• Latest
Bitcoin Cash Miners Propose Controversial Soft Fork for Zcash-Style Development Fund

Bitcoin Cash Miners Propose Controversial Soft Fork for Zcash-Style Development Fund

January 23, 2020
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

Bitcoin Cash Miners Propose Controversial Soft Fork for Zcash-Style Development Fund

coinnewsdaily by coinnewsdaily
January 23, 2020
in Tech
0
Bitcoin Cash Miners Propose Controversial Soft Fork for Zcash-Style Development Fund
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

A group of bitcoin cash miners is preparing a soft fork to redirect some of the block rewards into a new zcash-style development fund.

In a medium post Wednesday, Jiang Zhuoer, CEO of mining pool BTC.TOP, said that a group of some of the largest bitcoin cash mining pools were preparing to soft fork the network to implement a “short-term donation plan” that would cut block rewards by 12.5 percent in order to fund network development.

“Investment in software and commons is crucial to secure a bright future for Bitcoin Cash,” the post reads, arguing that neglect can have a “damaging” effect on the network. “We can avoid these problems by providing an adequate level of stable funding, allowing Bitcoin Cash to thrive and succeed.”

Signed by Jihan Wu of Antpool/BTC.com, Roger Ver from Bitcoin.com and ViaBTC’s Haipo Yang, Zhuoer’s post argues that there are “significant problems” with the current funding mechanism. Donations are made on a voluntary basis, making it difficult to finance long-term projects and giving corporate donors “an undue influence” over developers.

Many community members, Zhuoer writes, don’t currently contribute anything at all, creating a “tragedy of the commons” situation where the self-interest of individuals is contrary to the common good of the network. It may be controversial, but redirecting block rewards is “undoubtedly a far better solution” than the current funding system, the post reads.

Many of the same miners included in the post had previously pushed to introduce a “development tax” during a CoinGeek BCH conference back in 2018. A report by crypto investment firm Electric Capital found bitcoin cash lost more than 30 percent of its developers between December 2018 and June 2019, the largest drop of any major blockchain network.

Because bitcoin cash uses the same SHA-256 hash algorithm as bitcoin, most of the block reward costs will, according to the post, be carried by the dominant bitcoin miners who constitute approximately 97 percent of the hash ecosystem. Assuming bitcoin cash stays at around $300, Zhuoer calculates the new mechanism could raise more than $6 million in six months.

“It’s a clever proposal, with good intent,” tweeted Emin Gun Sirer, adding that marginally lower hash rate for steady developer funding was a good trade-off as “empirically more attacks have been due to underfunded devs than to malicious hashrate.”

But the proposal is not without its controversy. Zhuoer’s post says that BCH blocks that don’t follow the soft fork “will be orphaned,” meaning that they won’t be accepted by the five mining pools and risk not receiving any block reward whatsoever.

Funds will also be directed into an unnamed “Hong Kong corporation” that will coordinate and pay for network development. It’s not certain whether this new corporation will pay third-party developers or if it will do most of the work itself like the Electric Coin Company (ECC) on zcash.

In an ask-me-anything reddit session Thursday, Zhuoer clarified that miners would “ensure the transparency and effective use of all funds” by the Hong Kong corporation. Antpool’s Wu added in the same AMA that many of the details, for how the corporation would be governed and how development projects would be prioritized, were still “under discussion.”

“There are many underspecified aspects to the proposal,” Sirer said. “Specifically, who will manage the collected funds and how will they be distributed?” That the proposal was sprung on members of the BCH community “was terrible PR and community management,” he continued, while the threat of orphaning dissenting blocks risks alienating much of the mining community.

It’s also disputed whether the five mining pools will be able to force the community to accept their soft fork. At press time, the signatories had a combined BCH hashrate of just under 28 percent, way below the required majority needed to push the soft fork through by themselves.

Credit: Coin Dance

“They can’t enforce this coercive soft fork unless they come up with a lot more hashrate. And it would likely lead to many forks,” tweeted Charlie Lee, creator of litecoin. “Adding such a centralizing feature in this coercive manner sets such a bad precedent.”

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



Credit: Source link

Tags: community managementCrypto TechEmin Gun SirerForkJihan Wumedia outlet
Share76Tweet48
Previous Post

Bitcoin Faces Move to $8,200 After Dropping Out of Trading Range

Next Post

CoinDesk Q4 2019 Review: A Year in Suspended Animation

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building
Bitcoin

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
green gaming
Business

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
axie infinity: what are the minimum android phone requirements to play on mobile
Alt Coin

Axie Infinity: What Are the Minimum Android Phone Requirements to Play on Mobile

April 21, 2022
Load More
Next Post
CoinDesk Q4 2019 Review: A Year in Suspended Animation

CoinDesk Q4 2019 Review: A Year in Suspended Animation

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,090.001.16%
  • ethereumEthereum(ETH)$1,596.091.66%
  • tetherTether(USDT)$1.000.01%
  • binancecoinBNB(BNB)$307.391.46%
  • rippleXRP(XRP)$0.4122121.25%
  • cardanoCardano(ADA)$0.3891554.34%
  • dogecoinDogecoin(DOGE)$0.0875742.94%
  • matic-networkPolygon(MATIC)$1.145.50%
  • okbOKB(OKB)$39.2810.29%
  • solanaSolana(SOL)$24.432.34%
  • polkadotPolkadot(DOT)$6.572.88%
  • shiba-inuShiba Inu(SHIB)$0.0000122.80%
  • litecoinLitecoin(LTC)$88.551.86%
  • tronTRON(TRX)$0.0631352.38%
  • daiDai(DAI)$1.000.00%
  • cosmosCosmos Hub(ATOM)$13.705.88%
  • leo-tokenLEO Token(LEO)$3.987.20%
  • chainlinkChainlink(LINK)$7.394.66%
  • moneroMonero(XMR)$179.775.58%
  • ethereum-classicEthereum Classic(ETC)$21.972.18%
  • bitcoin-cashBitcoin Cash(BCH)$134.220.75%
  • stellarStellar(XLM)$0.0932302.18%
  • crypto-com-chainCronos(CRO)$0.0820223.21%
  • filecoinFilecoin(FIL)$5.442.03%
  • algorandAlgorand(ALGO)$0.2614147.71%
  • vechainVeChain(VET)$0.0247935.12%
  • internet-computerInternet Computer(ICP)$6.005.30%
  • aaveAave(AAVE)$86.800.33%
  • eosEOS(EOS)$1.110.53%
  • elrond-erd-2MultiversX(EGLD)$44.883.75%
  • theta-tokenTheta Network(THETA)$1.116.56%
  • tezosTezos(XTZ)$1.146.06%
  • paxos-standardPax Dollar(USDP)$1.00-0.02%
  • bitcoin-cash-svBitcoin SV(BSV)$44.05-1.57%
  • huobi-tokenHuobi(HT)$5.081.02%
  • havvenSynthetix Network(SNX)$2.495.17%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.001.74%
  • iotaIOTA(MIOTA)$0.2432276.02%
  • makerMaker(MKR)$680.565.21%
  • zcashZcash(ZEC)$46.351.08%
  • neoNEO(NEO)$8.323.41%
  • dashDash(DASH)$51.442.29%
  • zilliqaZilliqa(ZIL)$0.0302639.81%
  • basic-attention-tokenBasic Attention(BAT)$0.2694414.72%
  • compound-governance-tokenCompound(COMP)$57.018.11%
  • nemNEM(XEM)$0.0397564.38%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$37.017.98%
  • bitcoin-goldBitcoin Gold(BTG)$17.630.45%
  • qtumQtum(QTUM)$2.704.88%
  • wavesWaves(WAVES)$2.7013.78%
  • sushiSushi(SUSHI)$1.343.37%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • golemGolem(GLM)$0.2537680.33%
  • yearn-financeyearn.finance(YFI)$7,648.053.05%
  • omisegoOMG Network(OMG)$1.525.25%
  • ontologyOntology(ONT)$0.2204492.68%
  • digibyteDigiByte(DGB)$0.0110600.38%
  • umaUMA(UMA)$2.061.84%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%