Horizen Protocol Confirms ZEN to Lose Privacy Coin Status

CryptoPotato
CryptoPotato

28 Jun 2023 12:15 PM

The protocol confirmed that ZEN will no longer be a privacy coin after the change....

  • The privacy-focused network Horizen has announced that it will remove all privacy features from its main blockchain.
  • This decision comes after the approval of ZenIP 42204 and is aimed at addressing regulatory threats and technical debts.
  • The removal of privacy features will make Horizen's native token, ZEN, no longer a privacy coin.
  • The deprecation of mainchain shielded pools will be implemented through a mandatory software upgrade, with testnet and mainnet releases scheduled for August and September 2023, respectively.
  • Regulatory crackdowns on privacy coins have been increasing, with Dubai's VARA banning activities associated with privacy coins and Binance initially planning to delist privacy coins in certain countries.

The sentiment of the article is negative, as it highlights the removal of privacy features from Horizen's main blockchain and the increasing regulatory crackdowns on privacy coins.

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You May Ask

What is the reason behind Horizen's decision to remove privacy features from its main blockchain?When will the removal of privacy features be implemented?What will happen to Horizen's native token, ZEN, after the removal of privacy features?Why have regulators been cracking down on privacy coins?How did Binance initially respond to regulatory scrutiny regarding privacy coins?

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