Zcash Commemorates First Halving Event with ‘Canopy’ Upgrade

Zcash (ZEC), privacy-centered cryptocurrency, commemorated its foremost halving event yesterday. The highlight of the event was the Canopy upgrade, which sets up a growth fund for the platform and eliminates the contentious “Founders Reward.”

The halving event and protocol upgrade was carried out at block 1,046,400, a little more than four years after the genesis block of Zcash was mined in the final leg of October 2016. Canopy is fifth crucial overhaul for Zcash, mainly involving amendment to the disbursement of mining rewards.

Before this implementation, funding for the advancement of the platform was forecast to end at the time of first halving. There were only small technical overhauls, with three enhancement suggestions fine tuning some of the safety and performance criteria.

The amendments, which were suggested and endorsed by the Zcash community, ensured the creation of a development fund that would last for the upcoming four years.

Even though 80% of mining rewards will still be channelized to miners, from now on 8% will be set aside for the Major Grants Fund that would support solely the autonomous third-party coders.

The rest of the 12% will be shared between the Electric Coin Company, which will get 7%, and the Zcash Foundation, which will obtain the rest of the 5%. The revision mainly affects the founders and staffs of ECC, while the share set aside for the firm has been upwardly revised in a modest manner.

Furthermore, drawing teams from outside into the Zcash development ecosystem was viewed by the community as necessary to guarantee the righteousness and development of the covenant in a decentralized basis.

Earlier the portion of 20% network rewards, which was not channelized to miners, was shared between ECC, the Zcash Foundation, and the founders and investors who assisted in the development of Zcash. The community was mainly opposed to the 14.2% total mining reward being taken by the original founders.

The ECC, in recent times, rolled out its overhauled and highly improvised “Halo 2” source code in open forum.