Zcash community votes to distribute 20% of mining rewards to support developers

The Zcash community has voted for a new method of distributing network mining rewards to support the development of privacy-oriented cryptocurrencies.

Based on public voting results, 20% of Zcash mining rewards will be allocated to development funds, while miners will receive 80%. The development fund will be distributed among multiple participants, Electric Coin Company will receive 7% of the mining reward, Zcash Foundation will receive 5% of the reward, and the remaining 8% will be used to donate to third-party developers.

If the Zcash Foundation and Electric Coin Company, the main company developed by Zcash, agree, the new reward structure will be implemented in November 2020.

According to the comparison data, Zcash is currently the 26th largest cryptocurrency by market capitalization.

In the past week, plans for the development fund of Bitcoin Cash, the fourth largest cryptocurrency by bitcoin, have been controversial. The CEO of Bitcoin Cash ’s largest mining pool BTC.TOP, Jiang Zhuoer, released the “Bitcoin Cash Infrastructure Financing Plan”, recommending that 12.5% ​​of Bitcoin Cash block rewards be used as a development fund to support the ecosystem, and established a Hong Kong Fund companies legally accept and dispose of funds.

According to the plan, this will be deployed in the update of the agreement in which Bitcoin Cash will take effect in May 2020. The fund will receive 112.5 Bitcoin Cash per day for 6 months, and will receive a total of $ 7.1 million per month. However, a blog post on the Bitcoin.com mining pool led by Roger Ver on Tuesday said the proposal was no longer supported.

Bitcoin.com said it will now work with the ecosystem to develop a new plan that "is profitable for all interested parties and retains the basic economics of Bitcoin Cash." It also said that, although some kind of financing plan is needed , But "cannot come at the expense of the basic goal of Bitcoin Cash".

Author Xiu MU This article is from bitpush.news. Please reprint the source.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Opinion

Research on the major wallet risks of Binance, KuCoin, and Jump: Are assets stored in large institutions 100% safe?

Undoubtedly, mainstream exchanges and institutions have invested a significant amount of funds and manpower in networ...

Blockchain

The cryptocurrency exchange "closed tide", running to catch up with P2P

The cryptocurrency exchange, once regarded as “stable and not paying”, is more crazy than other fields,...

Blockchain

Interpretation of the new SFC regulation: How to operate a licensed virtual asset exchange in Hong Kong?

Author: According to Health Source: Zero Finance On the evening of November 6, the Hong Kong Securities Regulatory Co...

Blockchain

The money was not earned, and the head was almost bald: interview with the boss of the startup exchange

Currently, one of the most profitable industries in the cryptocurrency sector is the exchange. According to The Block...

Blockchain

Observation | OKEx triggers "destruction war", why is absolute deflation worth learning in the currency circle?

Text | Popsicle Editing | Bi Tongtong Sources | PANews Just now, OKEx issued the destruction announcement again, and ...

Market

Exploring the evolution of the stablecoin market structure: Why can USDT always dominate the first place?

Stablecoin competition is an endless topic, as the industry struggles in its second decade, hoping that the market ca...