Roger Ver’s Platform Withdraws From 12.5% Miner Fee Proposal

Roger Ver’s platform, Bitcoin.com decided to step away from its proposed miner fee of 12.5% that coerced miners to divert the percentage of the bitcoin cash block reward to the development fund as we are reading in today’s crypto news.

Bitcoin.com stated in a blog post:

 “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.’’

The decision came as a response to the heavy criticism the platform was getting. The Bitcoin Cash supporters said that there are less coercive ways to raise development funds and the users of bitcoin also used the proposals to call out the centralization of Bitcoin Cash. Roger Ver’s Platform stated:

 “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.”

Roger Ver didn’t comment on the matter yet. The proposal was initially pushed by the cartel of miners that represent 54 percent of the network’s identified hash rate or 34 percent of the total hashrate. The CEO of BTC.top Jian Zhuoer announced the proposal a few days ago and said that his mining pool alone controls 25 percent of the identified hashrate. Some of the other members of the cartel include the CEO of Bitmain, Jihan Wu, and Haipo Yang of ViaBTC.com. Roger Ver’s platform was a part of the plan but not anymore. Bitcoin.com represented less than 2 percent of the known hashrate which means that the cartel still controls 32 percent of the network. Zhuoer stated:

 “Funding of infrastructure may often go overlooked or be underprioritized.’’

Based on the prices, the proposal will reach up to $41,000 in the funding per day or about $7.5 million over six months period. Most of the funds will go to the Bitcoin ABC or the primary open-source implementation of the Bitcoin cash protocol. Bitcoin ABC stated:

 “Although many previous attempts at stable infrastructure funding have been tried with mixed results, we are optimistic this plan could be a great success.’’