A Shift in Mining Rewards
As Zcash gears up for a major transition in November 2020, community members have spoken loud and clear: changes to mining rewards are on the horizon. The Zcash Founder’s Reward, which has been a staple since the coin’s inception in 2016, is about to come to an end. This shift has sparked conversations about how mining rewards will be allocated in the future.
Results of Community Polls
The Zcash community has actively taken part in discussions regarding the future of mining payouts. Through various platforms such as Telegram and Twitter, the Zcash Foundation sought the opinions of its users, leading to a new proposal framed by collective feedback. Out of this dialogue, a consensus was reached:
- 80% for miners
- 7% for Electric Coin Company (ECC)
- 5% for the Zcash Foundation
- 8% for grants
This newly crafted reward structure signals a commitment to decentralize Zcash initiatives further while also ensuring formal accountability and reporting from the participants involved.
The Need for Transparency
With the proposed changes, a spotlight is placed on transparency within the project. The new grant system is designed to ensure that development funds are allocated responsibly. The blog post from ECC states, “Grant participants will receive the largest portion of development funds which will further decentralize Zcash-related efforts.” Thus, the community can expect a nuanced approach to how funds are managed, promoting a sustainable and innovative ecosystem.
Closing the Chapter on the Founder’s Reward
Initially, Zcash’s mining reward structure provided a handsome 15% to founders and investors. However, the end of the Founder’s Reward ushers in a new chapter for the Zcash network. It’s not just a cleanup of the old system; it’s a significant pivot towards ensuring longevity and sustainability for the future.
Collaboration is Key
Community involvement doesn’t stop with polls; both the Zcash Foundation and ECC must collaborate to bring these proposals to fruition. As noted in their blog, “the agreement stipulates that neither party has independent authority to declare that a specific chain of Zcash can actually be called Zcash.” This underscores the importance of teamwork as they both must code the agreed-upon changes into the network before the anticipated November launch.
Meanwhile, as the New Year approaches, the excitement is palpable. The community eagerly awaits feedback from Zooko Wilcox-O’Hearn, the CEO of ECC, to see how these proposed changes will unfold. And while some mining discussions are happening, other projects, like Roger Ver’s recent Bitcoin Cash mining tax suggestion, seem to be meeting a wall of disagreement. It appears the crypto community is quite dynamic, with debates and votes appearing ongoing in various corners of the market!
