Connect with us
Active Currencies 14016
Market Cap $2,581,970,889,427.80
Bitcoin Share 50.98%
24h Market Cap Change $3.25

Bitcoin Cash’s mining development proposal forces issuance of new clarification

2min Read

Share this article

The recent proposal by an exec of one of the largest Bitcoin Cash mining pools caused somewhat of a stir in the community. As part of the proposal presented by BTC.TOP CEO Jiang Zhuoer, 12.5% of Bitcoin Cash Coinbase block rewards could be redirected to the Hong Kong corporation fund to support Bitcoin Cash infrastructure.

However, what ignited the controversy was Zhuoer’s comment when he stated that the ones who do not follow the proposal will have their blocks orphaned in what he called “to avoid a tragedy of the commons.” Bitcoin.com today issued a clarification regarding the same. It said,

“It’s important to understand that the plan proposed by Jiang Zhuoer is still very much in development. Zhuoer himself made this clear in his Reddit AMA, although the original article certainly lent itself to some confusion.”

Bitcoin.com elaborated on the same, clarifying that questions such as who decides the implementation of the proposal, the management of the distribution of funds, who is in charge of the Hong Kong corporation, among other things, are being taken into consideration, adding that discussions have just begun.

The release also highlighted that the proposed changes would not go into effect until May 2020 and there is time to “work out answers to those questions in a way that satisfies as many parties as possible.” Bitcoin.com’s post read,

“It is a temporary plan with a six-month runway that will not result in protocol changes that could cause chain splits. Miners may choose to end the fund at any time if the majority of hash decides against it because it is inefficient, unworkable, or otherwise unfavorable to Bitcoin Cash or their businesses.”

According to Bitcoin.com, the new proposal will give the Bitcoin Cash industry an opportunity to experiment and “develop the underlying protocol infrastructure necessary for a fully scaled peer-to-peer digital cash system.”

Share

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.