Zcash has set 28 July for the upgrade of the Ironwood main network, and the market has thus been given a clearer schedule for rehabilitation. ZEC was informed that it had risen by 7.26 per cent over the past 24 hours, to $501.62, a marked recovery from its low position following previous leaks.
The upgrade has been finalized
Zcash Developer Sean Bowe indicates that Ironwood will activate at the height of the block 3,428,143 and is expected to be around 8 a.m., July 28th, Eastern United States time. According to its statement, the main bodies supporting Zcash have committed to using NU 6.3 at this level.
This upgrade originated from the Orchard shield defect discovered at the end of May. The problem was described as a healthy loophole, which could theoretically leave the forged ZEC undetected for a short period of time. Since Orchard was part of Zcash’s privacy function, the incident once raised concerns about supply security in the market.
Interim measures were taken in June
The development team launched emergency patches early in June before the long-term rehabilitation programme landed. The network temporarily closed the Orchard shield through a soft fork, followed by additional adjustments to reduce potential risks and buy time for formal upgrades.
The core of Ironwood is the introduction of a new shield based on the revised Orchard code. The upgrade will also include a public account entry check point, also known as “turnfile”. The funds in the old Orchard pool need to pass this visible inspection point before entering the new pool in order to verify the consistency of supply during the migration.
After the price rises, you'll see the upgrade.
ZEC had dropped significantly after the leak was made public, with some reports showing a drop of nearly 50 per cent and a price of about $300. With emergency patches on line and a date for upgrades being set, the currency price has since recovered.
As of the submission, ZEC reported $501.62, representing a 7.26 per cent increase in 24 hours. The next focus of the market has shifted from a short-term rebound to whether the upgrade was successfully implemented on July 28 and whether the open relocation of checkpoints helped restore confidence in the integrity of ZEC's supply.
The market is focused on $800.
The market analysis cited in the paper suggests that, although ZEC has rebounded in the recent past, the overall trend may still be in the revision phase. The analysis mentions that if subsequent fluctuations continue, prices may still go through the process of sorting out and then try to go up more significantly.
The main resistance given by the analysis is in the vicinity of $800, and in the deeper support range is between $90 and $203. In a short period of time, ZEC, which had been trading mainly in the 450 to 470 United States dollars area, had re-established itself at $500, reverted to the upgrading process, the audit findings and the migration verification of the old and new shield.