Zcash Community Approves New Mining Reward Distribution Scheme

Through recent polls, the Zcash community approved mining payout changes that will take effect at the coin’s halving in November.

A recent poll revealed community support for Zcash mining reward changes, which will take effect in November 2020. 

With the Zcash Founder’s Reward terminating in November, the privacy asset’s mining situation has come into question, a blog post from one of the project’s supporters, Electric Coin Company, or ECC, said on Jan. 28. 

Community votes in new specs

Using a bevy of avenues, including Telegram and Twitter, the Zcash foundation questioned the coin’s community on mining payouts going forward, the blog post read. 

Taking effect in November during the coin’s halving, as per community polls, the new mining reward distribution will be as follows: 80% for miners, 7% for the Electric Coin Company, 5% for the Zcash Foundation and 8% for grants. 

The post explained:

“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 abandons old format

Born in 2016, Zcash began with a Founder’s reward, built to last until 2020.

As per its original reward structure, Zcash currently pays out 80% of its mining rewards to miners and 15% to founders, investors and other types, with the remaining 5% going to the Electric Coin Company. 

The post, however, noted pending agreement from the Zcash Foundation on the new changes.  

“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.”

Moving forward, the Electric Coin Company and the Zcash Foundation must collaboratively finalize the community-approved proposal, code the changes into the network for a November start date, and wait for the community to join the new upgrade near the end of 2020.

Cointelegraph reached out to ECC CEO Zooko Wilcox-O’Hearn for comment, but received no response as of press time. This article will be updated accordingly upon receipt of a response. 

Cointelegraph also recently covered Roger Ver’s suggested 12.5% Bitcoin Cash mining tax, although the community reportedly shot down the proposal.

Source: Cointelegraph.com

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Passionate about Crypto-Currencies and Bitcoin enthusiast. Oliver is an Editor on Crypto Cool News.

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