Ironwood will add a new private pool based on the Orchard protocol and introduce a mechanism that limits the ability to make new transfers through the old pool. After the update is activated, new private payments will automatically be routed to the new pool.
The main goal of the update is to ensure that the circulating supply of ZEC does not exceed the amount prescribed by the emission schedule. To achieve this, the existing turnstile mechanism will be used, which allows monitoring the alignment between the circulating supply and the expected coin volume.
Developers expect that migrating funds to the new pool over time will eliminate the risk of hidden emissions and confirm the absence of counterfeit coins in circulation.
The activation of Ironwood is tentatively scheduled for late July.