Zhuoer highlighted the need for Bitcoin Cash funds for project financing, and the fact that it is the mining community that should take the lead.

Zhuoer talked about financing projects for the BCH network, and the fact that it is the mining community that makes the decision.

Jiang Zhuoer, CEO of the mining pool BIT.Top, published a second round of proposals aimed at Bitcoin Cash miners, with which he proposes the creation of a network protocol development fund that would be financed with donations from the BCH mining community.

According to information published on his blog, Zhuoer makes it clear that his proposal is not closed to debate or consideration, since the objective is to critically analyze the situation and contemplate the viability of the ideas presented to ensure the proper functioning of Bitcoin Cash in the months and years later.

Zhuoer prepared a plan for Bitcoin Cash

This new statement is intended to clarify some aspects that were provided for certain conflicts, of which the following points stand out:

  • 1) BCH mining fund and project donation

Zhuoer recommended creating a BCH Mining Fund that would receive the corresponding assets (both from miners and other interested persons and entities). Projects and proposals interested in financing with these funds may make the respective request, duly informing the community about the distribution plans for the capital to be received and showing total transparency in the management of their finances.

The Foundation responsible for allocating the funds would operate similarly to the Ethereum Foundation and would only work for a pilot period, so all decisions regarding the distribution of the funds will be submitted to the vote of the donors based on the capital invested.

Subsequently, the miners will be able to decide directly to which projects to allocate the capital to donate, being able to divide the total and allocate it for several initiatives. The possibility of donating the BCHs to the Foundation will also be open in case the device operator is not sure which initiative he wishes to finance with his contribution.

  • 2) Voting and application of the donation plan

Therefore, Zhuoer proposed that the miners vote through a Hashrate system, with which the community can use bmp.virtualpool.com to enforce their right. If 2/3 of the votes are in favor of the donation plan, the developers could include the proposal as part of the planned update for May.

To do this, Zhuoer proposes to vote in the next three months. If approved, the financing program will be in effect for six months and there will be another vote to extend it for the next period during the next update for the network.

  • 3) Proportion of donations

Finally, Zhuoer clarified that the figure established as a donation by the mining community would not remain static, since the idea is that both the Foundation and the projects also develop other self-sustaining mechanisms, backed by the likelihood of a bull market for next years because of the boom that cryptocurrency is gaining within different sectors.

Projecting a BCH price increase, Zhuoer said that by mid or late 2020 the donation margin could be reduced, going from 12.5% ​​originally proposed to less than 5%, and further decreasing if That the price of Bitcoin Cash continues to increase over the months.

Zhuoer clearly expressed that this is simply a proposal from his role as a concerned miner, regarding the long-term sustainability of the Bitcoin Cash project, and understands that it may not be to the liking of all community members.

What's your reaction?
Leave a Comment