BCH Miners Consider Using Block Reward To Sponsor Development
This past Saturday, after the Coingeek Conference that was held in Hong Kong, a group of Bitcoin Cash (BCH) miners came together to talk about a new plan to finance BCH development and professional programmers that work on the protocol. The funding would originate from a segment of the miner’s block reward. Some who attended the conference also discussed donating between 1 to 5 percent of rewards to sponsor developers.
This conference is an event that was attended by Hong Kong members of the Bitcoin Cash industry. It also includes high profile executives, and head developers came together to discuss a new proposal. The executives that attended the conference include executives from the pool BTC.top, Coingeek, Viabtc, Jihan Wu and Jiazhi Jiang from Bitmain’s Antpool, Roger Ver. Other officials from the Bitcoin.com pool, Amaury Sechet of Bitcoin ABC, Electron Cash founder Jonald Fyookball and Jerry Chan from SBI Bits.
The meeting was all based on where BCH development would go and how to continue funding the project in the future. Furthermore, another reason for the meeting was that blockchain projects that sponsor development through mining rewards. In addition to that, they also discussed how the funds would be allocated, and how miners could use their signatures to vote on certain development projects. They considered a few different concepts such as an OP_Code ‘Timelock’ method. An OP_Code Timelock is a smart contract technique that restricts the spending of coins until a certain block height or time.
An official from Bitcoin.com who took part in the meeting noted that “Virtually all of the mining pool representatives agreed to support a proposal that would allow miners to vote to fund community proposed initiatives, voting on them in the same way that voting signaling works now.” The official also stated that if a proposal crossed a 75 percent threshold, it would pass- And would be funded with some predetermined amount from every block found.
As mentioned before, the attendees considered up to 1 to 5 percent of the block reward, however, there were no agreements made during the meeting. An insight into how much funding this small percentage of block reward would be worth is as follows. Up to 1 percent of a month’s work of block rewards is in the area of $650,000, that is if BCH prices are more than $1,200 per coin.
