Zcash Community Agrees To New Mining Reward Changes

The Zcash community agrees to the new changes, the cryptonews show, and is supportive of the poll which revealed that as of November 2020, the mining rewards are changing.

With the Founder’s Reward terminating in November, the mining situation for this privacy asset has raised a lot of questions. As one of the biggest project supporters Electric Coin Company (ECC) said in a blog post on January 28, the situation is really into question now.

Meanwhile, the Zcash foundation questioned the coin’s community on mining payouts in the future as the blog post read. As the Zcash community agrees on the new polls, the new mining reward distribution will be split as following: 80% for miners, 7% for the Electric Coin Company, 5% for the Zcash Foundation and 8% for grants.

The post also explained this in more detail, stating:

“Grant participants will receive the largest portion of development funds which will further decentralize Zcash-related efforts. Stipulations were also introduced for formal accountability and reporting requirements of each participant.”

The Zcash news also show that ever since the start, ZEC had a Founder’s reward which was built to last until 2020. As per the original structure, Zcash currently pays out 80% of its mining rewards to miners and 15% to founders, investors and other types. The remaining 5% are going to the Electric Coin Company.

“The Zcash trademark is stewarded by the Zcash Foundation and ECC,” the blog reads. “The agreement stipulates that neither party has independent authority to declare that a specific chain of Zcash can actually be called Zcash,” the post read.

Moving forward, the Electric Coin Company and the Zcash Foundation must finalize the community-approved proposal as well as code the changes into the network for a new November start date.
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They also need to wait for the community to join the new upgrade near the end of 2020.

Meanwhile, the news from the market show that Zcash (ZEC) is very stable and surged well following this news story. The coin managed to add 12% overnight and is one of the best performers in the top 50 coin list. At press time, ZEC is trading at $66.64 and has a serious potential to visit the $70 mark.