Zcash Community Endorses New Mining Reward Disbursement Plan
The decision to modify Zcash mining reward has the support of its community according to a recent survey. The changes will take effect in November 2020.
Futhermore, the scheduled cancellation of Zcash Founder’s Reward in November, several questions have cropped up about the anonymous crypto’s mining future, as per a blog post by Electric Coin Company, or ECC, one of the venture’s supporters.
Using a variety of approaches, including Twitter and Telegram, the Zcash Foundation queried the coin’s advocates on mining payoffs in the forthcoming months, the blog post indicates.
Coming into force in November at the time of coin’s halving, according to community surveys, the latest mining reward payout will be in the following manner: 80% for miners, 5% for the Zcash Foundation, 7% for the Electric Coin Company and 8% for grants.
“Grant participants will receive the largest portion of development funds which will further decentralize Zcash-related efforts. Stipulations were also introduced for formal accountability and reporting requirements of each participant.”
Zcash, which came into existence four years before, has a Founder’s reward that will remain until 2020. According to previous reward system, Zcash currently offers 80% of generated cash to miners, 15% to investors, founders and others, and 5% to the Electric Coin Company.
The media news, however, pointed out outstanding agreement from the Zcash Foundation on the latest amendments.
“The Zcash trademark is stewarded by the Zcash Foundation and ECC,” the blog reads. “The agreement stipulates that neither party has independent authority to declare that a specific chain of Zcash can actually be called Zcash.”
Going forward, the Electric Coin Company and the Zcash Foundation should co-actively decide the community endorsed suggestion, amend the network with the suggested modifications such that it becomes active in November, and count on the community to carry out the upgrade by the end of 2020.
Notably, Roger Ver’s proposal to levy 12.5% of Bitcoin Cash mining income as tax was not accepted by the community.