<span style="font-weight: 400">Recently, Jiang Zhuoer, the CEO of mining pool BTC.TOP has stated that a group of <a href="https://www.coindesk.com/bitcoin-cash-miners-propose-controversial-soft-fork-for-zcash-style-development-fund">Bitcoin Cash Miners </a>were preparing a soft-fork to redirect a "short-term donation plan" so that it could cut block rewards by 12.5 per cent in order to fund network development. Zhuoer while arguing about the damaging effect on the network mentioned, "Investment in software and commons is crucial to secure a bright future for Bitcoin Cash."</span>

<span style="font-weight: 400">Zhuoer also told that if they provide an adequate level of funding and allow Bitcoin Cash to thrive, then they could avoid those problems. Many community members like Jihan Wu of Antpool/BTC.com, Roger Ver from Bitcoin.com and ViaBTC's Haipo Yang have supported  </span><span style="font-weight: 400">Zhuoer's argument regarding the problems of funding mechanisms. But there were still some members who didn't give their response on any of the issues.</span>
<h2><b>Largest Fall In Blockchain Network</b></h2>
<span style="font-weight: 400">According to Electric Capital, a Crypto Investments firm, from December 2018 to June 2019, bitcoin cash experienced the largest fall in its Blockchain network, as it had lost more than 30 per cent of its developers. A report stated that the bitcoin miners, who constituted approximately 97 per cent of the hash ecosystem, would carry most of the block rewards because the hash algorithm i.e., SHA-256 used by the bitcoin cash was same as the bitcoin. According to Zhuoer, if bitcoin cash stays at around $300, then within six months, the new mechanism would raise more than $6 million. </span>
<h3><b>Controversy Related Soft-Fork</b></h3>
<span style="font-weight: 400">Although the proposal regarding Soft-fork was considered to be very clever, it also has some controversies. Zhuoer has said that the network would orphan those BCH blocks which did not follow the soft fork. Zhuoer also mentioned that the funds for the network would be directed into an unnamed corporation of <a href="https://www.cryptoknowmics.com/crypto/hong-kong-and-thailands-central-bank-to-utilize-cbdc/">Hong Kong</a>, to coordinate and to pay for its development.</span>

<span style="font-weight: 400">It was also reported that Zhuoer also clarified, "Miners would ensure the transparency and effective use of all funds by the Hong Kong corporation."</span>

Bitcoin Cash Miners Propose Soft-Fork To Cut Block Reward

Bitcoin Miners to prepare a soft-fork to redirect a short term donation plan to cut block rewards by 12.5 percent to fund network development.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Bitcoin Cash Miners Propose Soft-Fork To Cut Block Reward

Top Picks