ZEC jumps 12% as Zcash nears mathematical proof against hidden counterfeit bugs
Zcash's native (ZEC) token climbed more than 12% on Tuesday after the developers behind the protocol's shielded pool said they are nearing a mathematical proof that the network's privacy system does not contain an undetectable counterfeiting bug that was disclosed last month.
Project Tachyon outlined new details of its verification effort for Zcash's upcoming Ironwood shielded pool. Zcash founder Zooko Wilcox said the project is "on the verge of producing a mathematical proof that there are no undetectable counterfeiting bugs in the latest Zcash shielded pools."
The announcement helped lift ZEC back above $500, its highest level since early June, when the disclosure of a critical flaw in Zcash's Orchard shielded pool sent the privacy-centric cryptocurrency tumbling more than 40% in just two days.
The vulnerability could have allowed an attacker to create counterfeit ZEC within the Orchard shielded pool without detection. While developers quickly patched the flaw and said they believe it was never exploited, Zcash's privacy design made it impossible to cryptographically prove.
Now, Project Tachyon is aiming to prove that Ironwood, Zcash's replacement shielded pool, can't contain the same kind of undetectable counterfeit bug. Project Tachyon said the approach has become more practical thanks to advances in AI-assisted proof generation, reducing work that once took years to a matter of weeks.
Former NEAR Protocol contributor Vadim Zacodil compared it with Bitcoin's 2010 inflation bug, when 184 billion counterfeit bitcoins were created before the blockchain was rolled back. But because Bitcoin transactions are public, the exploit was immediately caught.
Zcash's shielded pools, however, rely on zero-knowledge proofs that conceal transaction amounts, meaning flaws in those proofs could allow counterfeit coins to be created without leaving publicly detectable evidence.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
As AI controversies escalate, hedge funds buy tech stocks at the fastest pace in 15 months
Hedge funds have recorded net purchases of US TMT stocks on 10 out of the past 11 trading days, rebuilding tech long positions at the fastest pace in 15 months. However, an AI policy storm has struck at the "worst possible time"—calls by AI giants to slow down development have been rejected, and regulatory uncertainty has directly hit Asian tech stocks such as Softbank. As the tech sector's bullish run coincides with Super Central Bank Week, the sector now faces a severe test.
Apple Pre-sale Tracker: iPhone 18 Pro Series Shows Weak Overseas Demand Signals, Duo Review Positive but Hardware Lags Behind
According to a survey by Jefferies, after the launch of the iPhone 18 Pro, delivery wait times in the four major markets—the US, UK, Germany, and Japan—have shortened by 5 to 11 days compared to last year, with no wait time in the US. Given stable production capacity, this is a clear sign of weak demand. Although the China and Hong Kong markets have performed better against the trend, there are still suspicions of speculative stockpiling. The new foldable Duo has been praised for its software experience, but its $2,000 price tag comes with a 254-gram body and dual-camera setup, leaving its hardware lagging significantly behind Android competitors. Jefferies maintains an "underperform" rating, with a target price implying a 21% downside from the current level.
SUI holds $0.71 support as analysts cite key buy signal, eyes on possible recovery
UBS Health Benefit Survey: Elevance Health (ELV.US) Leads, U.S. Employers Prepare for Rising Medical Costs
In the annual survey by UBS for employee benefits management institutions, Elevance Health (ELV.US) emerged as the highest-rated US health insurance company.
Crypto prices
More
