The Proposal: A New Frontier for Bitcoin Cash
On January 22, influential figures within the Bitcoin Cash (BCH) landscape, including Bitmain’s own Jihan Wu and Roger Ver of Bitcoin.com fame, unveiled an “infrastructure funding plan” that has since sparked heated debates in the community. The proposal suggests that miners contribute 12.5% of their block rewards to a corporation based in Hong Kong to support BCH development. The premise? This funding route is perceived as a better alternative to the corporate donations seen in the Bitcoin (BTC) ecosystem.
What’s in the Cauldron?
Set to roll out in May 2020, the initial funding scheme aims for a six-month term, estimated to accumulate around $6 million at current prices. According to the masterminds behind this plan, with a halving of rewards on the horizon, this amount could morph into a hefty $13 million in due time. Sounds like a bright future, right? But that’s just the tip of the iceberg!
The Controversial Underbelly
While this funding might sound like a cash bonanza, controversies lurk in the shadows. The proposal boldly includes a threat to “orphan” blocks from miners who decline to participate—a tactic akin to executing a 51% attack. Jiang Zhuoer, CEO of the Btc.top mining pool, let loose this bombshell in a Reddit AMA session, revealing that they might harness 30% of their BTC hashrate to compel compliance. Talk about a power move!
The Community Roars Back
Unsurprisingly, the response from the Bitcoin Cash community was far from flattering. Critics raised alarms about potential centralization as funds would flow directly to a corporate entity rather than a non-profit foundation. This lack of a voting mechanism brings up concerns about who really calls the shots on Bitcoin Cash development. Moreover, whispers of Chinese government influence added an additional splash of paranoia to the conversation. Profitability also reared its ugly head, as critics argued that this proposed “tax” would slash miners’ revenues.
Defending the Plan: A Developer’s Perspective
However, not everyone is waving the pitchforks. Amaury Séchet, a notable Bitcoin Cash developer, took to the forefront to defend the proposal, emphasizing that mining isn’t compulsory. He did admit, though, that governance of the funds is a pivotal issue deserving clarity. Perhaps a committee of trustworthy advocates would help broker some peace?
Where Do We Go from Here?
As Zhuoer grappled with governance queries during the AMA, his vague responses regarding the specifics of the plan left more questions than answers. With tensions running high and uncertainty looming over the future funding approach of Bitcoin Cash, one thing seems certain: the community will be watching closely, perhaps with popcorn in hand, as the narrative unfolds.
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