Zcash updates mining rewards, founder rewards cancelled

A recent survey showed that community support for changes in Zcash mining rewards will take effect in November 2020.

On January 28, a blog post from the electronic money company (ECC), a proponent of the project, said that as the Zcash founder's reward expired in November, discussions on mining for this privacy asset began.

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The blog post states that the Zcash Foundation surveyed the community on future mining spending through a range of channels including telegram and Twitter.

According to community surveys, the new rules for the distribution of mining rewards are as follows: miners 80%, ECC 7%, Zcash Foundation 5%, donations 8%.

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The article states:

"Donation participants will receive the largest percentage of development funding, which will further decentralize Zcash-related progress. The formal responsibilities and reporting requirements of each participant are also specified."

Born in 2016, Zcash sets up founder rewards and expires in 2020.

According to its initial reward structure, Zcash distributed 80% of mining rewards to miners, 15% to founders, investors, and others, and the remaining 5% to ECC.

However, the article states that these new changes have not yet been endorsed by the Zcash Foundation.

Next, the ECC and Zcash Foundation must cooperate to complete a community-approved plan and update the code to the network in November, waiting for the community to join the new upgrade by the end of 2020.

ECC CEO Zooko Wilcox-O'Hearn has not commented on this.