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ZEC Zcash 持有人批准了什么？
在近期举行的治理投票中，Zcash 持有人以压倒性多数支持加快交易速度，并保留类似比特币的减半发行机制。此次投票吸引了近 240 万枚 ZEC 参与。该投票与即将进行的 NU7 网络升级相关，参与投票的 ZEC 数量约占快照时刻约 360 万枚合格 ZEC 的三分之二。
投票权重基于持有的合格 ZEC 数量，而非按人头计算，每枚合格代币代表一票。组织者设定了 100 万枚 ZEC 作为最低参与门槛，以确保结果具有代表性。结果显示，约 99.9% 的参与票数支持将 Zcash 的区块生成时间从 75 秒缩短至 25 秒。更短的区块间隔将使交易更快地被打包进区块链，从而减少用户等待确认的时间。
此外，98.9% 的选票支持维持 Zcash 现有的减半机制，而非转向更平滑的发行模式。根据当前结构，矿工通过新铸造的 ZEC 获得的奖励会按照预定时间表减半，其货币政策大致模仿了比特币的设计。
为何保留减半机制至关重要？
选民考虑的替代方案是用更渐进的区块奖励递减来取代大幅度的定期增发削减。保留“减半”机制保留了持有人已熟悉的货币结构，使投资者能够依据明确的时间表预期新供应量的重大变化。这一决定也保持了 Zcash 发行模型与比特币之间最显著的相似性之一。
持有人还以 96.6% 的支持率投票决定，直到 2031 年 2 月之前暂不重新发行通过网络可持续性机制（Network Sustainability Mechanism）累积的 ZEC。该机制从流通供应量中移除 ZEC（包括至少 60% 的交易费），旨在通过未来的区块奖励将这些硬币回收再利用。此举并不改变 Zcash 的最大供应量。推迟重新发行允许累积的 ZEC 存放数年，同时保持现有的减半时间表不变。
投资者启示
Zcash 持有人选择了在不改变熟悉减半结构的前提下实现更快的交易结算。对于 ZEC 投资者而言，这意味着长期发行计划依然可预测，而开发者则可以专注于提升可用性和隐私支付性能。
Zcash 如何确保投票私密性？
本次治理过程的显著之处在于，只有存储在 Ironwood（Zcash 最新的屏蔽交易池）内的 ZEC 才有资格参与投票。屏蔽交易允许网络验证资金存在及支出正确，而无需公开暴露余额或交易详情。同样的隐私模型也被应用于治理环节。
In traditional token voting, wallets that control a large number of tokens often expose both their voting options and the size of their positions. Zcash's system allows voting weights to be factored into the final result without having to correlate a particular holder's balance to their voting behavior at the public level. The voting data is encrypted and divided into 16 separate parts before counting. Verifier can calculate the aggregation without having to reconstruct who cast which votes, or how much ZECs that voter controls.
This participation has increased significantly compared to earlier token holder polls. The previous sentiment survey on NU7 in February attracted only 7.25% of participants equivalent to circulating ZEC and exposed differences between token holders and the Zcash community advisory team.
What is the follow-up progress of the NU7 upgrade?
Holders have little interest in delaying broader network upgrades. About 99.3% of the votes ZEC supported the release of NU7 as soon as possible, with any features that were not ready by the September 30 deadline being removed rather than postponing the entire release. The 25-second block proposal is part of broader development efforts aimed at accelerating privacy ZEC payments.
Recent Zcash software tests have shortened proof generation times on mobile devices from more than 3 seconds to less than 200 milliseconds in some cases, while work including Zakura and Project Tachyon has focused on improving throughput for private transactions. After months of debate over feature trade-offs, the governance results provide developers with clearer priority guidance for NU7.
需要注意的是，投票本身并不改变协议。所选定的更改仍需实施、测试并纳入最终的网络升级中。然而，对于 Zcash 而言，近 240 万枚 ZEC 参与私密治理过程，为检验屏蔽技术是否不仅能用于支付，还能用于集体决策（如网络技术路线图和货币政策）提供了重要的测试案例。
