99.97% Votes for Full Elimination of Shielded Pool from the Horizen Mainchain

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On January 4, 2024, a proposal was made in ZenIP 42207 to fully take away the shielded pool on the Horizen mainchain. The group permitted the proposal with votes being solid between January 8 and January 11. At 5 PM UTC on January 11, 2024, the voting for ZenIP 42207 got here to an finish, with a powerful 99.97% voting “for” and 0.03% voting “towards.” This ZenIP represents a tactical change, persevering with the shielded pool entry deprecation began by ZenIP-42204. It highlights Horizen‘s shift away from privacy-focused options in response to altering privateness token necessities.

The proposal particulars main modifications, notably the complete deactivation of shielded transactions and the deprecation of associated RPC capabilities. Earlier than the arduous fork, a user-friendly migration path with instruments and directions ensures a seamless switch. Deactivation of the protected pool will happen by way of a community improve, which might be preceded by intensive testing, group involvement, and clear info.

With a deliberate January launch, Zen 5.0.0 is scheduled to launch on the Mainnet in February 2024. Shielded transactions, akin to transferring cash from shielded to clear addresses, is not going to be possible as soon as they grow to be stay. ZEN 5.0.0 goes above and past the arduous fork first revealed with ZEN 4.2.0-rc1, because it eliminates the shielded pool.

It’s extremely beneficial that customers use Sphere by Horizen or zen-cli to unshield money from personal addresses to their clear addresses by February 2024. It will likely be unable to switch cash from the shielded pool to some other deal with after this date, and it isn’t suggested to straight unshield and commerce cash to alternate deposit addresses. As a mirrored image of Horizen’s community-focused philosophy, ZenIPs are open to approval by the group or disapproval. Customers are urged to hitch in conversations on Discord, Discourse, and Twitter relating to ZenIP 42207. For a radical understanding, studying your entire ZenIP on GitHub is very suggested.

ZenIP 42207 was put to a vote from January eighth to January eleventh. Voting for the Horizen DAO is open to all $ZEN holders and is carried out via Snapshot and Discourse for governance. Voting energy emphasizes decision-making that’s democratic inside the group and is correlated with the amount of $ZEN held on each the Horizen EON chain and the Horizen mainchain.

Vote – Directions

  1. To get began, go to the Horizen EON net app’s Horizen DAO Governance web site.
  2. The following step is to attach your web3 pockets.
  3. Join your Horizen EON to your Horizen mainchain $ZEN deal with. To vote utilizing your mainchain $ZEN, you’ll want to have $ZEN on a Sphere mainchain deal with and hyperlink that deal with to your MetaMask Horizen EON chain deal with. Your Sphere pockets simply needs to be linked as soon as. You’ll be able to vote in subsequent rounds utilizing the identical pockets. 
  4. Confirm that your MetaMask deal with has sufficient ZEN in it to cowl the gasoline price. 
  5. Voting is finished utilizing Snapshot after your mainchain ZEN deal with is linked to Horizen EON and you’ve got sufficient ZEN in your MetaMask to cowl the gasoline cost.
  6. If you happen to haven’t already, be part of the Horizen Basis house on Snapshot to get alerts about upcoming ZenIP voting. 

The shielded pool will now be fully faraway from the Horizen mainchain, in keeping with the mission’s strategic transfer away from privacy-focused options in response to altering privateness token legal guidelines, due to this profitable vote. ​

Wrapping up

The passage of ZenIP 42207 marks a pivotal second for Horizen because it displays its proactive strategy to adapting to the altering panorama of privateness token rules. This strategic transition showcases Horizen’s dedication to compliance and transparency whereas sustaining its core values of group involvement and decentralized governance. The introduction of ZEN 5.0.0 is about to be a significant community improve.