Zcash nears completion of mathematical proof to prevent hidden inflation bug, ZEC rises 12%

Zcash's native token ZEC rose over 12% on Tuesday, after the team responsible for developing its privacy pool announced it is nearing completion of a mathematical proof to confirm that no undetectable counterfeit inflation bug exists in the latest Zcash shielded pool.

This verification effort, advanced by Project Tachyon, targets Zcash's upcoming Ironwood shielded pool. Zcash founder Zooko Wilcox stated that the project is on the verge of producing a mathematical proof, aiming to demonstrate that the latest Zcash privacy pool is free from any undetectable inflation vulnerabilities.

This development follows the disclosure last month of a critical counterfeit bug in the Zcash Orchard shielded pool. At the time, the bug fueled market concerns about potential hidden and undetectable inflation risks within Zcash's privacy system, causing ZEC to drop over 40% within two days.

Developers noted that with the help of AI-assisted formal verification, proof work that previously could have taken years has now been compressed to a few weeks. The news pushed ZEC back above $500, its highest level since early June. (The Block)