Bitcoin Cash Miners Pushing BCH Ecosystem Via Development Fund Infrastructure

Bitcoin Cash Miners Pushing BCH Ecosystem Via Development Fund Infrastructure

The latest reports reveal that Bitcoin cash miners have to donate part of their profits to the development of the ecosystem. It was announced by Jiang Zhuoer, CEO of BTC.TOP, the largest Bitcoin Cash (BCH) mining pool. 

Jiang Zhuoer notes that miners should voluntarily transfer 12.5% of Bitcoin Cash (BCH) block rewards to a development fund. Besides BTC.TOP, Antpool, Antpool and ViaBTC и Bitcoin.com are the other large mining pools who are supporting the idea. Jiang quickly noted that; 

“12.5% of [the] BCH coinbase rewards to a fund that will support Bitcoin Cash infrastructure.”

 The fund is a Hong Kong-based entity, set up legally for accepting and dispersing funds and to provide funding up to six months for supporting the infrastructure of Bitcoin Cash.

 The sole aim of the fund is to execute this proposal into the May 2020 protocol upgrade of Bitcoin Cash. Amount of funds received per day would be approximately 112.5 BCH, and in six months it would become 20, 588 BCH. According to the current market prices of BCH, the fund is to receive an estimated $7.1 million in aggregate.

 The proposal has got support from other large mining pools that are working on Bitcoin Cash. Among other mining pools include BTC.com, Antpool, Bitcoin.com, and ViaBTC. More importantly, these five pools depict about 34.5% or more than a third of Bitcoin Cash’s hash rate.

 Furthermore, there have remained debates over funding BCH infrastructure development. Last summer, the Bitcoin Cash community accumulated money to go towards several BCH development teams. Recently, five pools have shown their desire for donating funds to engineering teams working on the development infrastructure.

 Zhuoer also mentioned that the corporate donation process on the verge of a few significant problems. One of the miners said that Zhuoer’s example of corporate donations that went badly is the influence of Blockstream over the development of Bitcoin Core’s which served centralization in BTC’s development. Besides, the blog post of Zhuoer emphasizes that centralized development has brought impediments to Satoshi’s plan.

 As per blog post, this proposal may be disputatious, and some in the community may have distrust toward it. However, despite the difficulties, the plan will move further.