- ZEC community supports changes to Zcash’s mining reward
- Zcash recently abandoned its old mining rewards format
- Zcash must now complete the new format
Zcash News Today – according to reports, a recent poll conducted within the Zcash community has revealed that there is strong support for the mining reward changes that Zcash proposed to implement. Recall that Zcash announced that its plans will take effect by November of this year. The network also terminated the Zcash Founder’s Reward last November. Now, the privacy asset has faced questions over its mining situation.
Zcash Community Voted Unanimously in Support of the Changes
Using several avenues, including Twitter and Telegram, the Zcash foundation raised a question to the coin’s community regarding the mining payouts moving forward. According to the report:
“Beginning in November during the Zcash halving event, based on the community polls, the mining reward distribution scheme will be as follows: miners to get 80%, the Electric Coin Company will get 7%, the Zcash foundation will get 5% and another 8% will go for grants.”
Per the report, all grant participants will get the largest part of development funds in the new framework. This will ensure that Zcash is further decentralized. Stipulations were introduced as well for formal accountability.
Zcash Moves on its Old Format
Going live back in 2016, the Zcash network began with the Founder’s reward scheme which was built to operate until 2020. Based on the network’s original reward framework, Zcash pays out miners 80% of its mining rewards. It pays founders, investors, and others 15% of its mining rewards. While the remaining 5% of the mining rewards go to the Electric Coin Company. However, recall that there is an agreement already in place from the Zcash Foundation regarding the new changes. Here is how it puts it:
“The Zcash trademark is run by the Zcash Foundation and the Electric Coin Company. The agreement in place stipulates that neither entity has independent authority regarding declaring that a specific part of Zcash can stand alone and be called Zcash.”
The ECC and the Zcash Foundation now have to work collaboratively to finalize the mining reward proposal after it has been accepted by the community. The new changes into the network will begin in November. The entities must now wait for the community to enjoy the new upgrade towards the end of the year.
So far, efforts have been made to reach ECC CEO Zooko Wilcox-O’Hearn for comment but there has been no response at press time.
Reports have also uncovered that Roger Ver’s suggested 12.5% Bitcoin Cash mining tax, although the community reportedly shot down the proposal.