Horizen votes to remove shielded pool

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The Horizen group has voted overwhelmingly to endorse ZenIP 42207 that proposes the removing of the shielded pool.

The vote, which was open from Jan. 8 to 11, noticed 99.97% of members vote in favor of the proposal.

The shielded pool, launched in 2018, allowed customers to ship and obtain transactions privately. Nonetheless, the Horizen group has eliminated the shielded pool as a consequence of issues concerning the evolving regulatory atmosphere round privateness tokens.

The group additionally believes Horizen ought to give attention to its core strengths, reminiscent of scalability and interoperability. Customers with shielded addresses should “unshield” their funds earlier than February 2024. This may be accomplished utilizing Sphere by Horizen or zen-cli.

Even so, unshielding funds on to change deposit addresses is discouraged. Failure to take away ZEN from shielded swimming pools earlier than the arduous fork will end result within the lack of your ZEN.

Detailed directions on find out how to unshield funds might be launched within the subsequent few weeks.

Horizen is a blockchain emphasizing safety and scalability, specializing in privateness for people and companies. The platform is constructed on the MimbleWimble protocol, which is well-regarded for its privateness and scalability advantages.

Eradicating the shielded pool is a major step for Horizen because it reaffirms the undertaking’s dedication to compliance and regulatory readability. The group believes this choice will make Horizen a extra enticing platform for companies and establishments.

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