The Horizen Community Votes to Remove Shielded Pool
The Horizen community has overwhelmingly voted in favor of ZenIP 42207, a proposal to remove the shielded pool. During the voting period from Jan. 8 to 11, 99.97% of participants supported the proposal.
Concerns about Privacy Tokens and Regulatory Environment
The shielded pool, which allowed users to make private transactions, has been removed by the Horizen team. This decision was made due to concerns about the regulatory environment surrounding privacy tokens. The team believes that Horizen should focus on its core strengths, including scalability and interoperability.
Unshielding Funds Before February 2024
Users with shielded addresses are required to “unshield” their funds before February 2024. This can be done using Sphere by Horizen or zen-cli. However, it is discouraged to unshield funds directly to exchange deposit addresses. Failure to remove ZEN from shielded pools before the hard fork will result in the loss of your ZEN.
Commitment to Compliance and Regulatory Clarity
Removing the shielded pool is a significant step for Horizen as it demonstrates the project’s commitment to compliance and regulatory clarity. By making this decision, Horizen aims to attract more businesses and institutions to its platform.
Hot Take: Horizen Community Overwhelmingly Supports Removal of Shielded Pool
The recent vote by the Horizen community in favor of removing the shielded pool reflects a strong endorsement for ZenIP 42207. This decision highlights the project’s focus on compliance and regulatory clarity, while also emphasizing its core strengths in scalability and interoperability. By addressing concerns about privacy tokens and the evolving regulatory environment, Horizen aims to position itself as an attractive platform for businesses and institutions. It is important for users with shielded addresses to unshield their funds before February 2024 to avoid any potential loss of ZEN. Detailed instructions on how to do this will be provided in the coming weeks.
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