Zcash plans November upgrade to increase transaction speed

VERA Brief

AI-generated. Grounded in the article and its cited sources.

Zcash is planning a November upgrade called NU7 to increase transaction speed by reducing block times to 25 seconds. The upgrade also includes a plan to allocate transaction fees to mining rewards starting in 2031 to ensure network security and incentivize miners.

Key facts

• Zcash is targeting a November upgrade known as NU7.
• The NU7 upgrade aims to reduce Zcash block times to 25 seconds.
• At least 60% of transaction fees will be allocated to supplement mining rewards starting in 2031.
• The reallocation of fees aims to ensure continued network security and incentivize miners.
• The changes are intended to enhance the efficiency and sustainability of the Zcash network.