Zcash News Today – Headlines for March 22

  • Zcash reward-distribution vote questioned
  • 71 members of Zcash community participated in a separate poll
  • Despite the questions, the results represent what the community wants

Zcash News Today – towards the end of January this year, a poll confirmed the support of the Zcash community for a new miner reward-distribution model for the network. Despite the overwhelming support it got, the new model has been controversial.

According to the Electric Coin Company, a community poll on Zcash Improvement Proposal 1014 (ZIP 1014) showed support for the implementation of a 20% fee for mining rewards. 77 people, (87.5% of the total) supported the implementation. 11 people, (12.5% of the total votes) were against it. Despite this, there are still concerns that the poll might not be valid or accurately represent what the community wants.

71 Members of the Zcash Community Voted in a Separate Poll

Data provided by the Zcash foundation indicates that 71 Zcash community members voted in another poll, where only a small percentage showed support for the new model. The foundation made miner signaling available, but they didn’t collect any votes that way. One Zcash community manager known as Fireice believes the results represent what the community wants.

Another member of the community known as Lior Yaffe, who is also a computer scientist and the founder of Blockchain company Jelurida, said the organizations involved in the poll invested a lot into the design of the recent Zcash community poll.

Since its launch, Zcash lets miners receive 80% of the tokens created per block, while from the remaining 20% 7% goes to the Electric Coin Company, another 5% goes to the Zcash Foundation and the remaining 8% goes into grants. This original mining model was supposed to last until November this year alone.

Only Members Zcash’s Community Advisory Panel Had the Authority to Participate in the Poll

Only members of Zcashs’ Community Advisory Panel had the authority to vote, and the panel is managed by Zcash Foundation. The communications manager of the Zcash Foundation said applications for participating in the poll were open to every member of the community.

According to the manager, only two applications were rejected. He claimed that the “miners can ultimately ‘ratify’ all governance decisions on the network by opting to run the software that implements a particular group of consensus guidelines. She also said that dissent can only be expressed by a hard fork. So it is not mandatory. When asked whether Zcash’s trademark rule stops miners from influencing the network, Fireice said he doesn’t think the miners are the part that holds the major stake in on-chain discussions.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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