Zcash Community has approved the new mining reward disbursement plan

By Dorothy 01/30/20 12:15 PM

The decision to modify the Zcash mining award is supported by the community, according to a recent survey. The changes will take effect in November 2020.

The Zcash community voted on a new way to distribute network mining rewards to support the privacy-oriented cryptocurrency. According to the voting decision, 20% of the Zcash mining reward will be allocated to a development fund, while miners will receive 80% as of block 1,046,400.

With the Zcash terminating Founder Award in November, the security asset mining situation was suspected, a blog post from one of the project’s supporters, Electric Coin Company, or ECC, for know on January 28.

Using a variety of approaches, including Twitter and Telegram, the Zcash Foundation queried the coins in favor of mining money in the coming months, the blog post said.

Development funds will be distributed among different parties. Electric Coin Company will receive 7% of the mining reward, Zcash Foundation will receive 5% and the remaining 8% will be used to fund third-party developers.

The article said:

“Grant participants will receive the largest share of development funds that will further decentralize Zcash-related efforts. Regulations are also made for the reporting requirements and formal responsibilities of each participant”.

Zcash Foundation and ECC

The Zcash brand is managed by Zcash Foundation and ECC, the blog of the blog has read. The agreement provided that neither party had independent authority to claim that a particular Zcash chain could actually be called Zcash.

The new useful structure will be implemented in November 2020 if the Zcash Foundation and Electric Coin Company – the main company behind Zcash’s development – agree to go ahead with it.

Notably, the proposal of Roger Ver, taxed 12.5% of Bitcoin Cash mining income because the tax is not accepted by the community.