Zcash's native (ZEC) token climbed more than 12% on Tuesday after the developers behind the protocol's shielded pool said they are nearing a mathematical proof that the network's privacy system does not contain an undetectable counterfeiting bug that was disclosed last month.
Project Tachyon outlined new details of its verification effort for Zcash's upcoming Ironwood shielded pool. Zcash founder Zooko Wilcox said the project is "on the verge of producing a mathematical proof that there are no undetectable counterfeiting bugs in the latest Zcash shielded pools."
The announcement helped lift ZEC back above $500, its highest level since early June, when the disclosure of a critical flaw in Zcash's Orchard shielded pool sent the privacy-centric cryptocurrency tumbling more than 40% in just two days.
Zcash (ZEC) price chart. Source: The Block/TradingView
The vulnerability could have allowed an attacker to create counterfeit ZEC within the Orchard shielded pool without detection. While developers quickly patched the flaw and said they believe it was never exploited, Zcash's privacy design made it impossible to cryptographically prove.
