As part of the Horizen team’s ongoing commitment to transparency and community engagement, we would like to share some updates/next steps given the recent situation with OKX & Binance.
Please note that we are in consistent and active communication with the teams at both exchanges and are proactively reaching out to other exchanges as well. We continue to stand by $ZEN not being a privacy token anymore and these additional actions are designed to remove any and all doubts about that
Roadmap for complete shielded pool removal
As of this morning (Eastern Time Zone), the Horizen ecosystem team has drafted **ZenIP 42207 **- which proposes the complete removal of the shielded pool from the Horizen mainchain. At a high level, here’s what this proposal will achieve:
<:HorizenW:482148378533298196> Complete Disabling of Shielded Transactions: All functionalities related to the shielded transactions (z-addresses) will be completely deactivated, preventing any type of transaction related to the shielded pool.
<:HorizenW:482148378533298196> Removal of Related RPC Calls: RPC calls specifically related to shielded transactions, such as z_sendmany and z_mergetoaddress will be deprecated and disabled.
<:HorizenW:482148378533298196> Migration Path for Users: A migration path with the necessary tools and guides will be provided to users to move their assets out of the shielded pool before the ZEND 4.2.0 hard fork in mid-February. Community support and detailed documentation will be available to facilitate this transition.
<:HorizenW:482148378533298196> Network Upgrade: The deactivation of the shielded pool will occur through a network upgrade at a specified block height. Extensive testing, community preparation, and communication will precede this upgrade.
<:HorizenW:482148378533298196> Communication and Timeline: The Horizen team will communicate regularly with the community about the timeline, necessary user actions, and available support resources throughout the transition process.
Given the urgent nature of this proposal, the Horizen ecosystem team is working closely with the Horizen DAO’s Special Council, and have convened an emergency meeting to get ZenIP 42207 out for voting by Monday (January 8th, 2024). We will send an announcement once this proposal goes live.
__Collaboration with our exchange partners __
We are working in tandem with the Horizen DAO Special Council to reach out to all our exchange partners to avoid any ZEN token delistings. The Horizen ecosystem BD team has already been in close communication with executives at OKX & Binance, and has shared additional updates regarding ZenIP 42207 with these teams. We understand the importance of $ZEN to the Horizen ecosystem and it’s an all-hands effort in ensuring its continuous success. We appreciate OKX and Binance teams’ professionalism, responsiveness, and willingness to work with us to satisfy their compliance needs.
__Our community’s involvement __
As we work behind the scenes with our exchange partners, we encourage our community members to join the conversation on Twitter, Discourse, Telegram, and other channels. Support Horizen by sharing info regarding the ZenIP 42207 proposal, share positive thoughts with other community members in the different language regions, reach out directly to the various exchanges to let them know ZEN is not a privacy coin - these are some great ways you can actively contribute to the project during this period.
<@971215336915488869> - Horizen Labs’ VP of Ecosystem Growth, will host a live AMA on the Horizen Twitter tomorrow at 9am EST to address questions and share details on ZenIP 42207, exchange comms, and Horizen 2.0.
Set a reminder for the AMA here https://twitter.com/i/spaces/1lDxLPwXawyxm
Send us your questions for the AMA Voting
Let’s make the most of this experience and come out stronger!