Bitcoin Cash is no stranger to controversies. Since its hard fork from Bitcoin, the fourth largest cryptocurrency in the market has tried everything to establish itself as the foremost name in the digital assets space.
The latest issue to the Bitcoin Cash community was the proposal to direct 12.5 percent of all newly issued coins to fund technology development. The proposal was met with a lot of criticism and now it looks like Bitcoin.com CEO Roger Ver has heard their pleas.
In a Bitcoin.com blog post, Roger Ver stated that the network will not be going through the proposed 12.5 percent coin distribution. He said that for such a proposal to go through, it needed more agreement from within the ecosystem. According to Bitcoin.com:
“As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible.We think it is clear that the existing proposal does not have enough support, and we will be working to come up with a plan that is profitable for all the relevant parties and which preserves the fundamental economics of Bitcoin Cash.”
The organization revealed that they had put the discussion up for a vote because they consider developer funding an important issue. Bitcoin.com informed the community that new ways will be devised to ensure Bitcoin Cash becomes fast reliable cash for the world. The Roger Ver led company recognized that the lack of clarity was one of the main drivers for the community split.
During the initial consideration, the proposal had a high chance of passing because the interest companies controlled one-third of BCH’s computing power. This led to other parts of the Bitcoin Cash community threatening to leave the system if the proposal was passed. To avoid this sort of confusion in later instances, Bitcoin.com listed out some rules.
- Developers in need of funding should put together clear funding proposals upfront
- Businesses need to devise clear plans for devs to create impactful changes to BCH
- All BCH communities must work together to propagate BCH positively
Bitcoin.com has also advised developers that all funding proposals mus be temporary and reversible. According to the organization, permanent changes to the BCH blockchain was against the values of the cryptocurrency. Roger Ver added that “development for development’s sake” would beat the purpose of fundraising.
The company urged users to think about the bigger picture and what steps could be taken to achieve that goal. Bitcoin.com promised its users that they will not risk a chain split which would threaten the end game of being reliable digital cash.
Bitcoin Cash is not the first company to toy with the developer distribution idea. Fellow companies such as Block.one and Tron have also gone down this path and continue to follow the system even today.