Zcash had a bug that let people mint counterfeit ZEC. The price fell 40% on the news.
The fix is the story. Devs proposed Ironwood, which lets anyone verify the supply is clean. ZEC bounced 45% off Friday's low to $437. Chamath backed it. Activation targets late July.
In the age of AI, formal verification is the way forward for securing software and Zcash is leading the way. Zcash will introduce formal verification in the next network upgrade, making "print money" bugs in shielded pools impossible. Encrypted money with provable correctness is unstoppable.
The $ZEC dump is a perfect example of market illiteracy.
$ZEC is crashing today mainly because the Zcash team publicly disclosed a critical vulnerability in the Orchard shielded pool that could have theoretically allowed an attacker to create unlimited counterfeit $ZEC. Although the bug was fixed immediately, due to Orchard’s privacy features, it’s impossible to prove whether it was used before being fixed.
There is an extremely low likelihood exploit was executed, and panic sellers are overreacting to this uncertainty.
Long term thesis hasn't changed. In an AI driven world where every transaction is tracked, financial privacy will become the scarcest assets and $ZEC is still one of the strongest privacy plays in crypto. Catching this falling knife is going to look like a genius move.
I recently started recording my memories of the last two years of Dr Zelenko’s life, the years where he saved millions of lives during Covid. Because I was his secretary during that entire time, I had a unique vantage point on everything that happened. As the years go on after his passing I’ve seen efforts by some to rewrite history, even to erase Dr Zelenko from memory and to diminish his contributions. I’m grateful that there are so many of you out there that remember and love him. Together we’ll ensure that history is recorded accurately. I thank you all on behalf of myself and the whole Zelenko family. This is the first of a series of essays that I’ve written recently. https://t.co/RABuefIpTR