Jiang Zhuoer Restructures Development Funding Proposal for Bitcoin Cash
On January 31, Btc.top founder Jiang Zhuoer addressed the Bitcoin Cash (BCH) community again after his initial proposal last Wednesday was met with mixed responses. Zhuoer changed a number of specifics within the proposed Infrastructure Funding Plan for Bitcoin Cash and hopes the community will agree with his opinions.
Also read:Cashfusion Far More Practical Than Other Coinjoin Protocols, Says Data Analyst Btc.top Founder Jiang Zhuoer Discusses a New Bitcoin Cash Infrastructure Funding Plan Arrangement
The CEO of the mining operation Btc.top decided to address BCH supporters again with a restructured Infrastructure Funding Plan (IFP) for Bitcoin Cash by writing a blog post on the platform read.cash. He’s made a number of changes to the original proposal and the IFP does not include the Hong Kong corporation and the concept of orphaning blocks. Zhuoer also addressed his comment about the “no debate” concept and said that it doesn’t mean he refuses to accept other people’s opinions. “Let us stop debating and give it a try, if the test turns out positive, we continue, otherwise we stop,” is what Zhuoer meant by “no debate.” The first thing Zhuoer discussed was the donate mechanism.
“[BCH] miners will donate directly to the development projects,” Zhuoer said. “Miners will directly send part of their coinbase to the projects they want to donate, for example, miner X can direct n% of his coinbase to the address of project A, direct m% of his coinbase to the address of project B.” Zhuoer thinks a foundation should be created and if a miner doesn’t know who they want to donate to, they can donate directly to a foundation. The mining operator thinks a foundation should start before the plan starts and be “ready to accept donations from miners, as well as from other non-miner individuals and corporations.” Zhuoer also thinks the foundation should run for a pilot period in order to “show the effect to the community.” The miner insisted: Therefore, a sound competition mechanism has been established, all the projects (including more than one foundation) must work hard, ensure the full public disclosure and transparency of their business finance, in order to earn more support and donations from the community (miners and non-miners). Btc.top founder Jiang Zhuoer.
Miners who do not like any of the projects or are not willing to donate can avoid the “tragedy of the commons” by donating a fraction of their coinbase to a BCH black hole address. The address will “destroy the coins” and the Btc.top founder believes “this is in fact a donation to all BCH holders.” Zhuoer also discussed a hashrate voting proposal and said that miners could leverage bmp.virtualpool.com to vote. He wants to try the BMP voting for three months and if 2/3 of the hashpower votes are in favor of the donation plan, then Zhuoer hopes developers can include the donation plan in the May 2020 upgrade. “If there is not enough time, then include the plan in the protocol upgrade in November 2020,” Zhuoer asserted. Zhuoer Will Use His Own Petahash and Coinbase Donations Are Reduced
Btc.top’s CEO also said there’s a lot of stealth miners right now and sometimes unknown miners are commanding more than half of the overall BCH hashrate. “Most of these anonymous miners actually come from Poolin (Poolin.com), they mine BCH only when its profit is higher,” he stressed. “As long as we mine at a loss and control the BCH mining profit slightly lower than BTC mining profit, those anonymous miners who think of nothing but making money will not mine BCH,” Zhuoer added. The mining operator further stated: I personally hold 3500PH/s of hashpower, and I can also influence almost 10,000PH/s of hashpower so that the total hashpower amount will be sufficient. In consideration of that BCH mining may sometimes lose money, and I am one of the shareholders of the Btc.top mining pool, I can not ask the company to lose money. As a result, I will allocate my personal hashpower to a new mining pool (D.TOP) and please do not be surprised when you see this new mining pool appear and accounts for a higher percentage [of hashpower]. Jiang Zhuoer says the mining operation Poolin is responsible for some of the unknown Bitcoin Cash hashpower.
Zhuoer concluded his blog post by adding that the 12.5% coinbase donation ration is too high. “I believe by the middle or the end of 2020, 2-3% of the donation ratio is sufficient and 1% [will] probably be sufficient in 2021,” Zhuoer remarked. Lastly, Zhuoer said that he’s been reading everyone’s opinions and he decided to publish the second proposal using read.cash as opposed to Medium.com’s blog. Zhuoer’s blog post has a large number of comments and BCH supporters have been writing their own blog posts on read.cash in response while also sharing their opinions on social media.
What do you think about BCH miners donating to Bitcoin Cash infrastructure development? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Fair Use, Wiki Commons, and the Bitcoin Cash logo.
Do you want to maximize your Bitcoin Mining potential? Plug your own hardware into the world’s most profitable Bitcoin mining pool or get started without having to own hardware through one of our competitive Bitcoin cloud mining contracts. Share this story: Tags in this story BCH, bitcoin cash, Bitcoin Cash Improvement Proposal, Black Hole Address, Developers, Development, Development team, donations, foundation, Funding, Hong Kong, infrastructure funding plan, Jiang Zhuoer, Miners, mining, Mining Operations, Orphaning, Petahash, plan, Poolin, proposal, voluntary Related Zcash Community Votes to Distribute 20% of Mining Rewards to Infrastructure Development MINING | Jamie Redman
The Electric Coin Company, a group that supports the development of Zcash (ZEC), announced the community has voted to distribute… read more. BCH Community Leaders Bitcoin.com and Jonald Fyookball Clarify Positions on Funding Proposal MINING | Graham Smith
Since Btc.top founder Jiang Zhuoer revealed an infrastructure funding proposal from five major mining pools last week, which would fund… read more. Jamie Redman
Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today. Please enable JavaScript to view the comments powered by Disqus.