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The Horizen community has voted overwhelmingly to endorse <a href="https://github.com/HorizenOfficial/ZenIPs/blob/zenip_42207-draft/zenip-42207.md" target="_blank" rel="noopener noreferrer nofollow">ZenIP 42207</a> that proposes the removal of the shielded pool.
The vote, which was open from Jan. 8 to 11, saw 99.97% of participants vote in favor of the proposal.
The shielded pool, introduced in 2018, allowed users to send and receive transactions privately. However, the Horizen team has removed the shielded pool due to concerns about the evolving regulatory environment around privacy tokens.
You might also like: <a href="https://crypto.news/horizen-eon-integrates-ascent-exchange-and-ichi-vault-to-enhance-defi/" rel="noopener noreferrer nofollow"> Horizen EON integrates Ascent Exchange and ICHI Vault to enhance defi </a>
The team also believes Horizen should focus on its core strengths, such as scalability and interoperability. Users with shielded addresses must “unshield” their funds before February 2024. This can be done using Sphere by Horizen or zen-cli.
Even so, unshielding funds directly to exchange deposit addresses is discouraged. Failure to remove ZEN from shielded pools before the hard fork will result in the loss of your ZEN.
Detailed instructions on how to unshield funds will be released in the next few weeks.
Horizen is a blockchain emphasizing security and scalability, focusing on privacy for individuals and businesses. The platform is built on the <a href="https://crypto.news/litecoin-mimblewimble-testnet-privacy-scalability/" data-type="post" data-id="134188" rel="noopener noreferrer nofollow">MimbleWimble</a> protocol, which is well-regarded for its privacy and scalability benefits.
Removing the shielded pool is a significant step for Horizen as it reaffirms the project’s commitment to compliance and regulatory clarity. The team believes this decision will make Horizen a more attractive platform for businesses and institutions.
Read more: <a href="https://crypto.news/horizen-labs-and-stably-join-hands-to-launch-the-first-stablecoin-zusd-on-eon/" rel="noopener noreferrer nofollow"> Horizen Labs and Stably join hands to launch the first stablecoin, ZUSD, on EON </a>
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Horizen votes to remove shielded pool

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