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Key Takeaways
- Ironwood closes a supply-verification gap.
- Spot and futures flows remain negative.
- The nearest support sits at $450.
- Losing $450 would expose $419.
The Flaw Ironwood Was Built to Close
Developers found a soundness flaw in the zero-knowledge circuit behind Orchard, Zcash’s shielded pool. In theory it allowed counterfeit ZEC to be created without detection. The patch shipped in June, and no evidence of exploitation surfaced.
Proving that turned out to be the harder problem. Orchard’s privacy guarantees, the reason the pool exists, also made its recorded supply impossible for users to audit independently. A shielded pool that nobody can inspect cannot demonstrate that nobody exploited it.
Ironwood answers that by introducing a new shielded pool and version 6 transactions while closing Orchard to new deposits. Funds leaving the old pool pass through a turnstile that caps outflows at the total that previously went in. As balances migr...
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