SafeCoin Z-Address Coin Burn on March 1 2019
On 1 March 2019 the SafeCoin team will perform a coin burn on all z-addresses (private addresses). This is taking place to tackle a major security issue that effects all cryptocurrencies that use the zk-SNARK protocol.
As David Bentler advised in a recent blog post, if you have any SafeCoin held in Z-addresses, you should move them to T-addresses (transparent addresses) prior to March 1 2019; since SafeCoin sprout Z-addresses will be burned at this time.
SafeCoin Z-Address Coin Burn
SafeCoin founder explained the reasons for the upcoming coin burn in a Discord announcement:
Hello @everyone, in response to a recently disclosed security issue with Zcash sprout addresses, we are accelerating Safecoin’s Roadmap, immediately proceeding with an upgrade which will address this security issue, and provide many new features and innovations, most notably, phase I of SafeNodes.
We will be providing a LOT of information about this upgrade, our largest ever, in the coming days.
**Firstly we would like to make Everyone aware that if you have SAFE in Z-addresses, please move them to T-addresses prior to March 1, 2019.
Safecoin Sprout Z-addresses will be burned at this time.
For the following 6 days, Safecoin will be entirely Transparent addresses, at which time we will be taking the opportunity to Verify our supply.
On March 7th, we will re-introduce Z-addresses, with a Sapling activation.
Thank you very much for your understanding, we look forward to sharing all our exciting new advancements which will come with this Upgrade
We would like to thank everyone for their support with this issue.
Should you have any questions regarding this coin burn, please drop by our Discord and ask.
Thanks for reading.