Zcash Community Approves Changes To The Existing Mining Reward Plan
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Zcash Community Approves Changes To The Existing Mining Reward Plan

January 30, 2020      Javeria

According to recent polling, Zcash community is in full support of mining reward changes, which is going to take effect by the end of the year. According to a blog post by Electric Coin Company, ECC (one of the project’s supporter) the situation of asset mining privacy has come into question with the ending of Zcash founder’s reward by this year. 

Community Polling For New Changes

The Zcash foundation, including a group of avenues like Telegram and Twitter, has questioned the community moving forward with the mining payouts.

In accordance with the community polling, the new reward distribution of mining would be 80% for miners, 8% for grants, 7% for the Electronic Coin, Company, and 5% for the Zcash Foundation. The change will take effect during the coin’s halving in November.

According to the blog post, the largest portion of funds is going to Grant participants which are going to help Zcash further decentralise. Conditions for the reporting requirement of each participant and formal accountability is also introduced.

New Zcash Founder’s Reward Scheme

Zcash started in 2016 with a Founder’s reward, which is soon going to end by this November. Presently Zcash is paying 15% of its mining reward to the investors, founders and other types and 5% to Electric Coin Company and the remaining 80% to miners.

However, the agreement for the new changes is pending from Zcash Foundation, noted by ECC in its blog post.

The blog read that Zcash Foundation in collaboration with ECC manages the Zcash trademark according to which the party don’t have the independent authorisation even to declare a particular party as Zcash.

The Zcash Foundation, along with Electric Coin Company, needs to finalise the community’s proposal, apply the changes to the network and wait for the community to join the upgrade by the year-end.

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Javeria is into the crypto world ever since she heard about it and is pursuing her interest through cryptoknowmics. She is a sensational poet, technical writer and content strategist. Not to mention that she can go crazy when it comes to vampires and Wonder woman.