Zcash holders need to move funds out of the network’s oldest privacy pool, Sprout, before the NU7 network upgrade goes live, according to CoinDesk. The upgrade is expected to activate at around 10:30 a.m. Beijing time on November 6, which corresponds to 9:30 p.m. Thursday U.S. Eastern Time. After activation, those tokens will no longer be usable even if holders still control valid private keys. As of Thursday morning, about 12,226 ZEC remained in the Sprout pool. Using a price of $1,300 per coin cited in the report, that stash was worth about $16 million. NU7 is scheduled to activate at block 3,543,405 and will reject version 4 transactions, the only transaction format that can spend Sprout funds. ZIP 2003 leaves open the possibility that access could be restored in a future upgrade, but it also warns that withdrawal functionality may never be re-enabled. The NU7 upgrade will also reduce Zcash’s target block time from 75 seconds to 25 seconds.
Zcash holders need to move funds out of Sprout, the network’s oldest privacy pool, before the NU7 upgrade activates, according to CoinDesk.
The upgrade is expected to go live at around 10:30 a.m. Beijing time on Nov. 6, or 9:30 p.m. Thursday U.S. Eastern Time. Once activated, those tokens will become unusable even if holders still have valid private keys.
Sprout funds face a hard cutoff
As of Thursday morning, about 12,226 ZEC remained in the Sprout pool. At $1,300 per coin, the holdings were worth roughly $16 million.
NU7 is set to activate at block 3,543,405. At that point, the network will reject version 4 transactions, which are the only transaction format capable of spending Sprout tokens.
ZIP 2003 leaves a narrow path for future access
The report said ZIP 2003 preserves the possibility of restoring access through a later upgrade. It also warned that the ability to move those funds may never be turned back on.
NU7 will also cut Zcash’s target block time from 75 seconds to 25 seconds.
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