As announced by Electric Coin Company (ECC), the results of the community vote on the mining reward rate to finance the development of Zcash have been published:
– Electric Coin Company (@ElectricCoinCo) January 28, 2020
The community has expressed positively on this issue and this will lead to the creation of a new fund that will consist of a percentage of the miners' rewards, which means they will receive less during this operation.
The fund will take 20% of the miner's reward and be distributed as follows:
- 35% will go to ECC;
- 25% will go to the Zcash Foundation;
- 40% will go to support and efforts of third parties.
This will not begin immediately, but will coincide with the next and first halving of the Zcash blockchain that will take place in the fall of this year, and each fund of the relative branch will have a limit of $ 700 thousand per month, as indicated in ZIP1014.
In addition, this change will not affect the privacy of the users when administering dedicated procedures, since nothing will have to be done on the user's side, and the monetary emission curve will not change because the rewards remain unchanged, only a part of them are will transfer to this fund.
This is a considerable success and shows how, if the community is involved, it is possible to sacrifice a part of the rewards in order to keep the blockchain running. While with respect to the Bitcoin Cash (BCH) blockchain, a similar proposal was withdrawn because, although the rate percentage had been lower, it would have led to a fairly significant centralization situation that would have jeopardized the entire chain of blocks with the risk of holders being created, as well as in terms of regulation because even the SEC could have intervened.
All that remains to be seen now is how the situation will evolve after halving and if this will not represent a possible solution that could also be adopted by other block chains, which, to raise funds to move forward with their projects, may decide to include such a fee. in the rewards of miners.