The Zcash community has voted to effect new changes to the mining reward standard currently being used. According to an official publication from the Electric Coin Company (ECC), the scheme mode will take effect later this year, in November.
Zcash began back in 2016 with, according to the post, a Founder’s Reward. This was expected to run for four years with a specific distribution pattern. 80% of all mining rewards were to go to miners, with 15% allocated to Zcash founders as well as investors. The remaining 5% was allocated to support development.
As the Founder’s Reward is expected to expire in November, there have been conversations about how to move forward. The blog post, however, states that “there has been unambiguous agreement that no further funding should be allocated to investors and founders.”
Now, through several channels including Telegram, the Zcash Community Chat, Twitter, and the Zcash Forum, a unanimous decision has been reached. The community has voted to create a new development fund and allocate 20% of all mining rewards to it. Just like the Founder’s Reward, 80% of all mining rewards will also go to miners.
Of the 20%, the ECC will receive 7%, with the Zcash Foundation receiving 5%. The remaining 8% will be allocated to “grants to support third-party Zcash efforts.”
The firm behind Zcash rebranded in February last year, changing its name to the Electric Coin Company.