Zcash Community Reaches Consensus, 20% Miners Rewards To Development Fund
Zcash Foundation organized a community poll and the results revealed that it has the green light to start a new development fund with Electric Coin Co. (ECC).
Huge props to the #Zcash community and to @ZcashFoundation, @zooko for leading & participating in a transparent, complex process. A strong case study for funding protocol development. https://t.co/EmagnLuFtG
— Franklin (@FranklinBi) January 29, 2020
The fund will be created with 20% of the mining rewards, as the miners will receive 80% as of block 1046400. If the agreement is closed, the fund is going to be implemented in November this year, at the same time with the Zcash halvening because total block rewards are going to be reduced to half as much ZEC for each block then.
ECC to Get 7% of Mining Rewards
The development fund’s distribution will be as it follows: 7% of mining rewards to ECC, 5% to the Zcash Foundation, and 8% to an additional fund used by grants that are supporting efforts made for Zcash by third parties. The grant participants will get most of the development funds, in an effort to decentralize Zcash. They will also be required to keep a formal accountability and file reports.
The Zcash Foundation and ECC need to agree upon a Zcash Improvement Proposal (ZIP) that reflects the will of the community. This ZIP is going to be coded in Network Upgrade 4, which is to be given a name, until November 2020. The final step will be the launch of the upgrade, in November. There won’t be a trademark for neither Zcash, nor for ECC, as none of the 2 companies doesn’t have independent authority to name a specific chain its own. An agreement must be closed so that both parties fulfil the Zcash community’s will together.
The Same Type of Rewards Division for the Controversial BCH Development Fund
Let’s not forget that the same type of rewards division for a Bitcoin Cash (BCH) development brought trouble for BCH. Bitcoin.com, the mining pool that’s associated with Roger Ver, has only yesterday made the announcement it no longer supports the fund that was created before consultations with the BCH community. However, the situation here is different, as the Zcash community has already approved ECC and Zcash’s plans.