Zcash holders overwhelmingly back faster transactions and bitcoin-style halvings
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Zcash holders gave near-unanimous backing to faster transactions and preserving the network's bitcoin-style halving schedule in a governance vote that drew roughly two-thirds of the ZEC eligible to participate.
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.
How the voting worked
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.
Another 98.9% voted to keep Zcash’s bitcoin-style halvings. Miners, the computers that help secure the network, are paid partly in newly created ZEC. A halving cuts that new-coin reward in half at fixed intervals. The alternative would have reduced the amount of new ZEC more gradually over time instead of making those big scheduled cuts.
The voting system itself is as unusual as the result.
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