With A Fraction Of Block Rewards, BCH Miners Discuss Funding Development
After the Coingeek Conference in Hong Kong, a group of Bitcoin (BCH) miners has met, to talk about a proposal which would finance BCH development and professional programmers who work on the protocol, on May 19. The funding will be derived from a part of miners block reward and attendees talk about donating between 1=5 percent of rewards to fund developers, according to NewsBitcoin.com
In Hong Kong, a good discussion takes place between Developers, BCH industry Executives, and Mining Pools
Hong Kong members of the Bitcoin Cash Industry Including high profile executives and lead developers to discuss a new proposal, in an innovative event at Calvin Ayre’s Coingeek Conference. Among the attendees of the event consisted of Jerry Chan from SBI Bits, Electron Cash founder Jonald Fvookball, Amaury Sechet of Bitcoin ABC, Roger Ver and other representatives from Bitcoin.com pool, from Bitmain’s Antpool Jiazhi Jiang and from the pool BTC top Coingeek Viabtc Jihan Wu respectively.
The event’s discussion was centered on how participants would continue to fund the project in the future and where BCH development would go in the near future as well. In addition, between the meeting participants, other blockchain projects that fund development through mining rewards were also discussed. Additionally, the participants discussed how to distribute funds and how miners could utilize their signatures to vote on certain development projects. Concepts such as OP_Code “Timelock” method – a smart contract technique that prohibits the expenditure of coins until a specific block time or height were deliberated on members as well as other different topics.
A representative from Bitcoin.com who participated in the event elaborated to NewsBitcoin.com that almost all representatives of the mining pool accepted to back a proposal that would permit miners to fund community proposed initiatives through voting, “voting on the same way that votes signaling works now” as reported by NewsBitcoin.com.
According to NewsBitcoin.com, “If a proposal crossed a 75 percent threshold, it would pass- and would be funded with some predetermined amount from every block found.”
There have been no agreed terms set at the meeting, nevertheless, a percentage of 1-5 percent of the block was considered, as mentioned above. Showing that roughly 1 percent of month’s work of block rewards is close to $650,00 USD if BCH prices are above $1,200 per coin, is a result of an example of how much funding a small percentage of block rewards would be.
