentially detect counterfeit ZEC tokens.
- The ZEC token price dropped 50% following the bug disclosure but has since recovered partially.
- More than 80% of the maximum 21 million ZEC supply has been issued.
Zcash's upcoming Ironwood network upgrade, slated for July 28, is designed to address a critical bug discovered in May within the Orchard private transaction pool. This upgrade will effectively close the existing Orchard pool, halt new transactions in it, and establish a new, secure private pool. A key feature of Ironwood is an accounting checkpoint for funds migrating from the old pool to the new one, which is expected to provide evidence regarding whether any counterfeit Zcash (ZEC) tokens were generated due to the Orchard vulnerability. Zcash core developer Sean Bowe confirmed the activation height and date, committing to the upgrade's implementation. Despite some concerns from Shielded Labs about ecosystem participants' readiness, the upgrade is proceeding. The disclosure of the Orchard bug had previously caused ZEC's price to plummet by 50%, though it has since seen a partial recovery. Concurrently, Zcash has reached a milestone with over 80% of its maximum 21 million supply now issued.