Swihart and ECC are pleased with the voting process and that the community has chosen to initiate the infrastructure development fund. The main arguments I’ve always heard, at least as it pertains to Zcash is that it has been a large reason for its price decline “Basically nothing changes for miners, the 20% will just be distributed differently,” the Redditor explained.ġ/ I really don’t get all the fuss about a % of block rewards going towards funding development.
One individual noted that ZEC investors and founders had already been paid in a similar fashion. A few BCH supporters disliked the Zcash decision to use mining rewards to fund infrastructure and marketing development and others seemed optimistic about the plan. “Not sure if it is a desirable outcome,” one Redditor wrote in response to the ZEC coinbase rewards plan. The BCH community on the Reddit forum r/btc also discussed the ZEC development fund and how the Zcash community voted to use block rewards to fund ECC, the Zcash Foundation, and grants. Following the week-long debates, ’s mining operation updated the community and explained they “will not go through” with the proposal without more consensus from the community at large. The BCH funding proposal was met with mixed feelings and the BCH community discussed the proposal relentlessly for seven days. The infrastructure development news follows the recent funding proposal for Bitcoin Cash initiated by Btc.top founder Jiang Zhuoer.
Bitcoin Cash and Zcash Supporters Share Their Opinions About the Poll Results 7% of the funds will be allocated to ECC, the Zcash Foundation will get 5%, and 8% will be used for grants. Stipulations were also introduced for formal accountability and reporting requirements of each participant. Grant participants will receive the largest portion of development funds which will further decentralize Zcash-related efforts. The development fund will be distributed to ECC (7% of mining rewards), the Zcash Foundation (5% of mining reward) and an additional fund to be used for grants to support third-party Zcash efforts (8% of mining rewards).
“Assuming we have agreement with the Zcash Foundation, this will be implemented in November 2020, to coincide with the first scheduled Zcash halving when the total block rewards will be reduced to half as much ZEC per block.” Swihart further added: “While the miners receive 80 percent as of block 1,046,400,” Swihart detailed. The ZEC community recently finished the poll and voted to “create a new development fund with 20 percent of the mining rewards.” Swihart further noted that the 15% Founder’s Reward will expire in November so the Zcash Foundation decided to poll the community in order to come up with a new funding plan for development. On January 28, ECC’s Josh Swihart wrote a blog post explaining that for four years 80% of the ZEC miners’ reward went to miners, 15% was allocated to investors and founders (Founder’s Reward), and 5% was given to core development. The developer also emphasized that ECC could be hired to continue focusing on those goals. “I hope that the community will decide to renew the ‘Dev Fund’ structure, allocating coins from future block rewards for core support functions such as software development, user support, business development, regulatory and government outreach, security auditing and monitoring, educational and marketing initiatives, new protocol development, and so forth,” Wilcox wrote at the time. Last August, the creator of zcash and the CEO of Electric Coin Company (ECC), Zooko Wilcox, wrote a letter to the community asking them to consider a new development fund. While some ZEC transactions can be transparent, others can be “shielded” using a cryptographic element called zk-SNARKs. Similarly to BTC, zcash has a fixed supply of 21 million units but the currency also offers zero-knowledge proof transactions. Zcash is a digital currency that was released on October 28, 2016, and the project aims to enhance a ZEC user’s privacy. The ZEC development funding proposal was initiated because the coin’s Founder’s Reward expires in November and after block 1,046,400, ZEC miners will only get 80% of the block subsidy.Īlso read: Update: Dev Fund Proposal ‘Will Not Go Through’ Without More Agreement Zcash Community Votes to Allocate 20% of the Block Rewards to the Zcash Foundation, Electric Coin Company, and Grants The Electric Coin Company, a group that supports the development of Zcash (ZEC), announced the community has voted to distribute 20% of the ZEC network’s mining rewards to infrastructure and marketing development.
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